News

Public pilot of Making Tax Digital for VAT opens - November 1, 2018
News Article

HM Revenue & Customs (HMRC) has opened a public pilot of Making Tax Digital (MTD) for VAT. The pilot is open to sole traders and companies that are up-to-date with VAT, who have not received…Read more

Payee names to be required for bank transfers in effort to combat fraud and errors - November 1, 2018
News Article

From next year, payee names will be checked when making bank transfers in order to ensure that funds are being sent to the correct recipient. Currently, only the sort code and account number are checked…Read more

HM Revenue & Customs to review and rework some 2016-17 self-assessment tax returns following error - November 1, 2018
News Article

The Chartered Institute of Taxation (CIOT) has warned that HM Revenue & Customs (HMRC) is to review and potentially rework as many as 30,000 self-assessment tax returns that were filed online for 2016-17 owing to…Read more

R&D Tax Credit system to be reviewed in light of fraudulent claims - November 1, 2018
News Article

According to figures released in the Autumn Budget, HM Revenue & Customs (HMRC) has prevented around £300 million of fraudulent R&D tax credit claims since the relief was introduced. In a bid to prevent further…Read more

Research reveals Inheritance Tax hotspots across the UK - November 1, 2018
News Article

New research has revealed that the affluent area surrounding Guildford in Surrey has the highest proportion of people paying Inheritance Tax (IHT). The study showed that 658 estates were subject to the tax in the…Read more

Entrepreneurs’ Relief rules to be tightened - November 1, 2018
News Article

Despite rumours that the Chancellor might scrap Entrepreneurs’ Relief (ER) all together in the Autumn Budget, Philip Hammond decided to retain the tax relief but has made fundamental changes to who qualifies for it. Mr…Read more

National Living Wage to rise in April 2019 - November 1, 2018
News Article

In his latest Budget speech to the Commons, Chancellor Philip Hammond announced that the National Living Wage and National Minimum Wage would increase from April next year. However, despite many employees across the UK welcoming…Read more

Autumn Budget 2018 - October 29, 2018
News Article

The sun was already edging behind the London skyline by the time Chancellor Philip Hammond rose to the despatch box to deliver the first Monday Budget since 1962 – pushed back to 3.30pm because of…Read more

CIOT reports increase in R40 refund errors - October 2, 2018
News Article

According to a new report by the Chartered Institute of Taxation (CIOT), there have been a growing number of R40 computation errors on refunds processed by HM Revenue & Customs (HMRC). Individuals can use R40…Read more

Workers miss out on £15.6 million in pay through minimum wage breaches - October 2, 2018
News Article

Minimum wage breaches, including breaches of the National Living Wage, have cost workers from across the UK a combined total of £15.6 million in lost wages. Figures released by the Government show that around 200,000…Read more