Author Archives: Anna Cummings

Comments Off on One in 15 Face Fines After Missing Tax Return Deadline

One in 15 Face Fines After Missing Tax Return Deadline

One in 15 Face Fines After Missing Tax Return Deadline

A total of 745,588 people run the risk of being fined by HMRC after missing the deadline to submit their self-assessment tax return. About one in 15 taxpayers failed to beat the midnight deadline on 31 January 2018 to file their annual returns relating to the 2016/17 financial year. Late payers can expect an initial … Continued

Comments Off on Food and Drink Firms Bring in Record £22bn in Exports

Food and Drink Firms Bring in Record £22bn in Exports

Food and Drink Firms Bring in Record £22bn in Exports

Food and drink businesses raised £22 billion from exports in 2017, a record high according to government figures. UK food and drink firms are now exporting products to 217 countries around the world, with whisky proving the most popular – bringing in £4.5 billion last year. This was followed by sales of salmon (£720 million), … Continued

Comments Off on One Million Firms Comply with Auto-Enrolment

One Million Firms Comply with Auto-Enrolment

One Million Firms Comply with Auto-Enrolment

The number of employers that have complied with auto-enrolment passed one million for the first time in January 2018. Data released by The Pensions Regulator showed the total number of employers to have completed their declaration of compliance stood at 1,032,567 in the first month of 2018. More than 600,000 employers complied with their duties … Continued

Comments Off on Taxpayers Reclaim £493m from HMRC

Taxpayers Reclaim £493m from HMRC

Taxpayers Reclaim £493m from HMRC

HMRC has had to return nearly half-a-billion pounds to taxpayers since April 2015, claims analysis of government statistics. Royal London reports the Revenue is overcharging on two areas of the tax system, and has had to refund £493 million as a result. Savers using the new pension freedoms are among the hardest hit, as income … Continued

Comments Off on Firms Banned from Charging Credit Card Fees

Firms Banned from Charging Credit Card Fees

Firms Banned from Charging Credit Card Fees

Retailers and businesses are no longer able to charge consumers extra for using a credit card to pay for goods or services. Interchange fees charged by firms on people who paid by credit card were banned on 13 January 2018 on the back of a widespread piece of EU legislation. Some were previously surcharging consumers … Continued

Comments Off on Fraudsters Target over-65s in gift card Tax Scam

Fraudsters Target over-65s in gift card Tax Scam

Fraudsters Target over-65s in gift card Tax Scam

Vulnerable and elderly people are being told they owe large amounts of tax which they can only pay off through digital vouchers and gift cards. HMRC has issued a warning over fraudsters who are preying on victims by cold-calling them and impersonating members of staff from the Revenue. Figures from Action Fraud, the national fraud … Continued

Comments Off on Most Small Businesses are not ready for Digital Accounts

Most Small Businesses are not ready for Digital Accounts

Most Small Businesses are not ready for Digital Accounts

The overwhelming majority of business owners and landlords remain in the dark over making tax digital (MTD), government research shows. Ipsos Mori polled 2,900 small businesses and landlords on behalf of HMRC and found that 71% were unaware of the requirement to submit quarterly updates to the taxman. A further 13% had heard of the … Continued

Comments Off on Government moves to scrap Controversial ‘Staircase Tax’

Government moves to scrap Controversial ‘Staircase Tax’

Government moves to scrap Controversial ‘Staircase Tax’

The government has started the process to reverse the so-called ‘staircase tax’ to ease the pressure on Small businesses. Communities secretary Sajid Javid published draft legislation, which stands to benefit thousands of small business owners, to abolish the measure. The loophole was first introduced after the Supreme Court ruled that an office spread over more … Continued

Comments Off on Disincorporation Relief to End in March 2018

Disincorporation Relief to End in March 2018

Disincorporation Relief to End in March 2018

Disincorporation relief will not be extended beyond its 31 March 2018 expiry date. The relief was introduced in April 2013 in a bid to remove the tax burdens when small business owners want to change from a limited company to a sole trader or partnership. It allows companies to transfer certain assets, such as land, … Continued

Comments Off on Safeguarding in Charities

Safeguarding in Charities

Safeguarding in Charities

Following recent events, the Charity Commission issued an alert to remind ALL trustees to take safeguarding extremely seriously. Safeguarding should be a key governance priority for all charities, not just those working with groups traditionally considered at risk. The Charity Commission has four clear expectations of trustees: Provide a safe and trusted environment. Safeguarding involves … Continued