UK SMEs chasing £50bn in late payments January 9, 2020 Small and medium sized businesses (SMEs) across the UK are chasing a combined £50bn in late payments. New research from digital banking platform Tide reveals that the average UK SME is chasing five outstanding invoices at once, wasting an hour and a half every day. Read more: HMRC collects £4.4bn from SMEs through investigation of [...]
Government to review rollout of controversial IR35 tax reforms January 7, 2020 The government said today it will review the rollout of controversial tax plan IR35 which is due to take effect in April 2020. IR35, which aims to prevent workers from disguising themselves as freelance contractors as a way to pay less tax, is being extended in April. Under the changes private sector employers will be [...]
2020 Vision: What to expect from sport this year, by industry insiders January 5, 2020 What will sport look like in 2020? We asked a host of industry experts for their predictions – and this is what they said. Neil Hopkins, global head of strategy at M&C Saatchi Sport and Entertainment Euros offer ticket to ride Football fans used to tournaments taking place in one or, at most, two host [...]
Charity begins at work: How Payroll Giving can create a giving culture in your company December 17, 2019 If you’re looking for a quick corporate social responsibility boost and develop a giving culture in your organisation, Payroll Giving could be the answer. Company values have never been more important According to KPMG International, more than 60 per cent of millennials expect their employers to contribute to a social cause. With around 12m millennials [...]
White collar crime prosecutions fall despite jump in reported offences December 9, 2019 The number of white collar crime prosecutions in the UK has fallen to its lowest level in five years, according to figures published today. Prosecutions fell 14 per cent to 6,670 last year, from 7,790 in 2017, research from Thomson Reuters showed. White collar crime includes offences such as money laundering, fraud, insider trading and [...]
The tampon tax isn’t the problem — our warped VAT system is December 5, 2019 Last week, Boris Johnson promised to scrap the so-called “tampon tax” — the VAT levied on feminine hygiene products. The current VAT regime, which dates back to the 1970s, cannot be changed while Britain remains in the EU. Feminists and progressives have long argued that such a tax is unfair and sexist, so scrapping it [...]
HMRC collects extra £5.4bn via specialist fraud investigation team December 2, 2019 HMRC has collected £5.4bn in additional tax and fines through its fraud investigation service in the last year, figures published today show. Tax and fines collected through investigations into criminal gangs importing illegal cigarettes and alcohol represented £2.9bn of the total, law firm Pinsent Masons said. Another £1bn was collected through investigations into VAT fraud, [...]
Labour’s rejection of conventional economic theory ignores important insights November 27, 2019 One of the first tasks facing whoever becomes chancellor after the General Election will be choosing the next governor of the Bank of England. Getting to make this choice would be a key step in the plans of Labour’s shadow chancellor John McDonnell to shake up the Bank of England, but his radicalism is not [...]
Thousands could face ‘huge’ tax bills for failing to report pensions growth November 26, 2019 Thousands of pension scheme members could face large tax bills for failing to report pensions growth on their tax returns. HMRC said today it was aware some individuals have not reported exceeding the annual allowance for pensions contributions, which currently stands at £40,000. Read more: Exclusive: Pensions minister demands simpler workplace pension statements “This admission [...]
Audit watchdog could push for clawback of audit partners’ bonuses after poor quality work November 17, 2019 The audit watchdog could push for powers to clawback bonuses from audit partners if an audit fell below a certain level of quality. The Financial Reporting Council (FRC) is thinking of asking the government for powers to set remuneration standards for auditors, The Sunday Times reported. The idea follows scandals at department store BHS, outsourcer [...]