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Contractors not happy with IR35 rules

IR35, a measure to tackle tax avoidance, has been criticised for creating unnecessary costs for small businesses who supply workers for public contracts.

In May 2018, the (more…)

EU announces plans for more VAT flexibility and less red tape

The European Commission is planning on giving Member States the ability to extend VAT exemptions to other EU countries, and more control of rates.

These changes are (more…)

Tax and finance changes that will affect Liverpool businesses in 2018

Liverpool is a great place to run a business. Across most sectors, the number of companies choosing to set up in the city is on the increase. For example, an average of 194 tech-related firms set up their new (more…)

SA302 Examples

The SA302 form is a useful document that most business owners and the self-employed can benefit from having at hand. Therefore, it makes sense for you understand what it is, whether you can get one, and how you can use it in a way that benefits you.

What is the SA302 form?

Many business owners have never (more…)

PwC hit with fine over audit

PricewaterhouseCoopers (PwC) has been fined by the Financial Reporting Council (FRC) to the tune of £5.1m, due to mismanagement in (more…)

Toshiba off hook as PwC happy with accounts

PwC has given the seal of approval to Toshiba’s accounting, after an extended period of doubt when the auditor refrained from commenting on the firm’s financial statements. (more…)

Making Tax Digital postponed until 2020 for non-VAT taxes

As a result of concerns expressed throughout the accounting industry, the government has decided to delay the (more…)

Encouraging tax evasion will be outlawed under Criminal Finances Act 2017

A new law to be established as part of the Criminal Finances Act 2017 will mean that businesses will be considered liable for a (more…)

Class 4 reversal leaves £2bn gap, says KPMG

Philip Hammond’s U-turn on increasing NI contributions will result in a “hole” of £2bn between now and 2022, says professional service company KPMG.

The company believes that the reversal does not change anything with regards to the need for a basic review of how we work. It further asserted that the tax system currently in place still requires reform for it to adhere to today’s work practices.

KPMG tax director Michael Lavan said that the Chancellor, in his letter addressed to Conservative MPs last week, emphasised the credibility given to the Taylor Review and its findings, which will be available in the summer.

He said:

“It is hoped that this review will provide a springboard for proposals in the Autumn Budget, and lead to a more fundamental narrowing of the current fiscal differences between employment and self-employment. Only then will we see a move away from the confusing and ineffective sticking-plaster approach to tax policy when seeking to address the challenges around the taxation of labour.”

Hammond told the House of Commons that the purpose of the intended increase to Class 4 sought to establish a fairer reflection of the entitlement differences in contributions made by those in self-employment. He did, however, acknowledge that numerous questions had been asked with regards to the compatibility of the increase with tax lock plans set out in the 2015 Conservative Party manifesto.

Self-employed individuals have enough to consider when it comes to filing their tax returns without further changes and increases. Fortunately, access to an accountant in the Wirral is never too far away.

Treasury Select Committee releases Making Tax Digital report

The Treasury Select Committee has published a report on Making Tax Digital (MTD), detailing how it intends to implement tax digitisation. (more…)

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