Now is the best time to make sure you are covered by our Tax Enquiry Protection Insurance against an HMRC Investigation. We’ve heard Chancellor Rishi Sunak state in his 2020 Budget that “The government is investing in additional compliance officers and new technology… enabling HMRC to further reduce the tax gap.” Likely with an uptick in tax investigation. Following the outbreak of COVID-19 in...
July 2020 News Update – featuring additional news developments from our newsletter series The government is about to launch it’s Eat out to help out scheme. From 3rd until 31st August, you can get a 50% discount when you eat in at restaurants. New applications to the first round of SEISS have now closed. Applicants who received a grant in the first round and...
In the wake of the Covid-19 global pandemic follows a financial crisis in the making and a huge question is how will the government manage the £300bn deficit? Covid-19 has caused a seismic economic shock and the aggregation of a staggering national debt with the bill rising by £20bn in a fortnight as tax revenue dwindles and state spending soars to head off economic meltdown....
Being a freelancer is a time-consuming endeavour – you are always hustling for time, for new clients and generally to break even. The administrative burden of running a small business is already massive and the need to ‘collect’ receipts for HMRC spending rules is another massive drain on your already drained resources. The rollout last year of Making Tax Digital has also spearheaded a new...
HM Revenue & Custom have quietly slipped out new guidance shortly before the next major deadline in the timeline in the Making Tax Digital (MTD) rollout. For the uninitiated, MTD is a UK Government scheme that has a “vision” in which the tax administration system for UK taxpayers and businesses alike is more efficient and even simpler for taxpayers to navigate. The new guidance surrounds...
A new study, commissioned by Accountancy Age, entitled, A Tax Professionals Survey 2019: Attitudes and Approaches To Making Tax Digital, argues that greater support is needed for businesses in order to get more businesses MTD ready before the Government’s MTD deadline hits. The irony is that MTD’s growing awareness hasn’t resonated with business owners to get their own MTD affairs in order! With nearly 50%...
The Pay-As-You-Earn system (PAYE) which employers manage in order to make sure that most employees do not have to undertake the arduous task of completing an income tax form creates a “significant” burden on SME’s according to a Government watchdog. Tax Simplification – The Background The Office of Tax Simplification believes the workhorse of the economy – SME’s have disproportionate unfairness levied upon them. Small...
HMRC’s Making Tax Digital changes are coming and businesses are unprepared for these new changes. According to Accountancy Age, a third of VAT-registered businesses are not even ready for the Making Tax Digital start date. Furthermore, senior sector bodies like the ATT, ICAEW and CIOT have all voiced their concerns regarding the MTD deadline – even going so far as to suggest a possible delay?...
MTD or Making Tax Digital is a scheme by HMRC to transform their current tax system to make it much easier for businesses and individuals to deal with their tax and VAT obligations. Though there have been some hold-ups since the idea was announced, HMRC is now beginning to roll the scheme out to businesses and in April 2019, businesses will be mandated to use...
Your digital tax journey shouldn’t necessarily be linked to the Government’s Making Tax Digital (MTD) initiative. You should embrace the digital future and use the disruptive power of digital to help make your digital journey more intuitive and less legislative. For those unaware, MTD was removed from the Finance Bill just before the last General Election and uncertainty due to the current minority Government means...
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