PAYE Late Filing and Late Payment Penalties Remain Risk Based

HMRC has decided that, following a recent review, it will continue its risk based approach to Pay As You Earn Real Time Information late filing and late payment penalties this tax year. Instead of the penalties being issued automatically, the tax authority will...

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Digital UK businesses struggle with complex tax regulations.

HMRC has revealed UK digital businesses are having difficulty with the complex nature of tax requirements Market research company Ipsos MORI carried out the study on behalf of HMRC, and interviewed 50 UK digital tech businesses across a range of growth stages, sizes...

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OBR Warns That Public Borrowing ‘Could Double in 2020’

The Office for Budget Responsibility (OBR) has warned that public borrowing could double next year as a result of a no-deal Brexit. If the UK does secure an advantageous Brexit deal, borrowing is likely to reach £29.3 billion, the OBR stated. However, if the UK leaves...

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‘Plastic Packaging Tax’ Coming 2022

The government claims that there will be a so-called 'plastic packaging tax' introduced in 2022. The government has also stated that plastic packaging accounts for 44% of the plastic used in the UK. The UK generates over 2 million tonnes of plastic packaging every...

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Register for MTD for VAT before August

HMRC is urging firms to register for Making Tax Digital (MTD) for VAT before the VAT filing date on the 7th August. Revenue & Customs stated that 'many of the 1.2 million businesses affected by MTD', which came into place for VAT periods on 1st...

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BCC Warns That Economic Growth is ‘Stalling’

The UK's economic growth is 'stalling' amid a 'manufacturing slowdow', warns the British Chambers of Commerce. The BCC's most recent Quarterly Economic Survey gave evidence that the balance of manufacturing firms reporting improved domestic orders had decreased to a...

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Cyber-Attacks on Small Firms

Insurer Hiscox has published data which reveals that 61% of small UK firms have experienced a debilitating cyber-attack in the last year. The data found that the cost of dealing with a cyber-attack has sky rocketed for many small businesses. It also suggested that...

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Child Benefit Penalties Refunded to Almost 5,000 Parents

HMRC has repaid £1.8 million in tax penalties to 4,885 parents who were fined for failing to register for the High Income Child Benefit Charge. The High Income Child Benefit Charge is payable by a taxpayer who has 'adjusted net income' in excess of £50,000 where...

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Rental Costs on the Rise, Less Young People Moving for Jobs

The Resolution Foundation has carried out research which suggests that young people are 'less likely to move around the country for a better job' as rental costs have risen considerable The research showed that the number of people aged between 25 and 34 that move...

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