A new report published by the Business, Energy and Industrial Strategy (BEIS) Committee has highlighted how ‘bad payment practices’ have led to the ‘failure’ of many small and medium-sized enterprises (SMEs). The government’s Prompt Payment Code, which was created to address poor payment practices, has ‘too often’ been ‘ineffective’, according to the Committee. A ‘statutory […]
Confidence amongst UK small businesses has ‘fallen to its lowest point since 2011’, the quarterly Small Business Index (SBI) published by the Federation of Small Businesses (FSB) has revealed. The SBI currently stands at -9.9 – which, according to the FSB, reflects a ‘level of pessimism not seen since the aftermath of the financial crash’. […]
A report published by the Economic Affairs Committee has suggested that HMRC is ‘treating taxpayers unfairly’, and has called for the Revenue’s tax avoidance and evasion powers to be reviewed. The Committee stated that HMRC is failing to ‘discriminate effectively’ in regard to the full range of behaviours and circumstances it classes as tax avoidance. […]
Research carried out by not-for-profit organisation The 5% Club has suggested that apprenticeships or training schemes could help to improve employees’ digital skills. The research found that fewer than 2% of employers feel confident that their employees are well-placed to take advantage of new developments in technology. 78% of The 5% Club’s members believe that […]
The Institute of Chartered Accountants in England and Wales (ICAEW) has urged employers to consider the tax implications associated with a seasonal party. A company end of year party can be a great way to celebrate the festive period, as well as employees’ hard work. However, there are certain conditions to consider in order to […]
HMRC has started to write to taxpayers ahead of the introduction of the Welsh rates of income tax (WRIT) on 6 April 2019. From this time, taxpayers will pay the WRIT if their main residence is situated in Wales. The Welsh government will set the rates. It intends to use the money raised by the […]
The Office of Tax Simplification (OTS) has urged HMRC to overhaul the UK’s inheritance tax (IHT) regime. In January 2018, Chancellor Philip Hammond commissioned the OTS to carry out a review of the IHT regime, and outline ways in which the tax can be simplified. In its report, which is the first of two, the […]
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