Although the government has stated that cuts in corporation tax will ultimately increase revenue, HMRC has argued that it could actually cost the public around £6.2 billion a year.
The UK services sector has experienced a record year, increasing exports to regions all around the world.
Business owners in the UK are being reminded to take sufficient measures to prepare their businesses for the upcoming changes to legislation regarding payroll, which will come into force on the 6 April 2019.
In November, Britain saw the largest rise in overall real wages since September 2016, raising the spending power of the average British worker to the highest it has been in two years.
It has been revealed that Her Majesty’s Revenue & Customs (HMRC) has wrongly issued millions of fines to taxpayers, just weeks before the self-assessment deadline on the 31st January.
Self-employed taxpayers may be failing to claim on average £1,687 in tax-deductible expenses, a new report has revealed.
Accounting experts have accused HMRC of shifting the “tax burden” onto UK consumers after finding that 21 per cent of their total income is accounted for by VAT.
The Joint and Several Liability (JSL) notices, were introduced in 2016 to protect British businesses from being undercut by overseas sellers committing VAT evasion.
The Institute of Chartered Accountants in England and Wales (ICAEW) has warned self-employed workers not to leave their tax return “to the last minute”.
A newly proposed traffic light system could be used to put a spotlight on businesses with track records of late payments.