Below are the key points to take away from the 2015 budget Economic forecast for UK The economic forecast seems to be promising after years of low growth figures. The growth forecast for 2015 is 2.5% which is up from 2.4% predicted in December, This will be followed by the growth rates of 2.3%, 2.3%, […]

So, how this year’s autumn statement would affect you. Here are some important announcements from the autumn statement that was presented this week. Tier system introduced for stamp duty. Under the old stamp duty rules, you would need to pay stamp duty Tax at a single rate on the entire property price. However, under the […]

The Second Incomes Campaign is a chance given by HMRC to bring your tax affairs up to date if you’re employed and have additional income that’s not taxed.   You can take this opportunity if, you’re an employee, you’re resident in the UK or you have additional income from working for yourself   What counts […]

When launching a new business based on the e-commerce platform, there are several factors that you need to take into account to make your business a successful e-business. It is important that every e-commerce provider must keep these factors in mind when considering how to expand its reach to new audiences and achieve its business […]

With more and more businesses going online to sell their goods, it is important that the business owners are fully aware of certain aspects of their business that affects the accounting and tax side of things.   From the start up stage, it is important that the business owners keep a track of all business related […]

Contractors in the CIS (Construction Industry Scheme) usually file tax forms online, but now the HMRC proposes that the employers need to do an electronic check that sub-contractors are paying the right amount tax. This suggestion has been made with the objective of increasing the tax revenue received from the CIS scheme, which has largely […]

Three major tax related functions of HMRC are about to get a new digital makeover. Reports suggest that these new digital services are progressing through user testing in preparation for potential release to the public in the next year. The newly designed business tax dashboard, now known as Your Tax Account (YTA), PAYE for employees […]

Majority of the companies have just the ordinary shares. They carry one vote per share, are entitled to participate equally in dividends and, if the company is wound up, the ordinary shareholders will share the proceeds of the company’s assets after paying all the debts However, there are some instances where companies create different classes of ordinary shares, e.g. […]

It has come to note that there’s a backlog of 200,000 tax cases waiting to go to tribunal. This would roughly take 38 years to clear, which is something the media frequently misses while engrossed in ‘tax dodge’ headlines, Bearing in mind the likely delays and costs, it is fair to think by anyone that HMRC […]

At the moment HMRC is in a rush to revolutionise the tax system and it is creating many troubles for businesses. This week’s announcement of the closure of all 281 of the department’s enquiry centres has been met with a sense of disbelief and astonishment by those in the industry.