Business News

‘Bank of Mum and Dad’ feels the squeeze

Posted on 4 Jun, 2018

The average amount contributed by parents towards home purchases has fallen by 17 per cent over the last year, according to Legal & General (L&G). While buyers who received assistance from their parents in 2017 enjoyed an average contribution of

Vigilance urged as fraudsters fake security measures to access bank accounts

Posted on 4 Jun, 2018

Businesses and individuals are being encouraged to redouble their vigilance as fraudsters fake security measures in order to gain the information needed to access and drain bank accounts of funds. In one instance, an academic received a call that was

Ministers make an about-turn on tax haven transparency measures

Posted on 4 Jun, 2018

In a reverse of its previous position, the Government has backed measures to increase the transparency of offshore tax havens. The measures will compel British overseas territories to make public their records of the true owners of the companies that

Replace Inheritance Tax with ‘lifetime receipts tax’, argues thinktank

Posted on 4 Jun, 2018

With the issue of intergenerational fairness continuing to be high on the agenda, a thinktank has suggested that the Treasury returns to the drawing board when it comes to taxing bequests and inheritances. Instead of Inheritance Tax (IHT), the Resolution

Government Brexit redeployments to delay Making Tax Digital for Individuals

Posted on 4 Jun, 2018

A number of key projects at HM Revenue & Customs (HMRC) have been placed on hold to make staff available for Brexit issues, including Making Tax Digital for Individuals. The simple assessment rollout and real-time tax code changes, both part

Twice as many workers receiving back pay through National Minimum Wage enforcement

Posted on 4 Jun, 2018

According to HM Revenue & Customs (HMRC), the number of underpaid workers getting the money they are owed under the National Minimum Wage (NMW) legislation has more than doubled. The Revenue’s latest figures show that in the 2017/18 tax year

Employers attempting to avoid auto-enrolment penalties could have assets seized

Posted on 4 Jun, 2018

The Pensions Regulator (TPR) has announced that employers could have their businesses’ assets seized to pay their debts if they fail to pay workplace pension fines. TPR has powers to fine employers who do not comply with workplace pension rules.

Gifts out of income and their benefits to beneficiaries

Posted on 4 Jun, 2018

Giving away surplus income as a gift to family members is often touted as an excellent way of planning for the future and as a way of reducing liabilities on a person’s estate. But how do the rules regarding gifts

HMRC Tax Investigations – It pays to be protected

Posted on 18 May, 2018

In 2016-17, HM Revenue & Customs (HMRC) brought more than 1,200 cases before a Tribunal – recovering more than £15 billion in tax. Receiving a letter from HMRC often comes as a shock to business owners, which is why it

270,000 late penalty notices cancelled by the Revenue

Posted on 2 May, 2018

A response to a freedom of information request has revealed that HM Revenue & Customs (HMRC) cancelled 270,000 late penalty notices in 2016. However, this figure was dwarfed by the 610,000 cancellations in 2015 and the 400,000 cancellations in 2014.