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Tax updates

HM Revenue & Customs issues self-assessment warning

HM Revenue & Customs is warning those needing to complete a tax return to hit the 31 January deadline or face a £100 fine.

Small businesses fear VAT rise

According to a survey of 1,600 business owners by the Federation of Small Businesses, 71 per cent think the VAT rise will be detrimental to them.

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Government cuts Empty Property Relief threshold

The coalition government is expected to cut the threshold at which empty property business rate relief is granted from £18,000 to just £2,600 in April in a move to boost tax revenues by up to £400

FSB welcomes Automatic Rate Relief for small businesses

The Federation of Small Businesses (FSB) has welcomed the government's pledge to help make small business rate relief automatic.

Software bug disrupts online tax returns

Hundreds of entrepreneurs have been prevented from completing their tax returns online due to a software bug on HM Revenue & Customs' (HMRC) system.

20 per cent VAT rise to squeeze profits

Small businesses are focusing on ramping up sales and marketing rather than raising prices in preparation for next year's VAT hike.

Government to create Office of Tax Simplification

The government has announced the creation of a new body, the Office of Tax Simplification (OTS).

Favourable tax rules for Furnished Holiday Lettings to continue

The tax relief rules governing Furnished Holiday Lettings which were due to be withdrawn from 6 April 2010 have been retained.

UK adults wasting £2 billion in inheritance tax

UK taxpayers will waste nearly £2 billion this year due to poor inheritance tax (IHT) planning, according to the annual Tax Action report by unbiased.co.uk.

Small businesses hit by flat rate VAT

The Federation of Small Businesses (FSB) has discovered that many SMEs are being hit by a rise in the level of flat rate VAT.

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