News

220,000 businesses urged to move onto new single customs platform Businesses are being urged to move onto HMRC’s new single customs platform before 30 September 2022. More than 220,000 businesses are being contacted by HMRC to urge them to move to the UK’s new streamlined customs IT platform, if they’re not already using it. To continue importing […]

Bankrupt abuses government support scheme A bankrupt from North London has received an additional eight years of restrictions after he applied for Bounce Back Loan for a bogus business. The official receiver was appointed as his trustee in bankruptcy before uncovering the former café manager had falsely applied for a £50,000 Bounce Back Loan. Salih

Potential tax demand scam using the OTS logo Consumers, tax agents and businesses are being warned that there is a scam involving the Office of Tax Simplification logo. The OTS has been made aware of people receiving correspondence using the OTS logo and signatures to request payment of “tax”. It is reminding people that the

Hundreds of Scottish businesses set to benefit as UK launches trade deal with Gulf nations A landmark deal between the UK and the Gulf Cooperation Council is expected to add at least £270 million a year to the Scottish economy, with food and drink and renewable energy businesses set to benefit. Trade Secretary Anne-Marie Trevelyan

Business groups warn of looming collapse Business and industry groups have urged the government to act now to “stem the tide” as producer price inflation hits a record-high 22 per cent. With news that the consumer prices index rose 9.1 per cent, to a 40-year high, and producer price inflation rose 22.1 per cent, another

HMRC launches consultation to address concerns about repayment agents The HMRC has launched a 12-week consultation to find new measures to stop rip-off agents from taking advantage of people and pocketing their tax repayments. The consultation – “Raising standards in tax advice: Protecting customers claiming tax repayments” – will consider ways to better protect taxpayers from repayment agents

New home owners warned over tax refund claims New home owners are being warned about cold calls from rogue tax repayment agents advising them to make speculative Stamp Duty Land Tax (SDLT) refund claims, which could leave them with large tax bills. The warning comes after a recent spate of stamp duty refund claims to

HMRC urges businesses to move to new customs IT platform HMRC is urging businesses to move to its new customs IT platform now to continue trading. Letters and emails have been sent to relevant businesses that include further information about making the move to the UK’s single customs platform – the Customs Declaration Service –

Birmingham conference – 23 June The IFA flagship event covers a broad range of relevant topics carefully chosen to meet the needs of those working in micro, and small- to medium-sized enterprises and accountancy practices. Educational sessions are presented by respected industry specialists. Attend the conference to update your knowledge on changing regulations and network

Consultancy director banned for abusing COVID-19 financial support scheme A consultancy director who claimed £30,000 Bounce Back Loan he was not entitled to, and spent nearly a third on personal use has been banned for eight years. Richard Milne, 44, from Kingston-upon-Thames, was director of Langshot Ltd, a small consultancy incorporated in 2016. He applied

New powers introduced as HMRC targets till fraud Three people were arrested after HM Revenue and Customs (HMRC) officers visited businesses across the country in a day of action after new powers were introduced in the fight against till fraud. Businesses involved in making, supplying or promoting electronic sales suppression (ESS) systems that help users

Lending to small businesses hits record low with 60% impacted by late payment The latest Small Business Index has found that there has been a dramatic decrease in businesses looking for finance as late payments threaten to send the sector into freefall. The UK’s largest business group, the Federation of Small Businesses, is warning that

Policy update from HMRC on DIY Housebuilders Scheme The HMRC has published an updated policy brief on the DIY Housebuilders Scheme following a tribunal decision. The first-tier tribunal case of Andrew Ellis and Jane Bromley has instigated the brief from HMRC. The policy stated that only a single claim is allowed under the DIY Scheme

UK small-business owners struggling with pandemic mental health hangover A new study by Xero and the Centre for Economics and Business Research has highlighted the emotional impact of COVID on business owners. The study found that two out of five (40 per cent) small-business owners believe that their emotional recovery from the pandemic will take much

HMRC retires online P11D form for small companies HMRC has decommissioned its online end-of-year expenses and benefits service and small businesses will now have to use other options for payroll. In its April update the HMRC directed advisers to a section in the February 2022 Employer Bulletin entitled Decommissioning of HMRC’s Online End of Year Expenses

Small business call for action as input price growth hits record-high 18% The government needs to look at targeted interventions to help small businesses such as installing a sick pay rebate as inflation soars and cost of living reaches a 40-year high. The Federation of Small Businesses said the gulf between the rate of input

NFT boom slows but on track for growth This year will be a record even though the pace of demand has fallen from its peak, research finds. Growth in the NFT market has been patchy after a series of demand spikes and will stabilise this year, according to blockchain data expert Chainalysis. Its research found

Lowest-paid workers given flexibility to top up their pay  The government will widen the ban on exclusivity clauses giving lowest-paid workers the choice to work multiple jobs if they wish. Britain’s lowest-paid workers will be given the flexibility to boost their income through extra work, under new plans set out by the government. The proposals

Five advisers banned and fined for causing losses to pension customers The FCA has prohibited five directors of financial advice firms from working in financial services and fined them over £1 million, after they caused significant losses to pension customers. The decisions follow an extensive 300-page judgement issued by the Upper Tribunal in which the

Chancellor backs small businesses to thrive and grow Chancellor underlines support for smaller businesses and their importance to the UK economy on visit to Ipswich. Chancellor Rishi Sunak hailed small businesses as the “heart of our economy” on Thursday (12 May) as he set out how the government is backing firms to train and invest,

HubSync partners with Thomson Reuters The venture aims to drive automation and innovation in the public accounting industry. Tech integration specialist HubSync has joined forces with Thomson Reuters to collaborate on technology to simplify, automate and streamline processes across the tax and accounting industry. Under the agreement, HubSync and Thomson Reuters will provide royalty-free and

Government introduces law to protect access to cash The bill will ensure continued access to withdrawal and deposit facilities while providing increased safeguards to push payment fraud. The new Financial Services and Markets Bill, announced in the Queen’s speech at the opening of Parliament, will support consumers by protecting access to cash. The government said

Export growth now stagnant for 1 year as chamber sounds warning on trade A survey of more than 2,700 UK exporters has revealed that export sales growth has been effectively stagnant for the past year. The British Chambers of Commerce quarterly Trade Confidence Outlook showed the proportion of exporters reporting increased overseas sales to be

Home working tax relief warning Employees who have been claiming home office tax relief during the pandemic should review their tax codes to check whether HMRC has included the relief in their notice of coding. During the pandemic HMRC allowed anyone working at home due to the pandemic lockdowns to apply for the tax relief

Deloitte secures £15m HMRC contract Deloitte has secured a £15 million consultancy contract to help HMRC shape and deliver its Technology Sourcing Programme (TSP). The 12-month contract, which came into effect on 1 April 2022 and will run until 31 March 2023, will see Deloitte “work closely with the technology sourcing programme’s senior responsible officer