Call us today: +44 (0)23 8060 0120 | +1 (914) 664 1900
Make a Payment Client Portal
Below you'll find a list of all posts that have been categorized as “Accounting News”
In June, UK inflation dropped from 8.7% to a 15-month low of 7.9%, according to the Office for National Statistics. With economists originally predicting a fall to only 8.2% in June, this drop in inflation was more than anticipated, easing forecasts for how much interest rates will rise over the …
Date: 22/06/2023 Author: Christine Lawless – Exit Strategy Consultant On Thursday 22nd June 2023, it was announced by the Bank of England that interest rates within the United Kingdom would be rising for the 13th time in a row to 5%. This is a 0.5% increase from the 4.5% that …
UK Chancellor Jeremy Hunt has delivered his Autumn Statement to MPs, which outlines his plans for stabilising the economy and reducing inflation through spending cuts and tax rises worth billions of pounds. The Autumn Statement is an update on the government’s plans for the economy based on the latest forecasts …
UK Chancellor Rishi Sunak this afternoon announced his Spring 2022 Statement from the UK Government. Within this announcement, The Chancellor affirmed the Government’s commitment to stand behind businesses in the UK. Boosting productivity and productivity within the UK is key to the Spring Statement, as are the plans to incentivise …
Find out how AVASK can support you to negotiate the best possible deal when exiting your business. 2021 had seen an exponential growth in e-commerce sales. With the pandemic opening consumers eyes to the ease and simplicity of online shopping, the demographic of online shoppers expanding, and many traditional brick …
Prepare your business for the new UK Plastic Packaging Tax legislation The UK’s new Plastic Packaging Taxes (PPT) could affect your e-commerce business if you are established in or importing goods into the UK from 1st April 2022. Following on from the launches of new EPR legislation in France and …
The UK’s economy will grow more slowly than previously expected, according to the latest data from the Confederation of British Industry (CBI). The CBI cut its forecasts for economic growth to 6.9% in 2021 and 5.1% in 2022 from previous estimates of 8.2% and 6.1%. The business group said that …
Research carried out by manufacturers’ organisation Make UK has suggested that more than a third of manufacturers in the UK are struggling with rising costs, debt and business red tape. 40% of manufacturers surveyed said that they had consulted an insolvency specialist or are looking to do so in the …
Are you looking to sell on Shopify or are you already trading there? Have you registered for Sales Tax? All sellers need to consider whether they need to register for local Sales Tax in each State they sell or have a physical presence in, if they are selling on Shopify …
HMRC has warned taxpayers completing their 2020/21 tax returns to ‘be on their guard’ and stay vigilant in regard to tax-related scams. Nearly 800,000 tax scams were reported in the last year, HMRC revealed. It said that fraudsters use self assessment to attempt to steal money or personal information from …
UK economic growth slowed between July and September as supply chain problems hindered the recovery from the pandemic, according to the latest data from the Office for National Statistics (ONS). Gross domestic product (GDP) expanded by a slightly weaker than expected 1.3%, down from 5.5% in the second quarter, according …
More than 282,000 working families used a Tax-Free Childcare (TFC) account during March, according to figures from HMRC. HMRC said that it is the highest recorded number of families in any one month since the scheme was launched in April 2017. These families received a share of more than £33 …
Almost 800,000 employees who have been working from home during the pandemic have already claimed tax relief on household related costs, HMRC has confirmed. The saving is worth up to £125 per year for each employee, and eligible workers can claim the full year’s entitlement if they have been told …
The Office of Tax Simplification (OTS) is set to explore the benefits, costs and wider implications of changing the date of the end of the tax year for individuals. The review will focus on the implications of moving the tax year end date from 5 April to 31 March or …
The G7’s finance ministers have announced a historic international agreement on global tax reform. Following years of discussions, finance ministers agreed to reforms, which they say will see multinationals pay their fair share of tax in the countries in which they do business. The ministers also agreed to the principle …
The UK economy shrank by 1.5% in the first quarter of 2021 as the country underwent a COVID-19 lockdown, according to the Office for National Statistics (ONS). School closures and a large fall in retail sales earlier in the quarter dragged down economic growth, said the ONS. The economy is …
The Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to rethink the requirement for companies to report quarterly under Making Tax Digital for corporation tax (MTD for CT). In response to HMRC’s consultation on expanding the MTD initiative to corporation tax, the ICAEW suggested that HMRC …
Self assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April, HMRC has announced. The payment deadline for self assessment is 31 January and interest is charged from 1 February on any amounts outstanding. Normally, …
The self assessment deadline on 31 January was missed by 1.8 million taxpayers, according to figures from HMRC. However, those with a late tax return will not be charged a late filing penalty provided they submit their return online by 28 February. HMRC’s data showed that over 10.7 million people …
UK companies spent over £25 billion on Research and Development (R&D) during 2018, and HMRC’s statistics show that the volume of R&D relief claimed by small and medium sized companies (SMEs) is increasing. However, many eligible SMEs are still not claiming the relief. This is often due to a lack …
Self assessment taxpayers will not be fined for late online returns if they file by 28 February, HMRC has said. More than 8.9 million taxpayers have already filed their tax return. HMRC is encouraging anyone who has not yet filed their tax return to do so by 31 January, if …
HMRC says it will accept coronavirus (COVID-19) as a reasonable excuse for the late filing of self assessment tax returns. However, taxpayers must submit the return as soon as possible and explain how they were affected by COVID-19 in the grounds for appeal. HMRC has also enhanced ‘Time to Pay’ …
Tax payments worth over £69 million are being spread through HMRC’s Time to Pay facility, according to the tax authority. HMRC said that nearly 25,000 self assessment taxpayers have set up an online payment plan to manage their tax liabilities in up to 12 monthly instalments. Last October HMRC increased …
The Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to publish draft regulations and guidance on the forthcoming changes to the Construction Industry Scheme (CIS). The ICAEW has called for HMRC to ‘move quickly’ to give businesses enough time to prepare. The CIS changes are set …
The approach of the 31 January self assessment tax return deadline will bring a surge in scams, HMRC has warned. HMRC issues thousands of SMS messages and emails as part of its annual self assessment tax return campaign. However, the tax authority has warned taxpayers completing their returns to avoid …
HMRC has revealed that 2,700 tax returns were filed on Christmas Day 2020. Peak filing time on Christmas Day was between 2:00pm and 2:59pm, when more than 200 taxpayers filed their returns online. 20,200 tax returns were filed on Christmas Eve and 8,500 tax returns were filed on Boxing Day, …
Creating some financial New Year’s resolutions is a good way to help ensure that you are on course for a successful and profitable year ahead. It is important to ensure that you are making the most of your business and personal wealth, as well as capitalising on any available allowances …
The deadline for submitting your 2019/20 self assessment tax return is midnight on 31 January 2021. The only exception to this rule is if you received a notice from HMRC to make an online tax return after 31 October 2020. In this case, you have three months from the date …
HMRC has rejected calls from professional bodies to relax the self assessment tax return filing deadline. The deadline for submitting your 2019/20 self assessment tax return is midnight on 31 January 2021. The Institute of Chartered Accountants in England and Wales (ICAEW) stated that many of its members have been …
HMRC’s enhanced version of the check employment status for tax (CEST) tool is failing to make a determination for one in five off-payroll workers, according to HMRC’s statistics. Reforms to off-payroll working regulations, known as IR35, are set to be introduced to the private sector in April next year. The …
