A rise over the course of the 2017-18 tax year saw funding for the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) tax reliefs pass the £2.1 billion mark. The EIS scheme saw the larger increase in approved … Continue reading
Category Archives: Latest News
Significant lack of awareness around gifting rules for IHT
A new report published by the National Centre for Social Research (NatCen) and the Institute for Fiscal Studies (IFS) has revealed a worrying lack of awareness about the Inheritance Tax (IHT) benefits of making a gift. Its study found that … Continue reading
MTD for VAT – relaxation on posting supplier statements
HM Revenue & Customs (HMRC) has updated its VAT notice regarding Making Tax Digital (MTD) for VAT to relax several of the digital recordkeeping requirements. One of the changes, secured with the help of the Chartered Institute of Taxation (CIoT), … Continue reading
Government confirms that HMRC will get a higher priority when firms go bust
From April next year, HM Revenue & Customs (HMRC) will rank third, just after secured creditors such as banks and insolvency practitioners in order to recover additional outstanding tax from failing businesses. Currently, HMRC is ranked alongside unsecured creditors, such … Continue reading
Registering for Making Tax Digital for VAT takes seven days, warns HM Revenue & Customs
HM Revenue & Customs (HMRC) has warned businesses across the UK that the registration process for Making Tax Digital (MTD) for VAT takes seven working days. This means that VAT-registered businesses turning over £85,000 or more need to register more … Continue reading
