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Strong doubts have been raised over the current Making Tax Digital (MTD) timetable. HMRC launched its flagship digitisation scheme in 2015-16, intending to move tax systems and records to a modern management platform by 2020. The aim was to maximise tax revenue, make sustainable cost savings and improve customer service by modernising systems for VAT,…

The current high interest environment can pose expensive challenges for businesses using traditional financing methods. Bank loans still make sense for some companies; however, there are plenty of alternative finance options. Being open to innovation and thinking creatively can help businesses access funding while minimising the impact of high interest rates in their financial endeavours.…

Earnings growth hit 7.3 per cent in the three months to May – the joint highest level on record. According to the Office for National Statistics (ONS), public sector wages rose 5.8 per cent in the three months to May while earnings in the finance and business services sector leapt by 9 per cent. In…

A one-stop information portal has been set up to help directors make crucial business decisions. The director information hub was launched by the Insolvency Service, providing advice and support regarding statutory obligations and potential financial pitfalls. Who is it aimed at? The hub hosts guidance and information on a range of business themes and is…

Drinkers face paying more for their glass of Chardonnay when a freeze on alcohol duty is lifted at the start of next month. From August 1, every pint in every pub and restaurant will be subject to less tax, but at the same time the current hold on alcohol duty comes to an end. Drink…

Motorists are being put in the driving seat to find the best fuel prices after a watchdog found many were being overcharged at the pumps. A new fuel price reporting scheme will allow consumers to compare prices in real time in any area of the UK, as the Government changes the law, forcing retailers to…

As the outlook for the UK economy remains uncertain, UK business fears over potential insolvency appear to be easing. While government data shows insolvencies are at a four-year high, research suggests that these figures are reaching their peak. Wealth management and professional services group Evelyn Partners found that just under one in three businesses (32…

1 July 2023 - Due date for corporation tax due for the year ended 30 September 2022. 6 July 2023 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2023 - Pay Class 1A NICs (by the 22 July 2023 if paid electronically). 19…

In certain circumstances it can be beneficial to make voluntary National Insurance Contributions (NICs) to increase your entitlement to benefits, including the State or New State Pension. Usually, HMRC allows you to pay voluntary contributions for the past 6 tax years. The deadline is 5 April each year. However, there is currently an opportunity for…

The Gift Aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC the basic rate of Income Tax deducted from qualifying donations by UK taxpayers. This means that when a basic rate taxpayer claims gift aid on a £10 donation, the charity can reclaim from HMRC the £2.50 of tax paid…