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Seasonal Parties: Remember to take tax implications into account

The festive season is now in full swing, and the Institute of Chartered Accountants in England and Wales (ICAEW) has advised employers to be aware of the tax implications associated with a seasonal party.

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Counterfeit goods costing UK economy £9.2bn

The UK economy is missing out on billions a year as a result of the global trade in counterfeit goods, which was behind more than 86,000 lost jobs in 2016, according to the OECD

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VAT receipts hit record £133bn

The amount of VAT collected in the last year has risen by 5.3% to a record £133bn driven by the wholesale and retail sectors, despite widespread VAT evasion

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HMRC confirms Christmas PAYE reporting dates

HMRC is making permanent changes to the way Christmas payroll is reported to help universal credit claimants where their employer pays them earlier than usual over the festive period

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HMRC sets out cryptoasset guidance for businesses

HMRC has issued guidance on the tax treatment of cryptoassets in order to clarify the rules for businesses.

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Loan charge review delayed by election

Taxpayers will have to wait until a new government is formed to find out the outcome of the Morse review into the loan charge

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Committee urges government to fix ‘broken’ business rates system

The government has been urged to overhaul the 'broken' business rates system by the Treasury Select Committee.

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HMRC gives limited MTD ‘digital links’ extension

HMRC has extended the Making Tax Digital (MTD) for VAT compliance date for businesses judged to have complex or legacy IT systems

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UK eighth best country in world for doing business

A study carried out by the World Bank has revealed that the UK is the eighth best country in the world for doing business.

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Investors call for clearer climate-related financial reporting

Companies are failing to meet investors' expectations for clearer financial reporting on climate-related issues, according to a new report published by the Financial Reporting Council (FRC).

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Government abandons increase in probate fees

The UK government has abandoned its planned increase in probate fees.The increase in fees was announced last November

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‘Lessons must be learned’ from loan charge controversy, states ICAEW

The Institute of Chartered Accountants in England and Wales (ICAEW) has stated that 'lessons must be learned' from the controversy surrounding the loan charge.

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R&D tax credit claims up 20%

There has been a 20% increase in the total number of claims for R&D tax credits, according to the latest HMRC figures, primarily driven by a rise in the number of SME claims, with the department forced to add extra resource to meet the demand

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Budget date announced as 6 November

With Brexit negotiations still finely balanced, the Chancellor of the Exchequer is planning to hold a Budget on Wednesday 6 November

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UK productivity suffers worst drop in five years

Productivity in the UK fell at its fastest annual rate for five years during the second quarter of 2019, according to the Office for National Statistics (ONS).

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HMRC ramps up rating system for large company tax compliance

Starting this month, HMRC is introducing Business Risk Review, a new approach to assessing the level of tax compliance at the UK’s biggest companies

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Banking crime cost over £600 million in first half of 2019

Banking customers lost over £600 million to crime during the first half of 2019, according to data from industry group UK Finance.

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Essential tips for SMEs to get ready for Brexit

The government is ramping up its advice for companies as Brexit departure date looms with advice on employee status, professional qualification recognition and data requirements

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120,000 businesses miss first MTD for VAT deadline

Some 120,000 businesses have missed the first deadline for filing under the Making Tax Digital regime, and HMRC has sent out ‘TV licence’-style reminders urging them to do so before next month.

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Chancellor warned over Treasury insolvency ‘cash grab’

Leading business groups and insolvency experts have written to the Chancellor to warn that plans to prioritise repayments to HMRC over repayments to other creditors in insolvencies ‘will have serious consequences for the UK economy’

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