AVASK News

The Federation of Small Businesses (FSB) has urged the government to re-focus on encouraging and supporting UK small businesses, rather than spending time on ‘political infighting’, in its New Year message. Mike Cherry, FSB National Chairman, said: ‘Small business owners tend to be an optimistic bunch. They are used to …

The deadline for submitting your 2017/18 self assessment tax return is midnight on 31 January 2019. The only exception to this rule is if you received a notice from HMRC to make an online tax return after 31 October 2018. In this case, you have three months from the date …

With the festive period underway, insurance company Axa has advised businesses to be prepared for ‘severe weather conditions’ during the winter months. Winter maintenance work on your business’s heating system should be carried out as early as possible, Axa advises, and if the property is left vacant over the holiday …

Research carried out by Vistaprint has suggested that more than half of UK small business owners intend to work on Christmas Day. According to the research, the biggest challenge faced by small businesses is to ‘stand out above increased competition’ during the festive period. The report revealed that over three …

Five of the leading business groups in the UK have warned MPs that the UK is ‘not where it should be’ in regard to its Brexit plans. The government recently confirmed that it has decided to prioritise preparing for a ‘no deal’ Brexit, and intends to advise UK businesses to …

The Low Incomes Tax Reform Group (LITRG) has called for HMRC to publish detailed Making Tax Digital for VAT (MTD for VAT) exemption guidance. MTD for VAT is set to come into effect from 1 April 2019 for businesses which have a taxable turnover above the current VAT registration threshold …

The Federation of Small Businesses (FSB) has warned that productivity amongst UK small firms is ‘still being held back’ by poor broadband and mobile coverage. The FSB’s warning comes in response to Ofcom’s annual Connected Nations report, which revealed that, while the availability of superfast broadband has increased, only 90% …

The Institute of Chartered Accountants in England and Wales (ICAEW) has warned that a decision to reject Prime Minister Theresa May’s Brexit deal will ‘undermine the chance of stronger economic growth’ in 2019. In its latest economic forecast, the ICAEW predicted that the UK economy will grow by 1.6% over …

The gender pay gap will take ‘another century to disappear’, according to the World Economic Forum (WEF). Data published by the WEF revealed that the time it will take for the overall gender pay gap to close has fallen to 99.5 years from 2018’s prediction of 108 years. The WEF …

New legislation designed to ‘upgrade workers’ rights’ has been introduced by the government. The measures will ‘ensure individuals can access fair and decent work’, and include a ‘day one’ statement of rights for all UK workers, which outlines their leave entitlement and pay. Additionally, under the legislation, the holiday pay …

A poll commissioned by insurance firm Aon has suggested that UK small and medium-sized enterprises (SMEs) are ‘unmindful of the risks’ that cyber-attacks and data breaches pose to their business. The poll found that eight out of ten small firms don’t regard cyber-attacks or data breaches to be significant risks …

In his draft Budget, Derek Mackay, the Finance Secretary for Scotland, outlined his plans for Scottish taxation and spending. Mr Mackay stated that he will ‘not pass on’ a tax break for higher earners, which was announced by Chancellor Philip Hammond in the UK government’s Autumn Budget. The Finance Secretary …

The Association of Chartered Certified Accountants (ACCA) has published a report calling on governments to help tackle climate change by redesigning their tax systems. The ACCA argues that tax has an ‘important part to play’ in combating the ‘unrelenting pace’ of climate change. The measures that have been introduced so …

Business groups have responded to the postponing of the vote on the draft Brexit deal. Prime Minister Theresa May intends to meet EU officials and European leaders in order to ‘discuss with them the clear concerns’ MPs have in regard to the deal.  The Confederation of British Industry (CBI) said …

Confidence amongst UK small businesses has ‘fallen to its lowest point since 2011’, the quarterly Small Business Index (SBI) published by the Federation of Small Businesses (FSB) has revealed. The SBI currently stands at -9.9 – which, according to the FSB, reflects a ‘level of pessimism not seen since the …

