The Federation of Small Businesses (FSB) has warned that UK economic growth is being ‘restricted’ by limited access to alternative finance options for small businesses. Research carried out by the FSB revealed that just 13% of small firms are currently looking to apply for external finance. 68% of these businesses …
MRC sends MTD for VAT communications to affected businesses
HMRC recently started to send out so-called ‘encouragement letters’ to businesses within the scope of Making Tax Digital for VAT (MTD for VAT). The letters are being sent to 200,000 businesses which are eligible to join the current MTD for VAT pilot. According to reports, HMRC is also sending letters …
Prime Minister establishes five ‘Brexit business councils’
Prime Minister Theresa May has created five new ‘Brexit business councils’, which will provide UK firms with advice and support in regard to creating the ‘best business conditions’ post-Brexit. According to the government, each council will meet three times per year in order to supply ‘high-level advice’ on issues surrounding …
Government unveils changes to probate fees
The government has unveiled significant changes to probate fees, which could result in owners of high-value properties paying nearly £6,000 more. As part of the government’s plans, from April 2019 a banded system of probate fees will be introduced for estates with a value above £50,000. The government stated that, …
ICAEW suggests confidence amongst businesses has ‘slumped’
The Institute of Chartered Accountants in England and Wales (ICAEW) has suggested that confidence amongst businesses has ‘slumped’ as a result of ongoing Brexit uncertainty. The ICAEW’s Business Confidence Monitor recently revealed that confidence deteriorated from -12.3 in the fourth quarter of 2018 to -16.4 during this quarter. According to …
HMRC delays reform of late payment penalty regime
HMRC has further delayed the planned reform of the late payment penalty regime. HMRC planned to introduce the new penalty regime alongside Making Tax Digital (MTD) for income tax in April 2018, but the Revenue subsequently pushed its introduction back when MTD for income tax was deferred to April 2020. …
ONS data reveals gender pay gap has fallen to its ‘lowest level yet’
Data published by the Office for National Statistics (ONS) has revealed that the gender pay gap has fallen to its ‘lowest level yet’. The statistics showed that, in the year to April 2018, the gender pay gap for full-time employees fell to 8.6%, from its previous figure of 9.1%. However, …
PAC warns ‘cracks showing’ in HMRC’s performance ahead of Brexit
The Public Accounts Committee (PAC) has warned that ‘cracks are showing’ in HMRC’s performance ahead of Brexit, which is set to take place on 29 March 2019. In a new report, the PAC stated that HMRC has a ‘daunting task’ ahead of it as it prepares for Brexit. HMRC also …
UK late payment culture ‘showing signs of improvement’, research reveals
The so-called late payment culture in the UK is ‘showing signs of improvement’, according to research carried out by invoicing solutions firm Tungsten Network. The research revealed that the average time taken to pay suppliers has improved by 14% since 2016. UK firms now pay their suppliers ‘ten days quicker …