posted on Wednesday, 26 April 2023 by ITPie

Cash is (not) King!

Research carried out by banknote production company De La Rue has revealed that the global demand for banknotes is currently at its lowest level in 20 years.

De La Rue, which printed paper banknotes and provides polymer for new.....

posted on Friday, 21 October 2022 by ITPie

The business reaction to the Truss resignation

Business groups have reacted to Prime Minister Liz Truss’s resignation on 20 October – and the backlash has been fairly brutal.

The Confederation of British Industry (CBI) said that the recent few weeks have &ls.....

posted on Tuesday, 07 June 2022 by ITPie

Lending to small businesses hits all-time low

Lending to small and medium-sized enterprises (SMEs) in the UK is the lowest it has ever been, with fewer than one in ten small businesses applying for finance in the first quarter, according to data from the Federation of Small Businesses (FSB.....

posted on Monday, 09 May 2022 by ITPie

It’s Mental Health Awareness Week

Today marks the start of Mental Health Awareness Week, founded by the Mental Health Foundation.

One in four adults feel lonely some or all of the time, often with no single cause and no one single solution – but recent research.....

posted on Thursday, 05 May 2022 by ITPie

National Password Day!

They’re strange, they’re complex, they’re everywhere, and we forget them far more than is absolutely healthy for us. No, we’re not talking about anniversaries (though sometimes we are! You’ll see what we mean later.....

posted on Wednesday, 27 April 2022 by ITPie

Now or never to halt the cash crisis

Following the publication of research which shows that almost a quarter of free-to-use ATMs have vanished since 2018, consumer group Which? has stated that it is ‘now or never’ to save cash.

The research also found that a.....

posted on Friday, 18 March 2022 by ITPie

2023 brings changes to Student Loan system

The government has announced the largest changes to the student loans system in England since fees were allowed to triple in 2012.

Starting with the 2023 university entry cohort, graduates will pay more towards their student loans ea.....

posted on Thursday, 17 March 2022 by ITPie

Basket Case

The “basket of goods” began life in 1947, as a sample of everyday items that could be used to measure changes in the prices of goods and services. This was – and still is – used to help calculate consumer price inflation.....

posted on Wednesday, 16 March 2022 by ITPie

HMRC tax scam warning

HMRC has warned taxpayers to avoid sharing their personal information online in order to prevent their identities being used to claim self assessment refunds.

According to HMRC, criminals are attempting to obtain taxpayers’ Gov.....

posted on Tuesday, 15 March 2022 by ITPie

Statutory Sick Pay Rebate Scheme closes this week

The Statutory Sick Pay Rebate Scheme (SSPRS) will close on 17 March 2022. The SSPRS is a temporary scheme to support employers facing heightened levels of sickness absence due to COVID-19, refunding small and medium-sized employers’ COVID.....

posted on Monday, 14 March 2022 by ITPie

Chancellor’s Spring Statement will be quite the balancing act

Chancellor Rishi Sunak must make a huge judgement call on government spending and borrowing at this month’s Spring Statement, according to the Institute for Fiscal Studies (IFS).

The Chancellor’s Spring Statement, set to .....

posted on Friday, 19 November 2021 by ITPie

A dent in the taxman’s wallet

HMRC saw a drop of almost £30 billion in tax revenues in the latest financial year because of the pandemic, according to its annual accounts. In its 2020/21 annual report, HMRC reported that it had collected £608.8 billion in tax re.....

posted on Thursday, 18 November 2021 by ITPie

Beware the seasonal tax scams

HMRC has warned taxpayers completing their 2020/21 tax returns to ‘be on their guard’ and stay vigilant in regard to tax-related scams.

Nearly 800,000 tax scams were reported in the last year, HMRC revealed, stating that .....

posted on Friday, 24 September 2021 by ITPie

In favour of changing the tax year?

Adopting a tax year which is either aligned with the calendar year or with a calendar month-end would have clear benefits, according to a review from the Office of Tax Simplification (OTS). The review considers the high-level i.....

posted on Tuesday, 17 August 2021 by ITPie

UK economy rebounds as Covid restrictions ease

UK gross domestic product (GDP) is estimated to have increased by 4.8% between April and June 2021 as trading restrictions were eased in the spring months. The latest figures from the Office for National Statistics (ONS) also show that GDP incr.....

posted on Thursday, 15 July 2021 by ITPie

HMRC publishes guidance on 5th SEISS grant

Full details of the fifth Self-employment Income Support Scheme (SEISS) grant, including a new turnover test which determines the level of the grant, have now been published by HMRC.

The key change from the previous SEISS grant is th.....

posted on Monday, 11 January 2021 by ITPie

National Lockdown: Lifelines for Business

In light of the recently imposed new national restrictions, many a self employed individual or small business owner is asking whether any additional support is now on offer.

The availability and extent of any grant based support vari.....

posted on Monday, 26 October 2020 by ITPie

Economic Resilience Fund to go live this week

The third tranche of the Welsh Government’s Economic Resilience Fund is set to go live this week, with grant funding of up to £200k in the form of a non-repayable grants available to businesses of all sizes.

The theme of .....

posted on Friday, 23 October 2020 by ITPie

Changes to Job Support Scheme…days before launch

Changes to the Jobs Support Scheme…before it even launches!

The Jobs Retention Scheme (JRS) in its current form ends on 31st Oct 2020, and all claims made under this scheme need to be made by .....

posted on Thursday, 24 September 2020 by ITPie

Highlights of the Winter Economy Plan

Chancellor Rishi Sunak today announced his Winter Economy Plan, including a new emergency jobs scheme to protect jobs during the coronavirus (COVID-19) downturn this winter. We outline below some of the key points but to receive a copy of our l.....

posted on Wednesday, 23 September 2020 by ITPie

Coronavirus ‘will hasten the decline of cash’

Coronavirus will hasten the decline in the use of cash as people make a long-term switch to digital payments, experts say.

