HMRC has issued a warning to 16,000 contractors to declare their involvement in an ‘aggressive’ offshore tax avoidance scheme. The contractors involved will have until January next year to approach HMRC and pay the tax due, or they will risk being liable to pay penalties and even legal fees on top of the owed taxes.…
HMRC has increased its rate of checks on businesses, says insurance firm PfP. Since the 2011/12 period, checks on businesses across the country have risen by 60% from 3,431 to 5,515 during the 2013/14 period. The business records checks process was criticised in the past by numerous business and accountancy bodies leading it to be…
Over 55s will experience restrictions in available tax reliefs as part of the government’s anti-avoidance tax strategy which will close loopholes created in the pensions reform announced in this year’s Budget. The Treasury said that the government will restrict tax reliefs on pension contributions for savers over the age of 55 in order to prevent…
A third of small businesses hesitate to chase late payments from clients because they do not want to antagonise or embarrass them. Credit control firm, Santago, conducted the research which found that 81% of SMEs do not chase payments from late paying clients because they find the task ‘uncomfortable’. 19% of SMEs do not do…
The Treasury has announced that free advice for pensioners will be available from next year. They will be able to receive free independent advice on their savings and investments. From the 2015-16 tax year, savers from the age of 55 will be able to utilise their pension funds however they wish. Savers have previously purchased…
In a survey conducted by neuroscientist Dr Lynda Shaw, the biggest concerns and worries of many small business owners have been revealed. SMEs consider tax and accounting among their biggest worries. Nearly 50% of survey participants said that they struggled with tax and accounting for SMEs, with 23% stating they experienced anxiety over these subjects. However, 84%…
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