Average lifetime tax bill shows annual rise
The average UK household pays almost three quarters of a million pounds in taxes over the course of a lifetime, according to research by The Taxpayers' Alliance (TPA). Analysis of 2013/14 figures from the Office for National Statistics shows that households pay an...
New tax evasion plans revealed
HMRC has released further details about how it plans to crack down on offshore tax evasion. Treasury officials announced plans to create a new strict liability offence for offshore tax evasion following Budget 2015 in March. Strict liability refers to a criminal...
Reporting standards for small firms simplified
The Financial Reporting Council (FRC) has introduced new accounting standards designed to simplify reporting for small and micro businesses. Micro businesses will now have to report to a different standard than small businesses under the new FRS 105, while small...
Dividend tax credits replaced by new allowance
Dividend tax credits will be replaced with a new £5,000 tax-free allowance from April 2016, the Chancellor George Osborne announced during his Summer Budget statement. Under current rules dividend income is reduced with tax credits. Basic rate taxpayers currently pay...
Medium-sized business owners plan exit strategies
A third of medium-sized business owners are planning to sell their business, a report by law firm Mills & Reeve has found. The research into the health of the UK's mid-market sector reveals that 33% of business owners are thinking about an exit strategy. More than...
