Government Policy

HMRC has been running the Let Property Campaign (LPC) since Autumn 2013, the campaign is aimed at property landlords who have failed to disclose their rental income. This campaign presents the perfect opportunity to come clean with HMRC. Essentially, HMRC will go easy on you if you disclose any previously undisclosed income under the campaign. […]

There is an important change that you need to be aware of, coming into effect on 1st October 2019. This change will affect any business that is CIS and VAT registered or that pays suppliers that are CIS and VAT registered. The new legislation is aimed at shifting the VAT liability on building and other […]

IR35 is a piece of tax legislation designed to combat tax avoidance by off-payroll workers who provide their services to businesses as a self-employed individual on a regular, long-term basis. In the eyes of HMRC, workers of this kind are what’s known as ‘disguised employees.’ This means that as far as HMRC are concerned, the […]

PAYE is an acronym for Pay As You Earn. This is the system whereby employees and pensioners have tax deducted using their ‘PAYE code’. HMRC uses these PAYE tax codes to tell your employer or pension provider how much they need to deduct from your pay. Where HMRC doesn’t have quite enough information to provide […]

Making Tax Digital (MTD) is the name of the Government’s ambition to change the way in which we record financial data and report this information to HMRC. It requires taxpayers to keep digital records, instead of manual ones, and communicate with HMRC using a different reporting system to that which is currently in operation. Why […]

The Chancellor of the Exchequer, Philip Hammond has delivered the 2018 Autumn Budget. In this blog post, we highlight the key points of his speech. Business £900m has been allocated to small businesses in the form of business rates relief. £650m has also been allocated to rejuvenate British High Streets A new digital services tax at 2% […]

The interest charged to those making late tax payments has increased from 3% to 3.25%. Interestingly, the amount of interest that HMRC pays on top of refunds owed to taxpayers remains the same at 0.5%. The interest rate for repayments has been at 0.5% since 2009. The accountancy body ACCA says it is “simply unfair” that […]

HMRC have been fining people for the late reporting of payroll information since 2014, but now HMRC has really ramped up the rate in which they are issuing fines. It is, therefore, more crucial than ever, that you file your payroll information on time. According to HMRC, you can get a penalty if: your Full Payment […]

Aside from Brexit, the General Data Protection Regulation (GDPR) is the topic on everybody’s mind. GDPR affects everyone, businesses and individuals alike, so knowing as much as you can about this new EU regulation now – and preparing for its impact now – will help you be compliant and avoid a huge potential fine in the […]

The Chancellor of the Exchequer has finally delivered his much-anticipated ‘Budget 2017’. Having considered the announcements carefully, we have highlighted the key points below. We hope that you will find this summary useful. Business • The VAT threshold will be frozen at £85,000 for two years. • £540m to be invested in the growth of […]