Lockdown led to a 60% fall in the number of withdrawals from cash machines, although people a.....

posted on Tuesday, 22 September 2020 by ITPie

UK’s small family businesses doing the most to protect jobs

With the Government’s Coronavirus Job Retention Scheme ending in just over a month’s time, new research suggests the nation’s oldest and most traditional small family businesses may just prove to be the safest places to be.....

posted on Monday, 21 September 2020 by ITPie

MPs urge Chancellor to extend Jobs Retention Scheme

MPs have urged Chancellor Rishi Sunak to extend the Coronavirus Job Retention Scheme (CJRS) to help avoid mass redundancies.

The CJRS is set to be wound down in October and changes were implemented to reduce the amount paid by the go.....

posted on Friday, 18 September 2020 by ITPie

HMRC urges VAT-registered businesses to prepare for Brexit

HMRC has written to VAT-registered businesses that trade with the EU outlining how they should prepare for Brexit trading changes set to take effect from 2021.

The letters have been sent to VAT-registered businesses in Great Britain .....

posted on Thursday, 17 September 2020 by ITPie

CBI warns of rocky road despite July economic growth

The Confederation of British Industry (CBI) has warned that the UK economy still faces a ‘rocky road back to normality’ despite GDP growth in July.

The UK economy grew by 6.6% in July but remains far below pre-pandemic le.....

posted on Thursday, 10 September 2020 by ITPie

IoD urges government to extend coronavirus insolvency measures

The Institute of Directors (IoD) has called for the government to extend emergency coronavirus (COVID-19) insolvency measures to prevent company collapses and job losses.

Directors have a duty to cease trading if their company is fac.....

posted on Wednesday, 09 September 2020 by ITPie

£5k grants for SMEs to assist with accountancy advisory costs

Small businesses in England are set to benefit from an additional £20 million in funding to help them recover from the coronavirus (COVID-19) pandemic.

The government recently announced that small and medium-sized businesses wi.....

posted on Wednesday, 08 July 2020 by ITPie

Summer Economic Update: The Highlights

On 8 July Chancellor Rishi Sunak delivered a Summer Economic Update, which outlined measures designed to boost the UK economy following the coronavirus (COVID-19) lockdown. These measures follow the £160bn provided by the Government at th.....

posted on Friday, 29 May 2020 by ITPie

Government publishes revised JRS legislation

The government recently published revised legislation on the Coronavirus Job Retention Scheme (CJRS).

On 12 May, the Chancellor announced an extension to the CJRS until the end of October and confirmed that employees will continue to.....

posted on Friday, 15 May 2020 by ITPie

£15bn borrowed through Government’s Covid loan schemes

Almost £15 billion has now been borrowed through government-backed schemes designed to help businesses get through the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury.

More than 304,000 business.....

posted on Thursday, 30 April 2020 by ITPie

Coronavirus business support checker live

With an abundance of Coronavirus support on offer in the form of loans, grants, tax relief and tax payment deferral options, it’s hard to work out what is available to suit your specific circumstances. The Government have launched a handy.....

posted on Thursday, 30 April 2020 by ITPie

100% state-backed loan lifeline for small business

The Bounce Back Loan Scheme will enable small businesses affected by the pandemic to borrow between £2,000 and £50,000 in an initiative described by the Chancellor as “an easy solution for those in need of smaller loans”.....

posted on Friday, 17 April 2020 by ITPie

£400m Economic Resilience Fund is open for applications

The second phase of the Welsh Government’s £500m Economic Resilience Fund is now open for applications after the first stage saw the £100m Read More

posted on Wednesday, 08 April 2020 by ITPie

Understanding the Coronavirus Job Retention Scheme

Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis – the idea.....

posted on Friday, 03 April 2020 by ITPie

Looking to access CBILS to support your business?

Need a helping hand to access Government backed finance in light of #COVID-19?

The Coronavirus Business Interruption Loan Scheme (CBILS) delivered by the British Business Bank, will enable businesses to apply for a loan of up to &p.....

posted on Thursday, 02 April 2020 by ITPie

Business support during COVID 19 outbreak


We appreciate that many of you are deeply concerned as a result of the COVID-19 outbreak, and so we have put together this advice note to outline what support is current.....

posted on Thursday, 02 April 2020 by ITPie

Further Coronavirus boost for Welsh businesses


Ken Skates, the Welsh Assembly Minister for Economy, Transport and North Wales, has announced a further package of support for Welsh businesses – a £500 million Economic .....

posted on Thursday, 12 March 2020 by ITPie

Off payroll working is go for April

The government has confirmed that reforms to off-payroll working rules for the private sector will be implemented from 6 April 2020.

The introduction of the off-payroll rules, which are known as IR35 and have applied to the public se.....

posted on Tuesday, 10 March 2020 by ITPie

Coronavirus crashes business confidence

The post-election rise in UK business confidence has dissipated as the coronavirus takes its toll on the global economy, according to new research.

A survey carried out by the Institute of Directors (IoD) has showed that confidence i.....

posted on Friday, 14 February 2020 by ITPie

Business confidence bounces back

UK business confidence bounces back in January

According to a survey carried out by the Institute of Chartered Accountants in England and Wales (ICAEW), UK business confidence bounced back in January after the election of a majorit.....

posted on Tuesday, 04 February 2020 by ITPie

#TaxTuesday: New CGT rules

CIOT warns of ‘seismic shift’ in CGT rules

Residential property sellers with taxable gains must beware major changes to the capital gains tax (CGT) rules, the Chartered Institute of Taxation (CIOT) has warned.


posted on Monday, 03 February 2020 by ITPie

MTD proving costly for business

The implementation of Making Tax Digital for VAT (MTD for VAT) has proved costly and has failed to reduce errors, according to a survey by the Chartered Institute of Taxation (CIOT) and the Association of Taxation Technicians (ATT).


posted on Wednesday, 22 January 2020 by ITPie

HMRC advice to avoid phishing & scams

During 2019, HMRC received 614,483 reports of suspicious communications from members of the public, which prompted the Revenue to issue guidance on recognising genuine HMRC contact from phishing emails.

