39% of MTD software unable to file year-end reports, Carragher bankruptcy petition dismissed after tax payment made, and PwC revenue rises to £4.36bn as partner pay reaches £935k

Summary provided by AI

Business & Accountancy Daily

Latest news

Image for mini budget 2022 basic rate income tax cut 19

Tax | Mini Budget 2022: basic rate of income tax cut to 19%

The Chancellor Kwasi Kwarteng has brought forward by a year the cut in the basic rate of income tax to 19% from April 2023

23 Sep 2022

Tax

Personal Tax

Budget

Tax | Mini Budget 2022: dividend tax rate cut for top earners

In line with the decision to abolish the 45% additional tax rate, the government has also cut the dividend tax rate for the highest earners by 6.85%

23 Sep 2022

Tax

Personal Tax

Budget

Tax | Mini Budget 2022: 45% additional tax rate abolished

In a surprise move, the Chancellor announced plans to abolish the additional 45% rate of income tax on annual income above £150,000 from 6 April 2023

23 Sep 2022

Tax

Personal Tax

Budget

Tax | Mini Budget 2022: off payroll working rules to be abolished

The Chancellor has announced plans to abolish the IR35 off payroll working rules for the public and private sector from April 2023

23 Sep 2022

Tax | Mini Budget 2022: annual investment allowance fixed at £1m

In a welcome move for businesses, the Chancellor announced plans to set the annual investment allowance at £1m on a permanent basis

23 Sep 2022

Tax

Business Tax

Budget

Image for it maintenance closes mtd vat four days

Tax | IT maintenance closes MTD for VAT for four days

HMRC has confirmed that it is conducting a four-day IT maintenance programme which will mean that the Making Tax Digital for VAT services will not be available

23 Sep 2022

Finance | Forensic auditors called in at Revolution Beauty

AIM listed Revolution Beauty Group plc, the multi-channel beauty retailer, has called in forensic accountants after BDO refused to sign off FY22 year end audit

23 Sep 2022

Auditing

Corporate Governance

Image for government plans legislation crack down fraud

Business | Government plans legislation to crack down on fraud

The government has set out plans for a second economic crime bill to tighten up registration rules and give Companies House more powers as part of plan to tackle money laundering and economic crime

23 Sep 2022

Tax | Mini Budget 2022: SEIS limit raised to £250k

In a bid to drive investment in start-ups, the Chancellor announced that the level of tax-free investment in seed enterprise investment schemes (SEIS) will increase to £250,000

23 Sep 2022

Tax

Business Tax

Budget

Image for office tax simplification be closed

Tax | Office of Tax Simplification to be closed

The Chancellor plans to close the Office of Tax Simplification, saying that simplifying tax should be the responsibility of the Treasury and HMRC

23 Sep 2022

Tax

Budget

Tax | Sign up for our Mini Budget webinar

Get ahead of the curve and join our webinar on 23 September to discuss the announcements made at the Mini Budget

23 Sep 2022

Tax | Mini Budget 2022: tax breaks for investment zones planned

The Chancellor has targeted 2.5% growth and to support this has announced the creation of investment zones, offering substantial tax breaks for businesses

23 Sep 2022

Tax

Business Tax

Budget

Tax | Mini Budget 2022: stamp duty land tax slashed

The threshold for stamp duty land tax (SDLT) has been doubled to £250,000 for all home purchases with immediate effect

23 Sep 2022

Tax

Property Tax

Budget

Tax | Mini Budget 2022: corporation tax frozen at 19%

As trailed, the Chancellor confirmed that the planned 6% rise in corporation tax will not go ahead in April 2023 with rates set at 19%

23 Sep 2022

Tax

Business Tax

Budget

22 Sep 2022

Image for 125 cut national insurance confirmed employees and employers

Tax | 1.25% cut in national insurance confirmed for employees and employers

The Chancellor has confirmed that he will cut national insurance by 1.25% for employees and employers from 6 November

22 Sep 2022

Tax | Preparing for changes to tax year basis

HMRC is reminding sole traders and partnerships that the rules for income tax in a self assessment return are changing for the tax year 2023 to 2024 onwards

22 Sep 2022

Business | Interest rates increased to 2.25%

The Bank of England has raised interest rates by a further 0.5% to 2.25%, rejecting calls for a 0.75% rise supported by some members of the monetary policy committee

22 Sep 2022

Business

Companies

Accountancy Firms

Image for dpas wins ps175m er claim court appeal

Tax | DPAS wins £1.75m ER claim at Court of Appeal

The Court of Appeal has overturned a decision made by the Upper Tribunal allowing a claim for entrepreneurs’ relief worth £1.75m

22 Sep 2022

Tax

HMRC

Case Reports

Image for tax cuts could cause unsustainable rise debt

Business | Tax cuts could cause ‘unsustainable’ rise in debt

In the mini-Budget on Friday, tax cuts could push UK debt to unstainable levels, warns the Institute for Fiscal Studies (IFS)

