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Spike in business’s assets seized for tax payments

Over the last twelve months there has been a 45% jump in the number of businesses that have had their assets seized by HMRC to settle tax bills

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Bank of England to print polymer £50 banknote

The Treasury has announced it is to retain the £50 note - which has come under criticism over the role of high value notes in illicit transactions - but is to issue a new, more secure polymer version

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Business rates ‘could be changed’ to help high street retailers

Business Secretary Greg Clark has suggested that business rates 'could be changed' in order to help high street retailers in the UK.

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Fuel duty freeze to continue

The government has frozen fuel duty for the ninth year in a row in a move that it says will make life easier for ‘hardworking families’

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R&D tax relief claims soar to £3.7bn

Claims for research and development (R&D) tax relief have soared in recent years, reaching £3.7bn in 2015-16, an increase of 25% from the previous year, while so far £3.5bn has been claimed for 2016-17, according to the latest statistics from HMRC

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Our “Top 10” tax saving hints for small businesses

Taxes are one of the most important issues facing small and growing businesses. Here, Brearley & Co Tax Manager Andrew Cowe gives his Top Ten tax saving hints for small businesses.

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Don’t put it off – Register for 2017-18 Self-Assessment by 5 October

HM Revenue and Customs (HMRC) is reminding customers that time is running out to register for Self Assessment. Anyone submitting a Self Assessment (SA) return for the first time will need to register for SA by 5 October so that they can complete their return by 31 January.

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Inflation rate rises to six-month high

Data published by the Office for National Statistics (ONS) has revealed that inflation unexpectedly rose to a six-month high of 2.7% in August.

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Over 40% of UK Businesses ‘unaware of Making Tax Digital for VAT’

Research carried out by the Institute of Chartered Accountants in England and Wales (ICAEW) has suggested that over 40% of UK businesses are 'not yet aware' of Making Tax Digital for VAT (MTD for VAT).

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New laws aim to help small businesses to secure funding

Small businesses struggling to access invoice finance could be helped by the introduction of proposed new laws under the government’s ‘modern Industrial Strategy’.

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HMRC outlines ‘no deal’ preparations for EU-only UK traders

HMRC has written to 145,000 VAT-registered businesses across the UK, including Northern Ireland, which only trade with the EU, explaining changes to customs, excise and VAT in the event of a ‘no deal’ Brexit.

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Government launches new Help to Save scheme

The Government has launched its new ‘Help to Save’ scheme, which is designed to encourage workers on lower incomes to save.

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Government scraps national insurance tax cut for the self-employed

The government has announced that it has scrapped a planned national insurance tax cut for self-employed workers.

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Think tank urges government to abolish Entrepreneurs’ Relief

Think tank the Resolution Foundation has dubbed Entrepreneurs’ Relief (ER) the UK’s ‘worst tax break’, and has urged the government to abolish the initiative altogether.

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HMRC increases late tax payment rate

HMRC has announced an increase in its late tax payment rate, although it has not increased the corresponding interest rate for repayments to taxpayers who have overpaid their tax.

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HMRC to take on football clubs in tax match

Despite some high-profile run-ins between elite football players and the taxman, while football club finance directors remain concerned about tax compliance risks, few are expecting difficulties in defending any actions HMRC may take, according to analysis by BDO

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Tax on plastic waste – Treasury outlines proposals

In response to a recent call for evidence, the Treasury has outlined proposals to use the UK tax system to reduce plastic waste from single-use items, such as straws, cutlery, coffee cups and takeaway packaging.

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HMRC advisory fuel rates for company car users from 1 September

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 September 2018 introducing a 4p advisory electricity rate for fully electric cars

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Business groups respond to interest rates rise

Business groups, including the Confederation of British Industry (CBI), the British Chambers of Commerce (BCC) and the Institute of Directors (IoD) have responded to the Bank of England’s decision to raise interest rates for the second time in a decade.

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Independent review to consider the impact of ‘cashless technology’

An independent review has been set up to examine the impact and implications of using new technology to make payments over the course of the next five to 15 years.

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