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Versatile IT skills “invaluable” to small accountancy firms in the UK

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Firms must tighten their scrutiny of candidates whilst also bolstering their IT skills development infrastructure, experts say. Accountants’ ability to…

Five celebrities you never knew worked in accountancy before finding fame

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When it comes to the rich and famous, we only ever associate them with the roles they are famous for.…

The importance of standardised digitalisation for the accountancy sector

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The modern consumer is tech-savvy, and generally digitally literate. Nowhere is this more evident than within the financial sector; consumers…

Qualifications 2022 – A way to future-proof your accountancy career

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The role of the accountant is changing as a result of new technology and software which can now do many…

Open banking: A quiet revolution in accountancy?

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Can Open Banking drive a quiet revolution in accountancy?   Since its launch in 2018, progress on the flagship Open…

Top 5 Accounting Skills for New Business Owners

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Every year, more and more people decide to follow their passions and start their very own businesses. However, this venture…

323,700 tax credits customers have one month left to renew

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323,700 customers are yet to renew their tax credits ahead of the deadline, with HM Revenue and Customs (HMRC) reminding…

Updated AML guidance for UK accountancy sector

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HM Treasury has approved the final 2022 version of the Consultative Committee of Accountancy Bodies' (CCAB’s) anti-money laundering (AML) guidance…

Will there be personal tax cuts? Government’s warning after Bank of England predicts inflation will top 11%

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Government ministers have hinted that personal tax cuts are not on the cards until soaring prices have been brought under…

Are you fully tax compliant?

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When HMRC implemented Making Tax Digital (MTD) for VAT three years ago they allowed a soft-landing period for businesses to…

Consultation on Income Tax for low-income trusts and estates

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HMRC have opened a new consultation ‘Income Tax: Low-income trusts and estates’ which considers whether trusts and estates with small…
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The new minimum wage levels

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As we are back round to another tax year, we have a few changes coming into force. As an employer…
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HMRC warns Self Assessment customers to be aware of scam calls and texts from fraudsters as Self Assessment deadline passes

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Self Assessment customers are being warned to be on their guard after more than 570,000 scams were reported to HMRC…
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HMRC action yields £0 in half of all tax probes but taxman hits back: ‘We are not driven solely by money’

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HMRC investigations into individuals and small businesses last year yielded no returns in nearly half of of all cases, according…
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International Women’s Day: Women in Accountancy

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Story by: Kat Wellum-Kent, director at MHA Monahans I knew I wanted to be an accountant from the young age…
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New support for businesses In England impacted by Omicron Variant

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Businesses in the hospitality and leisure sectors in England will be eligible for one-off grants of up to £6,000 per…
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HMRC will be calling as national overdue debt rises to £58 billion

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LATEST figures released by Her Majesty’s Revenue and Customs show that overdue debt has risen to a record breaking £58 billion.…
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Claiming back tax

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The question accountants are asked most is, ‘What expenses can claim tax back on in our business?’ Here’s what you…
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Next step of Making Tax Digital delayed by year

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HMRC has delayed its switchover to a digital format for income tax self-assessment returns by a year, pushing the start…
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HMRC postpones Making Tax Digital until 2024

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Digital tax changes have been delayed to allow more time for customers taking part in the pilot and for the…
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Finance expert warns 114,000 teenagers could be missing out on £1,500 HMRC payout this month

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Around 720,000 of the 6.3m registered Child Trust Fund accounts have now matured.   More than 114,000 teenagers in the…
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Millions of people could be eligible for a £125 Covid tax rebate

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It takes two minutes to check if you can make a claim online Millions of people could claim back £125…
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Covid-19: End of temporary insolvency measures

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The Insolvency Service has confirmed that temporary insolvency restriction protections, brought in to support businesses from insolvency during the pandemic,…
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Optimism as small businesses start to get back to normal but financial support lagging behind

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Small business owners are feeling upbeat about the prospect of trading getting back to normal but are still struggling with…
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Small businesses see rise in trading but lag in financial support

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Business owners reported an 11% rise in trading this month, however are continuing to report on the struggle to find…
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HMRC issues warning to every self-employed worker claiming fifth and final SEISS grant before September

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Claims for the final Self-Employment Income Support Scheme grant worth up to £7,500 must be made by September 30, 2021.…
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HMRC slaps tax fine on Home Office for wrong IR35 assessments

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HM Revenue & Customs has been busy dishing out penalties for unpaid tax due to wrong off-payroll workers’ status. First,…
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HMRC reminds tax credit customers to renew before deadline

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As the deadline approaches, customers are being urged not to leave their renewal until the last minute and risk their…
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HMRC urges millions of people in the UK to claim up to £500 for free

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Nearly 800,000 people who have been working from home during the coronavirus pandemic have claimed tax relief. Millions of workers…

5 steps to improve your confidence and make better business decisions

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Being confident and able to make good business decisions are two of the most important skills to enhance your career…