22 Sep 2022

Business

Accountancy Firms

Tax | Living wage rate rises by 10%

Almost 400,000 people working for living wage employers throughout the country are set for a cost of living pay rise

22 Sep 2022

Tax

Employment Tax

Image for charities need complete two stage test assess vat liability

Tax | Charities need to complete two-stage test to assess VAT liability

HMRC has clarified the definition of business activities for VAT purposes for charities and the two-stage test

22 Sep 2022

Tax | Loan charge group lobbies ministers for review

MPs on the Loan Charge Action Group have written to the two key Treasury ministers who have taken on responsibility for the loan charge, calling for a review

22 Sep 2022

Tax

Personal Tax

Politics

21 Sep 2022

Image for energy bills businesses be halved winter

Business | Energy bills for businesses to be halved this winter

Businesses will be given financial support for six months to cover up to 50% of their energy bills in the latest move by government to mitigate soaring energy costs

21 Sep 2022

Business

Companies

Accountancy Firms

Image for taxpayer wins case over unfair ps13k penalty

Business | Taxpayer wins case over unfair £1.3k penalty

HMRC has lost an appeal at First Tier Tribunal (FTT) over a dispute regarding late filing penalties between 2019 and 2020, which amounted to £1,300

21 Sep 2022

Business

Companies

Accountancy Firms

Image for national insurance and tax cuts likely mini budget

Tax | National insurance and tax cuts likely in mini Budget

The Chancellor Kwasi Kwarteng is set to announce a series of tax cuts in his fiscal statement this Friday, with stamp duty the latest rumoured to be cut

21 Sep 2022

Tax

Budget

Politics

Image for paye direct debit service delayed until october

Tax | PAYE direct debit service delayed until October

HMRC has delayed the launch of a new service allowing employers to set up variable direct debit plans to pay PAYE tax and NIC liabilities

21 Sep 2022

Business | EY Global reports $45.4bn record annual revenue

In a record year for the Big Four accounting network, EY Global has reported record revenues of $45.4bn (£40bn) for the financial year ending June 2022, an increase of 16.4%

21 Sep 2022

Business

Accountancy Firms

Careers

Leadership & Management

Image for hmrc faces group action over employee benefit trusts

Tax | HMRC faces group action over employee benefit trusts

A tax consultancy has launched a group action appeal against HMRC tax charges on historical employee benefit trust (EBT) schemes and related tax bills

21 Sep 2022

Tax

Personal Tax

Image for call better disclosure under ias 12 income taxes

Finance | Call for better disclosure under IAS 12 Income Taxes

Companies need to pay more attention to the quality of disclosures about deferred tax treatment to give more clarity to investors

21 Sep 2022

Finance

Accounting Standards

Financial Reporting

Image for gupta auditor resigns over lack information

Business | Gupta auditor resigns over ‘lack of information’

The auditor of Sanjeev Gupta’s network of steel companies has set out the reasons for its resignation, citing a ‘lack of information’

21 Sep 2022

Business

Accountancy Firms

Image for tax take ps31bn last five months

Tax | Tax take up £31bn in last five months

The total tax take has soared by £31bn in the last five months as revenues hit £310.9bn, with significant increases in income tax and inheritance tax receipts

21 Sep 2022

Navigate

Tax Services

Latest news

Tax | Mini Budget 2022: basic rate of income tax cut to 19%

Tax | Mini Budget 2022: dividend tax rate cut for top earners

Tax | Mini Budget 2022: 45% additional tax rate abolished

Tax | Mini Budget 2022: off payroll working rules to be abolished

Tax | Mini Budget 2022: annual investment allowance fixed at £1m

Tax | IT maintenance closes MTD for VAT for four days

Finance | Forensic auditors called in at Revolution Beauty

Business | Government plans legislation to crack down on fraud

Tax | Mini Budget 2022: SEIS limit raised to £250k

Tax | Office of Tax Simplification to be closed

Tax | Sign up for our Mini Budget webinar

Tax | Mini Budget 2022: tax breaks for investment zones planned

Tax | Mini Budget 2022: stamp duty land tax slashed

Tax | Mini Budget 2022: corporation tax frozen at 19%

Tax | 1.25% cut in national insurance confirmed for employees and employers

Tax | Preparing for changes to tax year basis

Business | Interest rates increased to 2.25%

Tax | DPAS wins £1.75m ER claim at Court of Appeal

Business | Tax cuts could cause ‘unsustainable’ rise in debt

Tax | Living wage rate rises by 10%

Tax | Charities need to complete two-stage test to assess VAT liability

Tax | Loan charge group lobbies ministers for review

Business | Energy bills for businesses to be halved this winter

Business | Taxpayer wins case over unfair £1.3k penalty

Tax | National insurance and tax cuts likely in mini Budget

Tax | PAYE direct debit service delayed until October

Business | EY Global reports $45.4bn record annual revenue

Tax | HMRC faces group action over employee benefit trusts

Finance | Call for better disclosure under IAS 12 Income Taxes

Business | Gupta auditor resigns over ‘lack of information’

Tax | Tax take up £31bn in last five months