Criminals use phishing emails .....

posted on Thursday, 16 January 2020 by ITPie

1 in 4 businesses may phase out contractors

New research reveals that as many as four in ten businesses (41pc) will review their strategy around contractors come April 2020 when IR35 is introduced.

The survey from bedigita.....

posted on Monday, 13 January 2020 by ITPie

Employees ‘losing 5 days a year’ due to travel disruption

A survey carried out by the Confederation of British Industry (CBI) has suggested that UK workers are losing five days per year as a result of travel delays.

The CBI polled 2,000 people, and found that employees lose, on average, 2.7.....

posted on Thursday, 09 January 2020 by ITPie

Chancellor announces post-Brexit Budget date

Chancellor Sajid Javid has announced that he will deliver the 2020 Budget on Wednesday 11 March.

The 2020 Budget will be the first to be delivered after the UK’s scheduled departure from the EU on 31 January 20.....

posted on Tuesday, 07 January 2020 by ITPie

HMRC raises £5 billion from fraud investigations

Millions of UK workers will see their pay rise after the government made the biggest ever cash increase in the legal minimum wage.

HMRC raised around £5 billion last year through fraud investigations, according to the latest da.....

posted on Monday, 06 January 2020 by ITPie

UK minimum wage gets largest ever raise

Millions of UK workers will see their pay rise after the government made the biggest ever cash increase in the legal minimum wage.

The government has announced a 6.2% increase in the National Living Wage (NLW), which applies to worke.....

posted on Tuesday, 10 December 2019 by ITPie

Counterfeit goods trade costing UK billions

The global trade in counterfeit goods costs the UK billions of pounds in lost sales and missing tax revenues, according to a new report by the Organisation for Economic Co-operation and Development (OECD).

The trade in fake goods als.....

posted on Saturday, 07 December 2019 by ITPie

It’s Small Business Saturday!

Small Business Saturday UK is the grassroots non-commercial campaign which highlights small business success and encourages consumers to ‘shop local’ and support small businesses in their communities. Now in its 7th year, the premis.....

posted on Wednesday, 04 December 2019 by ITPie

UK SMEs owed £23.4 billion in late payments

Late payment debts owed to the UK’s small to medium-sized enterprises (SMEs) now total £23.4 billion, according to new research from Pay.UK.

A survey conducted by Pay.UK, which runs the BACS direct credit and direct debit.....

posted on Friday, 08 November 2019 by ITPie

44% of businesses victims of cybercrime

According to recent research by Barclays, 44% of businesses have suffered losses due to cybercrime, with an average of £35,000 lost each.

Often fraudsters will pretend to be the CEO of a big business that makes large payments, .....

posted on Monday, 04 November 2019 by ITPie

Improved accuracy for VAT returns under MTD

Almost a third of company VAT returns are more accurate under Making Tax Digital (MTD), according to Thomson Reuters research.

The survey of UK accountants tax professionals found that whilst many companies have only recently started.....

posted on Wednesday, 30 October 2019 by ITPie

UK is 8th best place to do business

A study carried out by the World Bank has revealed that the UK is the eighth best country in the world for doing business.

According to the research, New Zealand is the best place in the world to do business, with Singapore coming in.....

posted on Monday, 28 October 2019 by ITPie

Calls for Entrepreneurs’ Relief to be scrapped.

The Institute for Fiscal Studies (IFS) has called for Entrepreneurs’ Relief (ER) to be scrapped.

In a new report, the IFS stated that owner-managers ‘respond to changes in income taxes by adjusting how and when they take .....

posted on Tuesday, 22 October 2019 by ITPie

Govt abandons planned probate fee increase

The UK government has abandoned its planned increase in probate fees.

The increase in fees was announced last November and was originally set to take effect from 1 April 2019. However, in March HMRC made a decision to postpone the in.....

posted on Friday, 18 October 2019 by ITPie

Business Groups Respond To New Brexit Deal

Business groups, including the Confederation of British Industry (CBI), the British Chambers of Commerce (BCC) and the Institute of Directors (IoD) have responded to the government’s announcement of a new Brexit deal between the UK and th.....

posted on Tuesday, 15 October 2019 by ITPie

Chancellor hints “Inheritance tax could be scrapped”

Chancellor Sajid Javid has suggested that the government ‘may be prepared’ to scrap inheritance tax (IHT).

IHT is levied on a person’s estate when they die, and certain gifts made during an individual’s lifeti.....

posted on Tuesday, 03 September 2019 by ITPie

Insolvency figures reach new high

The number of company insolvencies in England and Wales has risen to its highest level in five years, according to the latest data from the Insolvency Service.

4,321 company insolvencies were recorded in the second quarter of 2019 &n.....

posted on Sunday, 25 August 2019 by ITPie

Transforming Tax

You’ve probably heard the phrase “making tax digital” – but what does it mean, and how does it affect your business? MAKING TAX DIGITAL (MTD) is a key part of the government’s plans to make it easier for individual.....

posted on Thursday, 22 August 2019 by ITPie

Campaigners urge government to introduce ‘calorie tax’

Campaign groups Action on Sugar and Action on Salt hope that a calorie tax would encourage manufacturers to create healthier foods in order to help tackle childhood obesity, cancer and diabetes.

‘Manufacturers are simply not do.....

posted on Monday, 19 August 2019 by ITPie

4 in 10 SMEs ‘increasing prices as result of higher wages’

A report published by the Federation of Small Businesses (FSB) has suggested that four in ten small firms are having to increase their prices as a direct result of higher wages.

According to the FSB, small business owners are having .....

posted on Wednesday, 14 August 2019 by ITPie

No deal Brexit could double public borrowing

The Office for Budget Responsibility (OBR) has warned that public borrowing could double next year if the government fails to secure a Brexit deal.

According to the OBR, public borrowing could reach £60 billion if the UK leaves.....

posted on Thursday, 25 July 2019 by ITPie

10,000 daily MTD for VAT registrations!

HMRC is urging businesses to register for Making Tax Digital for VAT (MTD for VAT) before the 7 August VAT filing date.

