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HMRC slams ‘absurd excuses’ from employers who underpaid workers Employers used justifications such as training employees or their citizenship status to claim they didn’t realise they needed to pay certain workers minimum wage. In an effort to further deter businesses from failing their duties in paying minimum wage, HM Revenue & Customs (HMRC) has released […]

Charities ask to be excluded from audit reforms The Charity Commission England and Wales has pushed back against a proposal to introduce a new framework for audit standards on large charities in the UK. Writing in response to the government white paper Restoring Trust and Confidence in Audit and Corporate Governance, the Charity Commission England

UK welcomed 726,000 new businesses in 2020, up 14% from 2019 Close to 726,000 new businesses were created in the UK in 2020, compared with just over 636,000 in 2019. The creation of over 700,000 businesses in 2020 has placed the UK fifth among 22 countries studied by UHY Hacker Young in its annual business

Jobs tax increase would hit small businesses and young earners Prime Minister Boris Johnson’s expected announcement of a 1 per cent increase in national insurance contributions has caused concern among small business owners. The tax hike, which has not yet been formally announced, would fund an overhaul of the UK’s social care system and address

HMRC seeks more power to crack down on tax avoidance promoters The government has released draft legislation for the 2021-22 finance bill, and among the proposed measures are legislative changes to allow the HMRC to crack down on promoters of tax avoidance. The proposed legislation will strengthen HM Revenue and Customs’ (HMRC) power to penalise

Paul Ash elected 88th president of world’s largest management accountants body The Chartered Institute of Management Accountants (CIMA) has elected Paul Ash, FCMA, CGMA, as its 88th president, and the sixth chair of the Association of International Certified Professional Accountants. The CIMA is considered the world’s largest professional body of management accountants. During the one-year

New UK watchdog to clamp down on abuse and protect workers’ rights One powerful overarching body will be created to protect the rights of UK workers, and to clamp down on workplace abuse. The UK government’s plans for a new watchdog for workers hopes to tackle modern slavery, enforce the minimum wage and protect agency

New independent group appointed to help tackle ‘greenwashing’ The UK’s net zero economy goal has been boosted with the appointment of a new expert group whose work will support investors, consumers and businesses to make green financial decisions. The Green Technical Advisory Group (GTAG) will oversee the government’s delivery of a “Green Taxonomy” – a

Small businesses set agenda ahead of G7 conference Small business bodies representing firms from across G7 nations and the European Union are calling on conference leaders to put smaller enterprises “at the heart of economic recovery plans”. In a joint statement, the SME7 collective also urges leaders to “support small businesses on their journeys to reduce

11-year ban for payroll boss in tax avoidance scheme Scott Ian Rooney, of Leicester, was appointed sole director of Magnetic Push Limited in February 2017 – a company providing payroll services – which sunk into liquidation after just 11 months. It was after Mr Rooney refused to co-operate that an investigation was triggered by the

Takeaway boss handed 7-year ban for under-declaring sales A takeaway owner from Norwich was disqualified from running a business for seven years after suppressing sales figures to avoid paying tax. Huseyin Gozel (41), from Norwich, was appointed director of Mardin & Maras Limited in June 2014. The company had been incorporated two years earlier in

Corporate tax overpayments: Do businesses have any leftovers? As if clients haven’t enough on their plates – the pandemic’s impact upon corporate profits may mean supporting them with overpayment claims. Andrew Goodall finds out how tax advisers can help. A key element of the government’s financial support for businesses dealing with the economic impact of

Under one month until Self Assessment tax return deadline HM Revenue and Customs (HMRC) has announced there is less than a month to go until the deadline to file a tax return for customers deciding to submit through the Self Assessment path. HMRC said around 5.4 million Self Assessment customers are yet to complete their

Corporation Tax filing deadline The deadline for filing a corporation tax return is 12 months after the end of the accounting period it covers. Many companies have a 31 December accounting period end and 31 December 2020 is therefore the filing deadline for accounting periods ending on 31 December 2019. Companies should wherever possible file

Annual Investment Allowance (AIA) The AIA was due to be reduced from the current limit of £1m to £200k, effective from 1 January 2021. However, the government announced last month that the current limit of £1m will remain until 1 January 2022. This is good news for businesses looking to spend monies on qualifying business

New website launch We are pleased to announce that our new website is now online. As much as we value speaking to our customers face to face and regularly, we hope that this provides a portal of information, on our services for new customers. In addition to our services, we will also be publishing a