MTD for VAT

HMRC's have begun the introduction of their landmark Making Tax Digital (MTD) regime. This means that tax payers will be required to move to a fully digital tax system. With the new system, businesses with a taxable turnover above the VAT threshold of £85,000 must...

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‘Stay Vigilant’ Warns HMRC as the Number of Tax Scams Rises

Recently, HMRC put out a statement warning young people in the UK to 'stay vigilant' in order to avoid being victims to tax refund scams. HMRC warns that both young and elderly individuals tend to be targeted by criminals as they are 'more likely to be less familiar...

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Government Release new Brexit Advisory Documents

Recently, the government have published additional documents with advice on Brexit for small businesses in the UK. This information is meant to help business owners to 'understand how leaving the EU may affect their business'. The documents provide advice on range of...

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UK Factories Stockpiling Frenzy

During March, UK factories stockpiled resources at an explosive rate in preparation for Brexit. This was an unexpected 13-month high, something that has been unseen before in a major rich economy. The IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI)...

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No Stopping UK Shopping

UK retail sales grew by an annual 4.0% in February, which is only a slight decrease from January's 2 year high of 4.1%. With Brexit on the horizon and the threat of an economic collapse within the UK, why are British shoppers still spending so much? Well, with a drop...

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NEF Propose Weekly National Allowance

Recently, the New Economics Foundation (NEF) claimed that if the Government replaced the personal allowance of income tax and replaced it with a weekly national allowance, up to 200,000 of the poorest families could be lifted out of poverty. They proposed a weekly...

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Significant Rise in Landline Scams Warns HMRC

As a result of HMRC's efforts to crack down on email and SMS phishing scams, it seems criminals are returning to the more traditional method of cold-calling unsuspecting households and threatening legal action if they don't pay up. These scammers often target more...

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Return of Corporation Tax Relief for Acquired Goodwill

A late change to the Finance Bill will bring back relief for acquired goodwill on the acquisition of businesses with eligible intellectual property from 1 April 2019. The restoration of relief for goodwill and customer-related assets is a welcomed return of a relief...

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Further Implications on Jobs and Economy post Brexit

Although jobs in the financial sector may be taking a hit, a very specific type of accountant is claimed to be very sought after. According to Morgan McKinley's UK 2019 Accounting and Finance salary guide, banks and investment firms are seeking to hire technical...

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Businesses Told to Prepare for post-Brexit Customs Declarations

VAT-registered UK businesses that trade exclusively with the EU are being urged by HMRC to prepare for a no deal Brexit. 145,000 affected businesses received a letter from HMRC, detailing the changes to Customs, Excise and VAT procedures in the 'unlikely event' that...

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