HMRC stated that ‘many of the 1.2 million businesses affected by MTD for VAT will be required to submit the.....

posted on Wednesday, 24 July 2019 by ITPie

Fraud ‘costing UK businesses £130 billion each year’

A report published by the Centre for Counter Fraud Studies at the University of Portsmouth has suggested that fraud costs UK businesses £130 billion each year.

According to the data, losses incurred as a result of fraud have ri.....

posted on Tuesday, 23 July 2019 by ITPie

Wage growth at highest rate since financial crisis

Data published by the Office for National Statistics (ONS) has revealed that UK wage growth increased to 3.6% in the year to May 2019 – representing the highest rate since the financial crisis in 2008.

According to the ONS, wag.....

posted on Tuesday, 18 June 2019 by ITPie

UK ‘can afford higher minimum wage’

Commenting on the UK’s ‘low pay problem’, think tank the Resolution Foundation has stated that Britain ‘can afford an even higher minimum wage’.

On 1 April 2019, the National Minimum Wage (NMW) and Natio.....

posted on Monday, 17 June 2019 by ITPie

HMRC tackles scam calls

HMRC has introduced a new system designed to prevent criminals from spoofing government helpline phone numbers.

According to HMRC, criminals often use ‘official’ helpline numbers to convince taxpayers to depart with large.....

posted on Saturday, 25 May 2019 by ITPie

Companies House faces biggest overhaul in 170 years

The UK is planning the biggest overhaul of its official corporate register in 170 years following criticism that it is being used by criminals around the world to launder ill-gotten gains through shell companies.

The consultation aim.....

posted on Thursday, 23 May 2019 by ITPie

Welsh taxpayers urged to check payslips

Following an income tax code mix-up, HMRC has urged Welsh taxpayers to check their payslips to ensure the correct amount of tax has been deducted by their employer.

HMRC recently revealed that some Welsh taxpayers were mistakenly giv.....

posted on Wednesday, 22 May 2019 by ITPie

Many ‘unaware of IHT rules’ when gifting money

Research carried out by the Institute for Fiscal Studies (IFS) and the National Centre for Social Research (NCSR) has suggested that only 45% of individuals seeking to gift money are aware of inheritance tax (IHT) rules and exemptions.


posted on Tuesday, 07 May 2019 by ITPie

The Employment vs Self Employment Debate

Determining employment status can be complicated – HMRC (and employment tribunals) may consider different factors when deciding, as there is no single legal definition.

There are essentially 3 types of working individual &ndash.....

posted on Monday, 29 April 2019 by ITPie

Fostering female founders and funders…

Last year Forbes reported that only 2% of all VC funding in the US went to companies started solely by women, and a recent report by the British Business Bank, commissioned by the Chancellor Philip Hammond, suggests that the picture is very sim.....

posted on Saturday, 20 April 2019 by ITPie

UK employees ‘work longest hours in EU’

A study carried out by the Trades Union Congress (TUC) has suggested that UK employees ‘work the longest hours in the EU’.

According to the study, full-time employees in the UK worked an average of 42 hours per week in 20.....

posted on Friday, 19 April 2019 by ITPie

UK SMEs ‘exploring new sources of finance’, research finds

Research carried out by American Express has found that, as access to finance becomes ‘increasingly difficult to secure’, UK small and medium-sized enterprises (SMEs) are ‘exploring new sources of finance’ instead.


posted on Tuesday, 02 April 2019 by ITPie

ONS warns automation could ‘replace 1.5 million jobs’

The Office for National Statistics (ONS) has warned that automation could replace up to 1.5 million jobs in the UK, leaving workers unemployed.

The ONS reached its findings by analysing the jobs of 20 million people in England in 201.....

posted on Monday, 25 March 2019 by ITPie

MPs lobby for new social media tax

A group of MPs has called on the government to tax the profits of social media businesses.

The All Party Parliamentary Group (APPG) on Social Media and Young People’s Mental Health and Wellbeing recently published a report whic.....

posted on Friday, 15 March 2019 by ITPie

Is cash “at risk of disappearing”?

A report published by the Access to Cash Review has revealed that, without action from the government, more than eight million individuals in the UK would ‘struggle to cope in a cashless society’.

According to the report,.....

posted on Thursday, 14 March 2019 by ITPie

FSB estimate the real cost of MTD

Research published by the Federation of Small Businesses (FSB) has found that putting Making Tax Digital (MTD) software into place ‘could cost UK small firms an average of £564’.

MTD for VAT is set to come into effe.....

posted on Tuesday, 12 March 2019 by ITPie

HMRC publishes VAT guidance in event of a ‘no deal’ Brexit

HMRC has published guidance on how businesses should account for import VAT in the event that the UK leaves the EU without a Brexit deal.

According to the guidance, if the UK leaves the EU without a deal, VAT-registered businesses ma.....

posted on Monday, 11 March 2019 by ITPie

Ready for the Spring Statement?

The Chancellor Philip Hammond makes his Spring Statement on Wednesday, the day after MPs are set to vote on the Prime Minister’s latest Brexit deal.

According to the FT, we should be looking out for 5 key themes in the Statemen.....

posted on Tuesday, 26 February 2019 by ITPie

Small businesses ‘worrying about access to finance after Brexit’

A report published by the British Business Bank has revealed that a third of small businesses believe it will become ‘more difficult’ to access finance once the UK leaves the EU.

The Bank’s 2019 Small Business Finan.....

posted on Tuesday, 19 February 2019 by ITPie

Low take up of Tax Free Childcare by parents

According to data published by the government, its Tax-Free Childcare (TFC)scheme ‘has not had the uptake expected’, with only 22% of eligible families making use of it.

Official figures have suggested that the government.....

posted on Monday, 18 February 2019 by ITPie

700,000 couples are ‘missing out’ on Marriage Allowance

HMRC has estimated that around 700,000 couples are ‘missing out’ on the Marriage Allowance, which could save them up to £238 in tax.

