Counting, the SME banking and accounting app, has added a tax estimate tool to its business current account. For self-employed sole traders, the tool provides a real-time estimate of how much Income Tax and National Insurance is owed under Self-Assessment. For limited companies, the tool provides a real-time estimate...
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HMRC is deleting voice records of five million taxpayers as the way they were collected broke privacy rules, with the Revenue failing to gain explicit consent from individuals using a voice ID system for telephone enquiries. The Information Commissioner’s Office (ICO) said there had been a “significant” breach of...
Continue ReadingThe Federation of Small Businesses has deemed today “blue Monday” as new costs and tax reporting requirements kick in for SMEs. While some firms in England will benefit from cuts in business rates, other changes will mean additional costs. These include new rules on accounting under the Making Tax...
Continue ReadingA new study suggests that Making Tax Digital (MTD) could lead to a boost for revenues and net gains in turnover for small firms. The Productivity Payout: UK Small Businesses and the Digital Economy report, by economic consultancy Volterra Partners and Intuit QuickBooks, suggests that MTD could deliver small businesses a £57bn...
Continue ReadingBuy-to-let landlords across the country claimed a record £17.7bn in tax relief last year, despite new fiscal regulations, according to Ludlow Thompson. The estate agent added that even once all of the government’s planned reductions to buy to let tax relief are fully implemented by 2020, landlords will still...
Continue ReadingThe UK tax authority has released its latest list of the most bizarre and optimistic tax expense claims it received last year, ahead of the 2017 self-assessment tax deadline on 31 January. To discourage small business owners from making over-the-top tax expense claims that have little chance of being...
Continue ReadingFraudsters alleging to be from HMRC are increasingly using scam text messages to dupe taxpayers, the tax office has warned. Ahead of the self-assessment deadline on 31 January, HMRC has stepped up its attempts to block scam text messages and raise awareness of the signs of fraud amongst taxpayers....
Continue ReadingVAT receipts made up 21% of HMRC’s total tax income in 2017/18, according to UHY Hacker Young – up from 18% in 2008/09. This proves that the Treasury has “become increasingly reliant on VAT as a source of revenue”, the firm stated. “VAT has become a crucial component of...
Continue ReadingHMRC should postpone the first stage of Making Tax Digital, according to a parliamentary committee accusing the tax office of not listening to the concerns of Britain’s small business owners. A new report, from the House of Lords Economic Affairs Finance Bill Sub-Committee, into the upcoming switch to online...
Continue ReadingThe UK’s tax system is second only to that of Canada’s among the G20 nations, according to PwC’s Paying Tax report. Kevin Nicholson, UK head of tax at PwC, highlighted changes in working practices, technological advances and the “perceived disparity between the tax treatment of bricks and mortar businesses...
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