Business news

Stamp Duty relief saves first-time buyers £426 million - 23 November 2018

More than 180,500 first-time buyers have saved on purchasing their first home since the introduction of Stamp Duty Land Tax relief, new figures reveal. The data, published by HM Revenue & Customs (HMRC), shows that the estimated total amount saved

Public pilot of Making Tax Digital for VAT opens - 21 November 2018

HM Revenue & Customs (HMRC) has opened a public pilot of Making Tax Digital (MTD) for VAT. The pilot is open to sole traders and companies that are up-to-date with VAT, who have not received a default surcharge in the

Payee names to be required for bank transfers in effort to combat fraud and errors - 21 November 2018

From next year, payee names will be checked when making bank transfers in order to ensure that funds are being sent to the correct recipient. Currently, only the sort code and account number are checked when making a transfer, something

HM Revenue & Customs to review and rework some 2016-17 self-assessment tax returns following error - 21 November 2018

The Chartered Institute of Taxation (CIOT) has warned that HM Revenue & Customs (HMRC) is to review and potentially rework as many as 30,000 self-assessment tax returns that were filed online for 2016-17 owing to concerns that its tax calculator

R&D Tax Credit system to be reviewed in light of fraudulent claims - 21 November 2018

According to figures released in the Autumn Budget, HM Revenue & Customs (HMRC) has prevented around £300 million of fraudulent R&D tax credit claims since the relief was introduced. In a bid to prevent further abuse of this tax relief,

Entrepreneurs’ Relief rules to be tightened - 21 November 2018

Despite rumours that the Chancellor might scrap Entrepreneurs’ Relief (ER) all together in the Autumn Budget, Philip Hammond decided to retain the tax relief but has made fundamental changes to who qualifies for it. Mr Hammond said that “encouraging entrepreneurs

National Living Wage to rise in April 2019 - 21 November 2018

In his latest Budget speech to the Commons, Chancellor Philip Hammond announced that the National Living Wage and National Minimum Wage would increase from April next year. However, despite many employees across the UK welcoming this sudden pay rise, small