Introduced in April 2015, the Marriage Allowance enables spouses to transfer a fix.....

posted on Monday, 11 February 2019 by ITPie

UK workers ‘have already lost a week’s wages’ to Brexit

A study carried out by the University of Warwick’s Centre for Competitive Advantage in the Global Economy (CAGE) has revealed that the average UK worker has already lost a week’s wages as a direct result of Brexit.


posted on Thursday, 07 February 2019 by ITPie

ICAEW suggests confidence amongst businesses has ‘slumped’

The Institute of Chartered Accountants in England and Wales (ICAEW) has suggested that confidence amongst businesses has ‘slumped’ as a result of ongoing Brexit uncertainty.

The ICAEW’s Business Con.....

posted on Tuesday, 05 February 2019 by ITPie

Brexit won’t put the brakes on MTD

HMRC has confirmed that Brexit will not affect the introduction of Making Tax Digital for VAT (MTD for VAT).

MTD for VAT is set to come into effect from 1 April 2019 for businesses which have a taxable turnover above the current VAT .....

posted on Monday, 04 February 2019 by ITPie

Record numbers file by the Self Assessment deadline

A total of 93.68% of Self Assessment tax returns – a new record – were completed by last Thursday’s midnight deadline, reveals HM Revenue and Customs (HMRC).

More than 11.5 million taxpayers were re.....

posted on Saturday, 02 February 2019 by ITPie

Chancellor announces Spring Statement date

Chancellor Philip Hammond has announced that this year’s Spring Statement will be delivered on Wednesday 13 March.

The 2019 Spring Statement will be the second of its kind: in the 2016 Autumn Statement, the Chancellor announced.....

posted on Wednesday, 30 January 2019 by ITPie

IMF warns ‘no deal’ Brexit could ‘damage global economy’

The International Monetary Fund (IMF) has warned the UK that a ‘no deal’ Brexit could ‘damage the global economy’.

In a recently published report, the IMF downgraded its global growth forecast for 2019 to 3.5%.....

posted on Tuesday, 29 January 2019 by ITPie

Taxpayers urge HMRC to delete biometric data

Thousands of taxpayers have urged HMRC to delete the biometric data it stored during phone calls made to its Voice ID system.

HMRC has gathered millions of callers’ biometric data since launching its Voice ID system in 2017. Ho.....

posted on Saturday, 12 January 2019 by ITPie

Ban on pensions cold-calling takes effect

From 9 January 2019, the government’s new ban on pensions cold-calling takes effect.

Making unsolicited calls in regard to pensions is now illegal, and any business found to be breaking the law will face fines .....

posted on Tuesday, 08 January 2019 by ITPie

A ‘pudding tax’ to further combat sugar consumption?

Public health experts have called for the government to introduce a so-called ‘pudding tax’ in order to help tackle high rates of sugar consumption amongst children.

The calls for the introduction of a pudding tax come fo.....

posted on Monday, 07 January 2019 by ITPie

Bad payment practices lead to SME failures

A new report published by the Business, Energy and Industrial Strategy (BEIS) Committee has highlighted how ‘bad payment practices’ have led to the ‘failure’ of many small and medium-sized enterprises (SMEs).


posted on Saturday, 05 January 2019 by ITPie

Significant number of taxpayers filed tax returns over festive period

According to HMRC, 2,616 individuals filed their return on Christmas Day, with the peak filing hour proving to be between 1pm and 2pm (just in time to enjoy lunch and watch the Queen’s Speech!) Meanwhile, 8,465 taxpayers submitted their t.....

posted on Thursday, 03 January 2019 by ITPie

Small business group calls for focus on ‘domestic agenda’ in New Year message

The Federation of Small Businesses (FSB) has urged the government to re-focus on encouraging and supporting UK small businesses, rather than spending time on ‘political infighting’, in its New Year message.

Mike Cherry, F.....

posted on Monday, 31 December 2018 by ITPie

On countdown to the 2017/18 Self Assessment deadline…

A seasonal reminder that the deadline for Self Assessment tax returns is fast approaching – returns relating to the tax year 2017/18 need to be filed online – and any tax due must be paid – by 31st January 2019. Late filing wi.....

posted on Friday, 28 December 2018 by ITPie

Preparing your business for winter weather

With the festive period underway, insurance company Axa has advised businesses to be prepared for ‘severe weather conditions’ during the winter months.

Winter maintenance work on your business’s heating system shoul.....

posted on Saturday, 15 December 2018 by ITPie

Redesign Tax System To Help ‘Fight Against Climate Change’

The Association of Chartered Certified Accountants (ACCA) has published a report calling on governments to help tackle climate change by redesigning their tax systems.

The ACCA argues that tax has an ‘important part to play&rsq.....

posted on Thursday, 13 December 2018 by ITPie

Seven weeks to the self-assessment deadline…!

Self-assessment puts the onus of calculating and paying what tax is due onto the taxpayer. For personal self assessment and partnerships the last online filing date – as well as the balance of any tax due – is 31st January following.....

posted on Wednesday, 12 December 2018 by ITPie

Small firms ‘could pay heavy price’ for MTD VAT

The Economic Affairs Committee has warned HMRC that UK small businesses ‘could pay a heavy price’ for Making Tax Digital for VAT (MTD for VAT).

In a new report, the Committee stated that HMRC has ‘failed to adequate.....

posted on Monday, 10 December 2018 by ITPie

A Welshman’s home is his castle…

HMRC has started to write to taxpayers ahead of the introduction of the Welsh rates of income tax (WRIT) on 6 April 2019.

From this time, taxpayers will pay the WRIT if their main residence is situated in Wales. The Welsh government .....

posted on Saturday, 08 December 2018 by ITPie

UK businesses urged to prepare now for potential ‘no deal’ Brexit

HMRC has written to 145,000 UK businesses to urge them to begin preparing now for a potential ‘no deal’ Brexit scenario.

The letters, which have been sent to VAT-registered businesses which trade only with the EU, explain.....

posted on Friday, 07 December 2018 by ITPie

Government unveils changes to probate fees

The government has unveiled significant changes to probate fees, which could result in owners of high-value properties paying nearly £6,000 more.