A new report published by the Business, Energy and Industrial Strategy (BEIS) Committee has highlighted how ‘bad payment practices’ have led to the ‘failure’ of many small and medium-sized enterprises (SMEs). The government’s Prompt Payment Code, which was created to address poor payment practices, has ‘too often’ been ‘ineffective’, according …

HMRC has written to 145,000 UK businesses to urge them to begin preparing now for a potential ‘no deal’ Brexit scenario. The letters, which have been sent to VAT-registered businesses which trade only with the EU, explain changes to customs, excise and VAT in the ‘unlikely event’ that the UK …

A report published by the Economic Affairs Committee has suggested that HMRC is ‘treating taxpayers unfairly’, and has called for the Revenue’s tax avoidance and evasion powers to be reviewed. The Committee stated that HMRC is failing to ‘discriminate effectively’ in regard to the full range of behaviours and circumstances …

The Institute of Chartered Accountants in England and Wales (ICAEW) has urged employers to consider the tax implications associated with a seasonal party. A company end of year party can be a great way to celebrate the festive period, as well as employees’ hard work. However, there are certain conditions …

Prime Minister Theresa May has outlined her commitment to the launch of the so-called ‘Pensions Dashboards’ initiative. The new Pensions Dashboards will enable workers to view their future retirement funds on their mobile phones and tablet computers. A feasibility study on the development of hi-tech tools has been launched, with …

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 …

Research carried out by not-for-profit organisation The 5% Club has suggested that apprenticeships or training schemes could help to improve employees’ digital skills. The research found that fewer than 2% of employers feel confident that their employees are well-placed to take advantage of new developments in technology. 78% of The …

HMRC has started to write to taxpayers ahead of the introduction of the Welsh rates of income tax (WRIT) on 6 April 2019. From this time, taxpayers will pay the WRIT if their main residence is situated in Wales. The Welsh government will set the rates. It intends to use …

A survey carried out by data provider Dun & Bradstreet has suggested that small firms’ plans for growth are being adversely affected by late payments and restricted access to finance. Overdue payments ‘remain a prevalent challenge’ for many businesses, the survey revealed. The average amount owed to small and medium-sized …

A study carried out by economic think tank the National Institute for Economic and Social Research (NIESR) has suggested that the government’s Brexit deal will cost the UK £100 billion per year by 2030. The study also indicated that Gross Domestic Product (GDP) will be 3.9% lower by 2030. The …

The Office of Tax Simplification (OTS) has urged HMRC to overhaul the UK’s inheritance tax (IHT) regime. In January 2018, Chancellor Philip Hammond commissioned the OTS to carry out a review of the IHT regime, and outline ways in which the tax can be simplified. In its report, which is …

The Economic Affairs Committee has warned HMRC that UK small businesses ‘could pay a heavy price’ for Making Tax Digital for VAT (MTD for VAT). In a new report, the Committee stated that HMRC has ‘failed to adequately support small businesses’ ahead of the introduction of MTD for VAT. The …

Data published by HMRC has revealed that first-time homebuyers have collectively ‘saved £426 million’ as a result of changes to Stamp Duty Land Tax (SDLT). In the 2017 Autumn Budget, Chancellor Philip Hammond announced a new exemption from SDLT for most first-time homebuyers. From 22 November 2017, first-time buyers in …

Data has revealed that the Soft Drinks Industry Levy generated £153.8 million for HMRC in the year-to-date, up to the end of October. First announced in the 2016 Budget, the Levy came into effect from April 2018. It was introduced as part of a package of measures designed to combat …

A survey carried out on behalf of the Department for Business, Energy and Industrial Strategy (BEIS) has found that the majority of workers aged over 50 would ‘welcome more flexibility’ in the workplace. The survey, which polled more than 12,000 workers over the age of 50, revealed that 78% would …