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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…
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…
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…
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…
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…
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…
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…
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…
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?…
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…