As part of the government’s plans, from April 2019 a banded system of proba.....

posted on Wednesday, 28 November 2018 by ITPie

Calls to overhaul inheritance tax

Calls for complete overhaul of ‘unfit’ inheritance tax system

Inheritance tax should be scrapped, and replaced with a fairer system that would be harder to dodge, thinktank the Resolution Foundation has said. In its lat.....

posted on Wednesday, 28 November 2018 by ITPie

Lack of growth finance restricting economy

Restricted access to alternative finance options among small businesses is restricting UK economic growth weeks before the country is set to leave the EU, according to a new report from the Federation of Small Businesses (FSB).


posted on Tuesday, 27 November 2018 by ITPie

Stamp duty changes save £426m

Data published by HMRC has revealed that first-time homebuyers have collectively ‘saved £426 million’ as a result of changes to Stamp Duty Land Tax (SDLT).

In the 2017 Autumn Budget, Chancellor Philip Hammond announ.....

posted on Monday, 26 November 2018 by ITPie

Wage rises on a roll…

Data published by the Office for National Statistics (ONS) has revealed that wages rose at the fastest pace in almost a decade in the three months to September.

When compared to the same period last year, wages, excluding bonuses, gr.....

posted on Wednesday, 21 November 2018 by ITPie

Sugar Tax proves sweet for HMRC

Data has revealed that the Soft Drinks Industry Levy generated £153.8 million for HMRC in the year-to-date, up to the end of October.First announced in the 2016 Budget, the Levy came into effect from April 2018. It was introduced as part .....

posted on Wednesday, 22 November 2017 by ITPie

It’s Budget Day!

The 2017 Autumn Budget, which will become the first only major financial statement of the year – replacing the current system under which the Budget was in the spring with an update in the autumn – takes place today.

As w.....

posted on Friday, 17 November 2017 by ITPie

Two major new tax penalties now in force

The Chartered Institute of Taxation (CIOT) has highlighted that two significant new penalties for tax non-compliance have come into effect following Royal Assent to Finance (No. 2) Act 2017.

The first of these is a substantial penalt.....

posted on Wednesday, 15 November 2017 by ITPie

One week to the Autumn 2017 Budget Statement

The 2017 Autumn Budget, which will become the first only major financial statement of the year – replacing the current system under which the Budget was in the spring with an update in the autumn – takes place on Wednesday 22nd Nove.....

posted on Thursday, 08 June 2017 by ITPie

I’m a Celebrity – sort my tax affairs!

A controversial film-funding scheme whose celebrity investors included David Beckham, Gary Lineker, Ant and Dec, Wayne Rooney and Jeremy Paxman has lost its latest court battle against a £700m tax bill. These famous faces were among the 1.....

posted on Tuesday, 06 June 2017 by ITPie

Borrowing from the £6.5bn “Bank of Mum & Dad” ?!

Parents are predicted to lend more than £6.5bn* in 2017 to help their children step onto the property ladder as first-time buyers continue to struggle to afford homes. This is a mighty 30% increase on the £5bn which was loaned last .....

posted on Wednesday, 12 April 2017 by ITPie

Ensure your company is corporate identity theft PROOF…

Companies House report that there are between 50 – 100 cases of corporate identity theft every month…

Fraudsters are known to hijack a company by changing the details of a limited company which leaves it.....

posted on Wednesday, 15 March 2017 by ITPie

Want to know a bit about Bitcoins?

Want to know a little bit about Bitcoins? Here’s a “non-techy translation” of why this cryptocurrency might just make the mainstream…

Bitcoin is a decentralised virtual currency, meaning it n.....

posted on Friday, 10 March 2017 by ITPie

A Spring Budget which didn’t spring any surprises…

Budget 2017: What does it mean for us?

As fiscal statements go, the Spring Budget was hardly ground-breaking – but then “Spreadsheet Phil” did have that low-key numbers-focussed reputation of his to.....

posted on Monday, 06 March 2017 by ITPie

Plan for the next generation – important changes to Inheritance Tax ahead…

Next month, a major change to inheritance tax (IHT) law comes into effect with the launch of the Residence Nil Rate Band (RNRB). Whilst this is good news for some, others will certainly lose out. Here’s a brief summary of what the changes.....

posted on Thursday, 02 March 2017 by ITPie

March is Credit Education Month!

March is Credit Education Month – so is it time for a money makeover?

Credit Education Month was created to remind consumers and companies alike of the importance of good financial management. Whilst it can seem a little daunti.....

posted on Friday, 24 February 2017 by ITPie

Focus on freelancing…

We’re witnessing a structural shift in the world of work. Research predicts that half of the working population will be operating in a self employed freelance capacity by 2020. What does this mean for the individual and for businesses? Read our Focus.....

posted on Wednesday, 22 February 2017 by ITPie

A timely tax transformation?

The world of service delivery has been transformed over the past decade – from ordering your weekly family shop to booking your doctors appointment, from checking your bank balance to learning a new language….just think, is there a.....

posted on Wednesday, 15 February 2017 by ITPie

Teaching kids the value of cash…here’s our top tips on ‘mini money matters’!

Mini Money Matters

You’re sat at the kitchen table, with a not insignificant pile of paperwork to sort – bills to pay, forms to fill in, a few unopened HMRC envelopes to brave – and the kids are badgering to see w.....

posted on Wednesday, 15 February 2017 by ITPie

Three weeks to the Spring 2017 Budget…

Chancellor Phillip Hammond will deliver his next Budget on Wednesday 8th March. Interestingly, this will be the last Budget to take place in the Spring, as Mr Hammond announced at the last Autumn Statement that all future Budgets will take plac.....

posted on Monday, 12 December 2016 by ITPie

Could asset finance be a big asset?

Could asset finance be an asset to your business?

