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SMEs-now-wait-23-days

SMEs now wait 23 days for late payments new study finds

According to the latest data, UK SMEs now have to wait up to 23 days on average for late payments to be made. MarketFinance, a peer-to-peer invoice finance platform, has analysed late payment data between 2013 and 2019 from 100,205…

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VAT-receipts-reach

VAT receipts-reach-record-level-of-133-billion

Figures published by HM Revenue & Customs (HMRC) have revealed that VAT revenue in 2018/19 rose by £7 billion from the previous year to reach a record £133 billion. In the ten years since 2008/09, the VAT take has risen…

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new-advisory-fuel-rates

New advisory fuel rates

A new set of Advisory Fuel Rates came into effect from the beginning of December 2019, which apply to employees who use a company car. The rates can be used in circumstances where you are reimbursing employees for business travel…

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HMRC-launches-revamped

HMRC launches revamped cest IR35 off-payroll working tool

With less than three months remaining before the IR35 off-payroll working rules begin to apply in the private sector, HM Revenue & Customs (HMRC) has launched a revamped CEST IR35 off-payroll working tool. The rule change means that engagers, rather…

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reminder-national-living-wage_

Reminder national living wage set to increase from april

On 1 April 2020 the Government will introduce increases to the National Living and Minimum Wage. From this date the National Living Wage (NLW) will rise from £8.21 to £8.72 per hour and will mean that 2.8 million full-time workers…

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more-than-3000-taxpayers

More than 3000 taxpayers complete self assessment on christmas day

Instead of tucking into turkey or unwrapping their gifts, 3,003 taxpayers completed their self-assessment returns on 25 December 2019, according to HM Revenue & Customs (HMRC). Every year hundreds of people across the UK use the Christmas break as a…

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should-your-company-pay

Should your company pay a data protection fee

We are aware that the Information Commissioner’s Office (ICO) has been contacting companies to remind them of their legal obligation to pay a data protection fee. The ICO has confirmed that the UK’s 4.2 million limited companies will receive letters…

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around-half-of-the-UK

Around half of the UKs SMEs admit to making errors on taxes

According to accounting software providers, QuickBooks, over 50 per cent of UK small and medium-sized enterprise (SME) owners have made a mistake when filing their VAT returns, while just a quarter (25 per cent) feel confident that they have filed their…

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keeping-workplace-gifts

Keeping workplace gifts tax free this Christmas

Over the Christmas period, you may wish to treat your employees. This is a tried and trusted approach to building a strong relationship with your team. But are you aware that you may be breaking PAYE rules by doing so?…

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hmrc-urges-taxpayers

HMRC urges taxpayers to be vigilant ahead of self assessment deadline

HM Revenue & Customs (HMRC) has urged taxpayers to be vigilant ahead of the self-assessment deadline on 31 January 2020, with a surge in fraudulent activity expected. HMRC has said that it has received 900,000 reports in the last 12…

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