Industry News

UK businesses must prepare for ‘no deal’ Brexit, warns ICAEW

The Institute of Chartered Accountants in England and Wales (ICAEW) has warned that businesses in the UK must prepare for a ‘no deal’ Brexit. Research carried out by the Institute has revealed that a fifth of UK firms ‘haven’t considered the impact of Brexit’ on their business. Many business owners believe that the UK’s exit […]

Couples urged to claim free tax break

HMRC is urging eligible married couples and civil partners to claim a free tax break worth up to £238 per year, as official data suggests that more than a million couples are ‘missing out’. According to the data, nearly three million couples have claimed the Marriage Allowance to date. The allowance enables spouses to transfer […]

Government publishes Finance Bill 2018-19 draft legislation

The government has published draft legislation for Finance Bill 2018-19. The draft legislation is open for consultation, and ‘continues the government’s commitment to a competitive and fair tax system’. It includes plans that could potentially affect a range of taxes, from Stamp Duty Land Tax (SDLT) to income tax. The draft legislation also outlines the […]

Confidence amongst the self-employed has ‘fallen significantly’, FSB finds

Research carried out by the Federation of Small Businesses (FSB) has suggested that confidence levels amongst the self-employed have ‘fallen significantly’ over the last year. The FSB’s Small Business Index (SBI) for the UK’s self-employed community stood at +2.8 in the second quarter of this year – a significant fall when compared to the reading […]

HMRC ‘saves consumers more than £2.4 million’ in its fight against cybercrime

Newly-published figures have revealed that HMRC has ‘saved the public over £2.4 million’ by tackling fraudsters who trick consumers into using premium rate phone numbers for services that are supplied for free by HMRC. According to HMRC, criminals create websites that emulate its official site. These fake sites direct individuals to call phone numbers with […]

Think tank calls for major reform of buy-to-let market

The popularity of the buy-to-let market is making it difficult for many people, including first-time buyers and families, to become home owners, according to a report by thinktank Onward. Although the government has curbed tax relief on mortgage interest and maintenance for landlords, the think tank believes that this is not enough and is calling […]

Almost half of SMEs ‘unaware of Making Tax Digital’

A recent report has revealed that 41% of small business owners are ‘still unaware’ of Making Tax Digital (MTD). Under MTD for VAT, from 1 April 2019 VAT-registered businesses with a turnover above the current VAT registration threshold of £85,000 will be required to file their VAT returns online, using MTD compatible software. However, the […]

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