At some some stage, most businesses need to make a step change to get to the next level, and this can often involve the purchase of significant assets, be they plant, equipment, a n.....

posted on Thursday, 08 December 2016 by ITPie

Cash Is Still The King

The old accounting adage still holds true – turnover is vanity, profit is sanity but cash is king. No matter how successful your latest sales drive may have been or how much profit you have made, nothing can bring down a company as quickl.....

posted on Monday, 05 December 2016 by ITPie

Autumn blows in a breezy Statement

Autumn blows in a breezy statement…

Chancellor Philip Hammond delivered his first Autumn Statement on 23rd November, following The Office for Budget Responsibility’s (OBR) update on the public fi.....

posted on Wednesday, 16 November 2016 by ITPie

On the up! Damian talks to Wales Business Insider about Go Air Trampoline Parks deal


Mark Blayney Stuart of Wales Business Insider interviewed Evans Entwistle Partner Damian Evans, who is also a Director of Go Air, the Cardiff trampoline park business which aims to be a UK market leader.

posted on Monday, 07 November 2016 by ITPie

Tesco Bank suspends all transactions after hack attack

Tesco Bank has taken the drastic measure of temporarily halting all online transactions after thousands of customers have seen hundreds of pounds wiped from their savings accounts over the weekend due to an online hacking attack.


posted on Tuesday, 01 November 2016 by ITPie

Happy birthday Premium Bonds!

It has been 60 years since Premium Bonds were launched as a savings product in the UK. Since then 355 million people have won money totaling £17bn through Premium Bonds, with 350 lucky savers becoming instant millionaires!

The .....

posted on Friday, 17 April 2015 by ITPie

Interest rates and inflation at record lows…

The UK’s inflation rate remained at a record low of 0% in March, according to the Office for National Statistics.

Cheaper clothing and footwear, offset by a rise in petrol prices, helped to maintain the rate at 0% for a second .....

posted on Thursday, 11 September 2014 by ITPie

Business Finance Guide by the British Business Bank

Small and medium-sized businesses play a key role in our economy, employing almost 60% of the private sector workforce and accounting for almost half of all private sector turnover. Their continuing success is vital to building the UK economy.<.....

posted on Friday, 05 September 2014 by ITPie

Wider scope for HMRC Deemed Consent

From this week, HMRC extended their facilities for dealing with informal representatives such as family and friends of elderly or disadvantaged taxpayers – this is known as ‘deemed consent’.

Subject to security and .....

posted on Friday, 22 August 2014 by ITPie

The lowdown on..Equality & Diversity

Up and down the country HR people and training companies spend hours coming up with ingenious new ways of trying to re-brand something that perhaps should just be named for what it is: Equality and Diversity. Andy Marshall, Director of Cognitio.....

posted on Monday, 07 July 2014 by ITPie

The Small Business, Enterprise and Employment Bill

The Small Business, Enterprise and Employment Bill, introduced to Parliament at the end of June, builds on the Government&rsqu.....

posted on Thursday, 05 June 2014 by ITPie

Local businesses bid for a BID

A group of local businesses are speaking to hundreds of shops and offices across the town in the hope of making Penarth the third Business Improvement District in Wales. Parking and marketing are just two issues the group, called Penarth BID, s.....

posted on Friday, 09 May 2014 by ITPie

Concerns over HMRC’s proposed new powers…

In the Budget, George Osborne outlined plans for new powers for HMRC to recover tax debts from anyone who owes more than £1,000 in tax or in tax credits. This would effectively allow the tax authority to seize the tax owed directly from d.....

posted on Tuesday, 17 December 2013 by ITPie

Auto-enrolment – act sooner rather than later…

Let’s face it, pension planning is not the most exciting of topics – but 2012 saw the introduction of auto enrolment, the biggest change in workplace pensions ever, making it a talking point for even the smallest of businesses. But .....

posted on Tuesday, 05 November 2013 by ITPie

Do you think Penarth would benefit from a £500k investment? Have your say on the BID proposal on 11th Nov

Following positive initial discussions with local business groups, consultation meetings have been arranged to explore the possibility of a Business Improvement District (BID) in Penarth which could raise c.£500,000 over five years to inv.....

posted on Monday, 14 October 2013 by ITPie

Great promotional opportunities for local businesses at Ysgol Pen Y Garth Christmas Shopping Evening

Ysgol Pen-y-Garth PTA will be hosting a Christmas Shopping Evening on Wednesday 13th November 2013, between 7pm and 9.30pm. The event will be held at the Paget Rooms, Victoria Rd, Penarth CF64 4EG. The event is open to parents and the wider com.....

posted on Tuesday, 16 July 2013 by ITPie

All Change in Financial Services

On 1 January this year, new rules from the Financial Services Authority (FSA) came into effect which have changed the way financial advisory companies operate. Known as the Retail Distribution Review (RDR), the objective was to raise pr.....

posted on Monday, 15 July 2013 by ITPie

All Change on the Advisory Front

From 1 January 2013 Independent Financial Advisers (IFAs) are not permitted to charge commission on the services they recommend but instead will charge a fee for the advice they provide.

Advice has never been “.....

posted on Thursday, 04 July 2013 by ITPie

Demystifying…Business Angels

Originally coined on Broadway as a term for wealthy individuals who provided cash to support theatre productions, the term “angel” transcended into the field of business in the 1970s.

A business angel (al.....

posted on Monday, 01 July 2013 by ITPie

Make yourself identity theft PROOF

Companies House report that there are between 50 – 100 cases of corporate identity theft every month – you can protect yourself against anyone fraudulently changing your registered office or Director details by joining Companies Hou.....

posted on Tuesday, 25 June 2013 by ITPie

Back From The Brink?

Disaster recovery is not something we typically think about…until disaster actually happens! Joshua Entwistle of Penarth based IT services experts Burning Flag ICT shares some food for thought on business continuity.


posted on Monday, 24 June 2013 by ITPie

Company Directorship – More Than Just A Fancy Title…

So you’ve incorporated the company and ordered your shiny new business cards bearing the grand designation “Director”… but along with the title comes a raft of responsibility. Damian Evans explains your legal &n.....

posted on Tuesday, 23 April 2013 by ITPie

May Day tax alert!

