Business News

Renovated homes that have been empty for two years can qualify for a reduced rate of VAT

Posted on 1 Oct, 2019

Although a key VAT-saving measure for listed dwellings was abolished in October 2012, there are still circumstances in which a renovation project can be subject to a reduced rate of VAT of five per cent. There are two circumstances in

Wages rise at the fastest rate in a decade

Posted on 1 Oct, 2019

According to the Office for National Statistics (ONS), averages wages in the UK are growing at their fastest rate since 2008. The ONS has revealed that average earnings, including bonuses, grew by four per cent in the four months between

HM Revenue & Customs has started carrying out PAYE tax investigations remotely

Posted on 1 Oct, 2019

It has been reported that HM Revenue & Customs (HMRC) has begun carrying out PAYE investigations remotely. The investigation begins with a phone call, inviting the employer to complete a survey sent by email. There is a concern amongst accountants

25,000 companies receive penalties for the late filing of accounts in just one month

Posted on 1 Oct, 2019

The latest data from Companies House shows that thousands of penalties were handed out for the late filing of company accounts, with more than 25,000 companies missing a deadline on 30 September. This date marks a common deadline for companies,

Non-VAT-registered businesses need EORI number to trade with EU customers and suppliers post-Brexit

Posted on 1 Oct, 2019

Any business that is VAT-registered and currently trades with the EU will have automatically been issued with an EORI number allowing it to trade with customers and suppliers in EU member states following the UK’s withdrawal from the EU. However,

New figures show a sharp increase in Inheritance Tax (IHT) receipts

Posted on 1 Oct, 2019

New figures published by HM Revenue & Customs (HMRC) have revealed a significant increase in the number and value of Inheritance Tax (IHT) receipts. The figures, which relate to the 2016/17 tax year, show a 15 per cent increase in

Overseas employees potentially face double NICs liability following a no-deal Brexit

Posted on 1 Oct, 2019

Employees working overseas on secondment could face paying twice as much in National Insurance Contributions in the event of a no-deal Brexit, HM Revenue & Customs (HMRC) has warned. If the UK leaves the EU without a withdrawal agreement then

HMRC trialling self-assessment checks to help local authorities to recover council tax

Posted on 1 Oct, 2019

HM Revenue & Customs (HMRC) has announced that it is entering into data-sharing arrangements with local authorities to help clamp down on council tax debt. In the 2017/18 tax year, councils in England had an £818 million deficit for council

Passing on wealth to the next generation

Posted on 25 Sep, 2019

Everyone wants to ensure that their children and grandchildren can live the best possible life and leaving an inheritance after death is one way of ensuring they are properly cared for. However, the UK has a system of Inheritance Tax

Government delays construction VAT reverse charge scheme

Posted on 12 Sep, 2019

HM Revenue & Customs (HMRC) has agreed to delay the implementation of the construction reverse charge scheme after significant opposition by industry experts. The VAT reverse charge scheme for building and construction supplies was intended to go into effect from