News

Businesses encouraged to cash-in older currency

7 Feb 2017

From 5 May 2017, the old paper £5 note will no longer be legal tender and may not be accepted in shops and could be refused by banks. After this date retailers and banks need only accept or swap old

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Do you know the rules on claiming capital allowances on cars?

7 Feb 2017

If you buy and use cars in your business, you can claim capital allowances on their value, allowing you to deduct part of the value from your pre-tax profits using writing down allowances. The amount that you can deduct depends

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Small businesses used to plug tax gap

7 Feb 2017

HM Revenue & Customs (HMRC) has been accused of using small and medium-sized businesses to plug the UK’s tax gap, following a report which showed an additional £468 million was generated in tax revenue by SMEs in 2016. The figure,

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Small firms to be helped with bank switching

7 Feb 2017

The UK’s large army of small businesses will soon be able to switch their accounts between banks more easily, following changes to bank competition rules. The Bacs Payment Scheme, the organisation responsible for the majority of the UK’s automated payments,

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HMRC publishes long-awaited responses to Making Tax Digital consultations

7 Feb 2017

The Government’s long-awaited responses to six consultations about Making Tax Digital (MTD) which were originally opened in August 2016 were published at the end of January. Despite ongoing criticisms regarding the proposed short MTD timescale, HM Revenue & Customs (HMRC)

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