Taxpayers who have not yet filed their 2011/12 self assessment tax return are being urged to do so before 1 May as from this date, HMRC will charge a £10 daily penalty for late online returns, up to a maximum of 90 days (total £900).....

posted on Thursday, 04 April 2013 by ITPie

HMRC to monitor tax dodgers for 5 years under new measures

Under new measures launched in April by HMRC’s Managing Serious Defaulters programme tax dodgers will now be closely monitored for up to 5 years. Evaders targeted consist of those who have received a civil evasion penalty for dishonestly .....

posted on Tuesday, 06 November 2012 by ITPie

Business Record Checks – are you ready?

HMRC will start targeting businesses across the country later this month as it rolls out a new “fresh approach” to Business Records Checks (BRC) visits.

As of 26 November HMRC will start visiting small and medium-sized bu.....

posted on Monday, 15 October 2012 by ITPie

From a distance…

Changes to distance selling regulations

The EU Consumer Rights Directive (CRD) which was agreed last October brings a number of welcome changes to harmonise consumer rights across Europe with respect to online purchases. For example,.....

posted on Monday, 15 October 2012 by ITPie

Changes to distance selling regulations – only 2 weeks left to have your say

The EU Consumer Rights Directive (CRD) which was agreed last October brings a number of welcome changes to harmonise consumer rights across Europe with respect to online purchases. For example, the statutory “cooling off” period wil.....

posted on Monday, 15 October 2012 by ITPie

HMRC’s RTI is on the way…

Real Time Information (RTI) is a new way of submitting payroll data to the Tax Office.

Instead of sending updated PAYE information to HMRC at the end of the tax year, employers must submit their payroll data online every time their e.....

posted on Tuesday, 29 May 2012 by ITPie

Latest issue of Financial Director out

Some interesting articles in the latest issue of Financial Director – read more here

posted on Monday, 28 May 2012 by ITPie

Start-up loans scheme to help young people launched

An £82m loan scheme for young people wanting to create a business is being launched by PM David Cameron. Young people aged between 18 and 24 can apply and the loan average is expected to typically be around £2,500. The loans must be.....

posted on Monday, 02 April 2012 by ITPie

New £40million Wales SME Investment Fund launched

A new Wales SME Investment Fund was announced last week by Business Minister Edwina Hart which will provide access to finance for small, medium and micro sized businesses in Wales. The fund will complement the existing £150 million Europe.....

posted on Thursday, 12 January 2012 by ITPie

UK interest rates kept on hold at record low of 0.5%

UK interest rates have been held at their record low of 0.5% by the Bank of England’s Monetary Policy Committee, a decision which was widely expected in light of disappointing Christmas sales in the retail sector and a sharp downturn in i.....

posted on Wednesday, 04 January 2012 by ITPie

Compulsory online filing for VAT returns

From 1st April 2012, online filing will become compulsory for all VAT registered businesses, and all payments will need to be paid electronically (direct debit, BACS, debit/credit card or at a bank counter). To ensure you are geared up in time to sub.....

posted on Thursday, 08 December 2011 by ITPie

Holidays come early for new businesses

Holidays come early for new businesses

As announced by Chancellor George Osbourne in the budget a Holiday for New Business scheme has been launched. From the 6th of September 2010 until the 6th of September 2013, businesses outside o.....

posted on Thursday, 08 December 2011 by ITPie

HMRC targets poor record keeping SMEs

A HMRC proposal indicates that 50,000 SMEs could be investigated during the second half of 2011 under its “Business Records Checks” initiative, which will target organisations who hold poor trading records, dating back over the past.....

posted on Thursday, 08 December 2011 by ITPie

Financial Directors concerned about fuel rises

Financial Directors are more concerned about fuel rises than they are the VAT rise. A recent survey showed that 53% of respondents are concerned with this matter as the rise could affect their businesses significantly. If fuel were to rise above £1.7.....

posted on Thursday, 08 December 2011 by ITPie

Businesses lose out by not reclaiming VAT

In 2010, £124 million went un-recovered by businesses as a result of businesses not keeping or obtaining valid expense receipts. This figure could rise to £140 million in 2011 due to the rise in VAT rate.

We’re urgi.....

posted on Thursday, 08 December 2011 by ITPie

New VAT Ruling on Fast Food

A new EU ruling has meant that it is likely that fast food retailers will be exempt from VAT providing that the operation is not classed as catering – examples include popcorn, salami and nachos......

posted on Thursday, 08 December 2011 by ITPie

Offshore hideaway penalties

HMRC have warned that individuals who have been evading taxes and concealing money offshore could face new penalties of up to 200%.

Commencing on the 6th of April 2011 the new penalties for offshore non compliance for income tax and .....

posted on Thursday, 08 December 2011 by ITPie

National minimum wage rise

The Government has announced today that the National minimum wage will increase on October the 1st 2011, as follows:

  • The adult rate will increase by 15p to £6.08 an hour;
  • The rate for 18-20 year olds wil.....

posted on Wednesday, 07 December 2011 by ITPie

Record numbers file tax returns online

A record number of people filed their self-assessment tax returns online this year. HMRC have confirmed that 6.9 million used this platform, representing 78% of the total number of tax returns. The busiest day was deadline day January 31st, which saw.....

posted on Tuesday, 06 December 2011 by ITPie

April blues as 2009 budget takes force

Top rate income tax raised to 50%!

From the 6th of April 2010, those earning above £150,000 per annum will be subject to a 50% rate of income tax. Individuals can receive tax relief through making pension contr.....

posted on Monday, 05 December 2011 by ITPie

New Interest Rates For Late And Overpaid Taxes

HM Revenue and Customs has announced new interest rates to be charged for late and overpaid taxes from 29th September 2009. (Note that Corporation Tax quarterly instalment payments apply from 21st September 2009).

posted on Saturday, 03 December 2011 by ITPie

HMRC propose new penalty regime for contractors

HMRC propose new penalty regime for contractors

As announced in November HMRC have published a report outlining a more favourable penalty regime for contractors. Under the proposed rules, which will come into effect .....

posted on Friday, 02 December 2011 by ITPie

Off shore tax haven no more?

Dave Harnett, Permanent Secretary of HM Revenue & Customs has revealed that the Government Agency has been in discussions with several countries seen as “tax havens” on the advantages of disclosing regimes. This could lead to the countries signing am.....