HMRC’s CEST tool ‘leaves 210,000 contractors in IR35 status limbo’

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New official CEST usage data is serving to leave the reputation of the HMRC tool in tatters – while also asking some…

Stamp taxes go digital

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The 300-year old process to manually stamp documents to show the duty has been paid is going digital from July…

Sunak to reject furlough extension calls despite ‘freedom day’ delay

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Initially set as 21 June, Boris Johnson confirmed yesterday (14 June), that due to the rising number of cases of…

ACCA throws support behind new UK trade deal

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The accountancy body believes the new trade deal between the UK, Norway, Iceland and Liechtenstein ‘provides certainty’ for many sectors…

Small businesses paralysed by mixed messages and uncertainty as UK unlocks

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SMEs are in a state of paralysis and feel unable to plan their financial future, according to a survey from…

HMRC spends £250k training staff to be hackers

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HMRC has spent £262,251 on cyber security training for its staff over the last two years, according to official figures…
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Thousands of taxpayers face long delays on rebates from HMRC as Covid stretches HMRC staff to breaking point

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It is estimated that the tax authority owes billions to both businesses and individuals as furlough schemes and Brexit bureaucracy…

Mini-umbrella companies set up to avoid tax

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Around 48,000 mini-umbrella companies (MUC) have been created in the past five years in a bid to reduce the tax…
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CIS: Getting your tax refund back fast

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For sub-contractors who work within the Construction Industry Scheme (CIS), you can get your annual tax refund back faster with…
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The economy has a long way to go before we see a recovery

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Everyone knows that opinion polls are not a complete guide to the future. I say that because this post is…

5% deposit mortgage scheme launches

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A new government-backed mortgage scheme will help first time buyers or current homeowners secure a mortgage with just a 5%…

This week in tax: G20 moves towards a global tax reform

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The chances of international tax reform got a boost this week when G20 finance ministers moved towards a global minimum…

National Living Wage and National Minimum Wage rise from 1 April

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Millions of workers in all parts of the UK will receive a pay increase from today as minimum pay rates…

April 2021 changes to Making Tax Digital (MTD) for VAT reporting

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These obligations were due to be implemented on 1 April 2020 but they were postponed by the Covid-19 pandemic. For…

Accountants experience 60% increase in payroll services, says QuickBooks

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The research was conducted by Censuswide on behalf of Intuit QuickBooks with a sample of 500 UK over 18 accountants/decision makers at…

Businesses are losing 12% of revenue due to unclaimed VAT

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The survey, which questioned 500 UK business and finance leaders, looks at the ways businesses are recouping money in response…

Budget 2021: £65bn more in COVID spending and ‘biggest tax cut in history’ for business

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UK chancellor Rishi Sunak promised to do "whatever it takes" to protect the UK economy on Wednesday as he delivered…

HMRC apologies for VAT registration delays

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HMRC recently apologised for delays issuing VAT registration numbers due to a high volume of applications. But the tax department also called…

UK GDP in 2020 – bad, but not quite as bad as it looks

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A personal view from Ian Stewart, Deloitte’s Chief Economist in the UK.  It says something about the world we’re in…

3,300 companies at risk of bankruptcy when insolvency ban lifts

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Credit and Source: Accountancy Daily ‘Insolvency gap’ statistics suggest at least 3,300 UK business collapses are stored up for when…

HMRC statements mislead taxpayers

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Credit and Source: Accounting Web Taxpayers rely on HMRC to explain what costs they can claim for, and what taxes…

HMRC confirms virtual Christmas party exemption

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Credit and source: Accounting Web Samantha Mann considers how the tax system will support the seasonal festivities for 2020, including…

SMPs continue to be a lifeline for SMEs in a post-Covid world

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Source and Credit: ACCA Global SMEs (small medium-sized enterprises) are a fundamental pillar of the economy. The World Bank estimates…

Digital and data comes to the fore during Covid-19

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Source and credit: ACCA Global Strong and clear leadership are key to the transformative success of digital in the workplace,…

Business groups cautious on easing of lockdown restrictions

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Businesses groups have given a cautious response to the easing of lockdown restrictions in England announced by Prime Minister Boris…
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Coronavirus borrowing now over £46 billion

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UK businesses have now borrowed over £46 billion through the government-backed schemes that are helping firms during the coronavirus (COVID-19)…

Chancellor asks OTS to review capital gains tax

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Chancellor Rishi Sunak has asked the Office of Tax Simplification (OTS) to carry out a thorough review of capital gains…

Homeworking creates new opportunities for cyber criminals, research finds

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The rise in homeworking caused by the coronavirus (COVID-19) pandemic has created new vulnerabilities for criminals to exploit, according to…

Three quarters of businesses not ready for end of Brexit transition period

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Three quarters of UK businesses are not fully prepared for the end of the Brexit transition period, according to a…

Credit card spending fell significantly at start of coronavirus lockdown, data reveals

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Data published by UK Finance has revealed that spending via credit cards fell by 50% in the first month of…