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Enews – September 2021

Enews – September 2021

In this month’s Enews we consider HMRC’s changes to late payment penalties; the consultation on how digital marketplaces should collect and share information; and warnings over stamp duty refund claims. With guidance on digital tax scams, national minimum wage...

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MTD Digital Links: Are you compliant?

MTD Digital Links: Are you compliant?

The latest phase of Making Tax Digital (MTD) for VAT came into effect 21st April 2021. This ended HMRC’s ‘soft-landing’ approach for MTD digital links requirements. During the soft-landing period, if a digital link was not established, HMRC accepted the use of...

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We have moved!

We have moved!

We hope you are well and staying safe. We are just writing to remind you that will be relocating to our shiny new offices as of Monday 16th August. Over lockdown, our team has grown to such an extent that our current office is too small and so we are moving on to...

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Increase in public trust in charities

Increase in public trust in charities

Public trust in charities has reached its highest level since 2014, according to research published by the Charity Commission. An independent study showed that people's trust in charities scored an average of 6.4 out of 10, up from 6.2 a year ago and significantly...

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Pension scams average losses now over £50,000

Pension scams average losses now over £50,000

According to the latest figures from Action Fraud the average loss from pension scams has reached £50,949 this year. That is more than double the typical figure of £23, 689 reported last year. Action Fraud said the losses in each case ranged from less than £1,000 to...

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Data reveals 1.9 million workers remain on furlough

Data reveals 1.9 million workers remain on furlough

The Coronavirus Job Retention Scheme (CJRS) is being wound down on 30 September 2021 and data published by HMRC has revealed that 1.9 million workers remain on furlough. The data showed that the number of employees furloughed on the CJRS fell by 590,000 during June....

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HMRC updates Salary Sacrifice guidance

HMRC updates Salary Sacrifice guidance

HMRC has updated the guidance on salary sacrifice. HMRC has removed the guidance on 'Salary sacrifice arrangements set up before 6 April 2017' as the transitional arrangements for calculating the value of the benefit came to an end on 5 April 2021. A salary sacrifice...

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ICAEW urges HMRC to scrap exemptions to simplify VAT rules

ICAEW urges HMRC to scrap exemptions to simplify VAT rules

In response to HMRC's consultation on simplifying the rules relating to land and property, the Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to abolish all VAT exemptions and remove all VAT options. The ICAEW stated that the VAT rules...

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The government has published draft Finance Bill clauses

The government has published draft Finance Bill clauses

The Government has published draft clauses for the next Finance Bill, which broadly cover pre-announced policy changes. The government is committed, where possible, to publishing most tax legislation in draft for technical consultation before the relevant Finance Bill...

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Consultation launched on self-employed basis period reform

Consultation launched on self-employed basis period reform

HMRC has recently launched a consultation on how basis periods can be reformed for income tax for the self-employed. The consultation seeks to gather views on how best to implement a proposal to simplify the rules under which profits of an unincorporated trading...

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Studies show accountants among most trusted professionals

Trust strong post-COVID A study by Chartered Accountants Worldwide and Edelman Data and Intelligence has found that accountancy is perceived as one of the most trustworthy fields to work in. The research was conducted following the onset of the pandemic and indicates...

UK to consult on central bank digital currency

Is ‘Britcoin’ coming soon? The British Treasury and Bank of England have said that they will hold a formal consultation next year on the possibility of introducing a central bank digital currency (CBDC), dubbed ‘Britcoin’. Central banks the world over are looking into...

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