HMRC recently apologised for delays issuing VAT registration numbers due to a high volume of applications. But the tax department also called on business owners and agents to reduce the number of errors on applications, which has slowed up the process. What can be done to reduce these errors and what should a business do if its […]

Credit and Source: Accountancy Daily ‘Insolvency gap’ statistics suggest at least 3,300 UK business collapses are stored up for when the moratorium on insolvency actions ends on December 31, says UHY Hacker Young The top 20 accountancy firm, according to Accountancy Daily’s Top 75 Survey, says the ban on creditors petitioning to wind companies up may have […]

Credit and Source: Accounting Web Taxpayers rely on HMRC to explain what costs they can claim for, and what taxes should be paid by which dates. Rebecca Cave looks more closely at two recent HMRC statements that instilled confusion rather than clarity. The latest misleading statement from HMRC came in an FT.com com article on 27 November in […]

Credit and source: Accounting Web Samantha Mann considers how the tax system will support the seasonal festivities for 2020, including the news that virtual Christmas parties will be eligible for the annual function exemption. 2020 is a year when an employer’s ability to say thank you to their employees has never been more important. But […]

Businesses groups have given a cautious response to the easing of lockdown restrictions in England announced by Prime Minister Boris Johnson last week. Josh Hardie, Deputy Director General at the Confederation of British Industry (CBI), said: ‘Businesses know the return to offices must not risk an infection spike. Firms can be knocked down once, not twice. […]

UK businesses have now borrowed over £46 billion through the government-backed schemes that are helping firms during the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury. In total, £46.3 billion has now been lent to over 1.1 million businesses through either the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan […]

Chancellor Rishi Sunak has asked the Office of Tax Simplification (OTS) to carry out a thorough review of capital gains tax (CGT). In a letter to the OTS, the Chancellor requested that the independent office review CGT and aspects of the taxation of chargeable gains in regard to individuals and small businesses. Mr Sunak requested […]

The rise in homeworking caused by the coronavirus (COVID-19) pandemic has created new vulnerabilities for criminals to exploit, according to research from cyber experts CyberCube and insurance broker Aon. According to the report, homeworking has exposed new access points for cyber criminals to gain entry to corporate systems, including domestic PCs, laptops and Wi-Fi routers. […]

Three quarters of UK businesses are not fully prepared for the end of the Brexit transition period, according to a survey conducted by the Institute of Directors (IoD). Nearly half of the 978 company directors polled in late June said they have not been able to prepare. One in seven said that the coronavirus (COVID-19) […]

Data published by UK Finance has revealed that spending via credit cards fell by 50% in the first month of the coronavirus (COVID-19) lockdown. The value of credit card transactions fell to £8.7 billion in April 2020, half the value when compared to April 2019. UK Finance said that limited opportunity to spend in shops […]