HM Revenue & Customs (HMRC) has responded to criticisms over its forthcoming reforms to IR35, which will see public sector companies such as recruitment agencies responsible for determining whether contractors operating through personal service companies (PSCs) are caught by IR35. Read more
Customer satisfaction with the services provided by HM Revenue & Customs (HMRC) is slipping, a new study suggests. Read more
Trade bodies have called for a total rethink on Business Rates following research showing that thousands of businesses could close after April’s revaluation. Read more
Taxpayers, businesses and HM Revenue & Customs (HMRC) alike will “learn very quickly” from the Government’s year-long Making Tax Digital (MTD) pilot scheme, which will be phased in from April this year. Read more
From 06 April 2017, all large companies with a turnover of £36 million or more will be forced to publish twice-yearly payment practice reports. Read more
New research suggests that UK small and medium-sized enterprises (SMEs) are spending an average of more than four hours a week completing administrative and finance-related tasks – and losing approximately £8.72billion every year as a result.
The figures come from a comprehensive survey carried out by YouGov, which claims to have revealed the true extent of the ‘administrative burden’ that UK SMEs who fail to seek specialist assistance can expect to face.
According to the study, which quizzed as many as 1,200 businesses, the average SME spends 4.10 hours on administrative tasks every single week. This includes accounting, expenses, budgeting, forecasting and invoicing.
The research found that start-up businesses were finding administrative tasks the most difficult on a day-to-day basis, with 15 per cent claiming that they struggle with managing financial outgoings.
Meanwhile, YouGov’s study suggests that SMEs at the larger end of the scale tend to feel out of their depth as their business expands, and cash flow management becomes more complicated.
Commenting on the research, Carlo Gualandri, study co-author and founder of online payment network Soldo, said: “The time and money taken up by day-to-day management of a company’s cash flow is astonishing but not surprising.
“If staff were freed up to dedicate their time to the activities that made a big difference to the company, productivity levels would rocket”.
HM Revenue & Customs (HMRC) has hailed its new personal tax accounts (PTAs) ‘a success’, after data revealed that more 7.4 million taxpayers had signed up for its digital accounts by the end of 2016. Read more
New research suggests that investigations into unpaid Capital Gains Tax (CGT) managed to raise an additional £140million for HM Revenue & Customs (HMRC) over the course of the last financial year. Read more
Around four pubs close their doors every day in the face of rising business rates, a new study has revealed. Read more
A new study suggests that HM Revenue & Customs (HMRC) enquiries are taking longer to close – and that taxpayers had to wait an average of 60 days (or 24 per cent) longer for the Revenue to complete investigations last year. Read more
Important changes to the tax treatment of non-domiciled (non-dom) individuals in the UK are due to take effect from the beginning of April – and those who believe they might be affected are strongly urged to seek advice. Read more
Fraudsters are continuing to target taxpayers with fake HM Revenue & Customs (HMRC) emails in an effort to steal private and confident information. Read more
The Association of Independent Professionals and the Self-Employed (IPSE) and other contractor bodies have issued fresh warnings about forthcoming reforms to IR35. Read more
The Government’s hotly-contested Making Tax Digital (MTD) project is now facing fresh criticism over its proposed £10,000 a year exemption threshold, above which businesses and self-employed individuals will need to report to HM Revenue & Customs (HMRC) on a quarterly basis. Read more
Almost three quarters (73 per cent) of small and medium-sized enterprises (SMEs) at the larger end of the scale are anticipating business growth over the next two years, while only 45 per cent of microbusinesses are eyeing up similar ambitions. Read more