The British Retail Consortium (BRC) has warned the government that proposals to change the way in which VAT is charged post-Brexit could create ‘additional burdens’ for UK businesses. In its Taxation (Cross-Border Trade) Bill 2017-19, the government has proposed to amend the way in which EU imports will be treated following the UK’s withdrawal from […]
The Federation of Small Businesses (FSB) has revealed that confidence amongst UK small businesses has fallen significantly, with 31% of firms expecting their business performance to worsen over the coming three months. The FSB’s Small Business Index (SBI) found that confidence amongst small firms fell to -2.5 during the fourth quarter of last year. According […]
In a new report, the Institute for Fiscal Studies (IFS) has warned that future increases in the National Living Wage (NLW) could lead to more UK jobs becoming automated. Under current plans, by 2020, the NLW will have risen significantly, as part of the government’s commitment to ‘support working families with the cost of living’. […]
Figures published by HMRC have revealed that a significant number of taxpayers filed their self-assessment tax returns over the festive period. 18,825 self-assessment tax returns were submitted on New Year’s Eve, whilst a further 17,068 were filed on New Year’s Day. Meanwhile, 6,033 taxpayers filed their tax return on Christmas Eve, and 2,590 individuals submitted […]
HMRC has published draft Making Tax Digital for VAT (MTD for VAT) regulations, outlining how businesses must use MTD-compatible software to keep digital records and file their VAT returns. Under the government’s MTD plans, from 1 April 2019 businesses with a turnover above the VAT threshold (currently £85,000) will be required to keep digital records […]
The government has published a draft Bill to repeal the so-called ‘staircase tax’ that has adversely affected businesses in England and Wales. The staircase tax affected businesses with offices on multiple floors of a commercial property. Such businesses had been receiving separate, backdated business rates bills for each floor occupied, provided the areas separating the […]
The deadline for submitting the 2016/17 self-assessment tax return is fast approaching. The final date by which you must complete your self-assessment tax return is midnight on 31 January 2018. Those that miss this deadline will receive a penalty of £100, even if there is no tax to pay. Further penalties will be issued for […]
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