LATEST FINANCIAL NEWS

Limited liability for sole traders?

The Office of Tax Simplification (OTS) has updated its papers on the possibility of launching a Sole Enterprise Protected Assets (SEPA) business model for sole traders. SEPA status would allow sole

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Time to declare offshore assets?

HMRC has published a press release to remind taxpayers that the 30 September 2018 deadline to come forward and declare any foreign income or profits on offshore assets is fast approaching. This is the

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VAT on transfer of business as a going concern

The transfer of a business as a going concern (TOGC) rules consider the VAT liability on the sale of a business. Normally, the sale of the assets of a VAT registered or VAT registerable business will

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Duty free limits for travellers

Here is a reminder for travellers of their duty and tax free allowances whilst travelling this summer. Travelling to an EU country Where tobacco or alcohol is brought in from another EU country, no

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New counter-fraud squad

A new Government Counter Fraud Profession (GCFP) is to be launched on 9th October to help fight fraud in the public sector. The size of the challenge is immense with fraud in the public sector

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Intellectual property scam

The Intellectual Property Office (IPO) is warning taxpayers of a new intellectual property (IP) scam, where taxpayers receive unsolicited invitations from companies offering services to help them

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The Cycle to Work scheme and National Minimum Wage

There are special rules involving bicycles usually referred to as 'Cycle to Work' arrangements. The Cycle to Work scheme was introduced in 1999 to help promote the use of healthy ways to commute to

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HMRC interest rates

Following the recent increase in the Bank of England base rate to 0.75%, HMRC has announced changes to the rates of interest they charge. The new rates of interest charged on underpaid quarterly

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Corporation Tax computations

The Office of Tax Simplification (OTS) provides independent advice to the government on simplifying the UK tax system, with the object of reducing compliance burdens on both businesses and individual

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Employers have published gender pay gap data

Under new gender pay gap regulations that came into force in April 2017, all employers with over 250 employees are required to report their gender pay gap data. The Government Equalities Office (GEO)

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32.5% Corporation Tax on overdrawn directors’ loans

HMRC defines a director's loan as money taken from your company (by you or other close family members) that isn’t: a salary, dividend or expense repayment and money you’ve previously paid into

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Tax free health benefits

There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions or exemptions. For example, there is no requirement to report employees’

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