We often hear of phishing scams involving apparent communication from HMRC. Phishing is the fraudulent act of emailing a person in order to obtain their personal or financial information such as passwords and credit card or bank account details. These emails often include a link to a bogus website encouraging you to enter your personal … Continue reading
HMRC confirmed that MTD for VAT is set to take effect from April 2019, as previously planned. From this time, businesses with a turnover above the VAT registration threshold (currently £85,000) will be required to keep digital records for VAT purposes and submit VAT returns using MTD functional compatible software. But they have delayed the … Continue reading
Company car tax rises take effect The company car has continued to be an important benefit for many employees, despite increases in the taxable benefit rates in recent years. However, April 2018 saw the introduction of further changes affecting employer-provided cars, which could have a significant impact on your business motoring costs. Benefit-in-kind rates Company … Continue reading
OTS calls for ‘urgent review’ into how UK tax system affects businesses In a new report, the Office of Tax Simplification (OTS) has called for the government to carry out ‘urgent work’ in order to simplify the business tax system for UK firms. The OTS report focused on businesses owned by individuals and families, and … Continue reading
Chancellor Philip Hammond has invited small businesses to provide feedback on the impact of the current VAT threshold on their firm. In November 2017, the Office of Tax Simplification (OTS) outlined a range of measures intended to help simplify the VAT system. The OTS suggested examining the current approach to the level and design of … Continue reading
New tax year ushers in key business and tax changes With the beginning of the 2018/19 tax year, some significant changes to business and tax legislation are taking effect. Here, we take a look at some of the key measures that could affect your business or personal finances. Increase in employers’ minimum auto-enrolment contributions Currently … Continue reading
We were delighted to attend, and be involved in, the 2nd Skipton Business Awards ceremony – which took place on Thursday 22nd March. The awards – which launched (with great success) last year – took place at the Rendezvous Hotel. The room was full to capacity with over 230 attendees – all keen to celebrate … Continue reading
Research suggests 70% of individuals ‘unaware of inheritance tax nil-rate band’ Research carried out by Canada Life has suggested that a significant amount of individuals ‘do not know the threshold’ for the standard inheritance tax (IHT) nil-rate band. Canada Life found that 70% of those surveyed did not know the standard nil-rate band threshold, which … Continue reading
Survey suggests two thirds of businesses ‘unprepared for GDPR’ A survey carried out by professional services firm EY has suggested that two thirds of businesses are ‘unprepared’ for the upcoming introduction of the General Data Protection Regulation (GDPR). The GDPR is set to come into effect on 25 May 2018, and will strengthen the obligations on … Continue reading
Businesses groups have voiced concerns over government proposals to amend the way in which EU imports will be treated following the UK’s withdrawal from the EU in 2019. Plans to change the VAT rules are included in the Taxation (Cross-Border Trade) Bill 2017-19, which is currently making its way through Parliament. The proposals could see … Continue reading
