HM Revenue & Customs (HMRC) will target small retailers as they begin their crackdown on backhand cash payments, a report has revealed. Read more
In a bid to crack down on value-added tax (VAT) avoidance, HM Revenue & Customs (HMRC) has amended VAT rules to fall in line with new laws for overseas online retailers. Read more
Cash reserves have ballooned over the last five years, but companies are not doing enough with their funds to drive the growth of the economy, a report has revealed. Read more
The number of ‘property raids’ or ‘premises raids’ undertaken by HM Revenue & Customs (HMRC) as part of criminal investigations into tax evasion have risen by more than half in the last five years, according to new reports. Read more
HM Revenue & Customs (HMRC) claims that as many as five million UK taxpayers have now started using personal digital tax accounts (PTA) in anticipation for Making Tax Digital (MTD). Read more
Cash for car schemes will be the new focus of HM Revenue & Customs’ (HMRC) consultation on the future of salary sacrifice arrangements. Read more
Two thirds of Britain’s Small and Medium-sized Enterprises (SMEs) say that they have investigated new business plans or strategies this summer, according to the latest research. Read more
Jane Ellison MP, finance secretary to the Treasury, has confirmed that the roll-out date for Making Tax Digital (MTD) will be pushed back for the majority of businesses.
SMEs will now have until 2019 (previously 2018) to prepare for the tax overhaul.
The MP has clarified that this update will only affect small and medium-sized enterprises (SMEs), leaving the remaining unincorporated businesses and buy-to-let landlords to prepare for the original date of 2018.
“We are consulting on the detail and considering the case for providing further financial assistance to help businesses transition to Making Tax Digital for business,” added a HM Revenue and Customs (HMRC) spokesperson.
The Government has also agreed to exempt a significant proportion of micro-business and sole traders, whose earnings amount to less than £10,000.
They said they had listened to representations made by stakeholders and recognise that some of the smallest businesses may find it difficult to make the transition to the new MTD requirements.
“As a result the Government has now announced that it will remove a further 1.3m of the smallest businesses from the scope of the changes by exempting all unincorporated businesses with annual turnover of less than £10k from digital record keeping and quarterly updates, although they will be able to choose to do so If they want to.”
Controversial plans for an IR35 overhaul proposed by HM Revenue & Customs (HMRC) have come under fire from the Office for Tax Simplification (OTS), which is warning that such changes will overcomplicate the tax system. Read more
A new survey carried out by Lloyds Bank has suggested that the confidence levels of Britain’s Small and Medium-sized Enterprises (SMEs) are falling, after it found that a large proportion of SMEs held back on investment plans this summer. Read more
The Bank of England (BoE) has announced plans to upgrade its growth forecasts for the UK economy, a report has said. Read more
UK taxpayers and Small and Medium-sized Enterprises (SMEs) have reported that they have been receiving ‘threatening’ text messages from HM Revenue & Customs (HMRC). Read more
Almost three in five British consumers say that not having to hand over physical cash has led to them spending more at the counter, a new survey has revealed. Read more
In the wake of ongoing criticisms surrounding Making Tax Digital (MTD), HM Revenue & Customs has announced plans for another reorganisation of its operations. Read more
The vast majority of UK taxpayers are complaining that a £10,000 annual income threshold, which would see small business and taxpayers exempt from Making Tax Digital (MTD) and its associated reporting requirements, is ‘too low’. Read more