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HMRC is ‘Making Tax Difficult’ with MTD programme | |
HMRC is ‘Making Tax Difficult’ for taxpayers as Making Tax Digital (MTD) adds to the burdens they face, according to a report by the Public Accounts Committee (PAC).
The report says that HMRC has lost sight of the need to put taxpayers at the heart of changes to the tax system. | | | |
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Government agrees to crack down on crypto tax evasion
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The UK government has agreed an 'historic' commitment with 48 countries to combat criminals using crypto assets to evade tax.
The landmark agreement follows on from the UK's tax deal made in 2021 to clamp down on corporate tax avoidance and 'ensure the right tax is paid in the right place'. | | | |
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Advisory fuel rates for company cars | |
New company car advisory fuel rates have been publisd and took effect from 1 December 2023.
The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. | | | |
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| VAT in the digital age (ViDA) | |
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ViDA is a recent proposal by the EU which will impact UK businesses who trade with EU businesses. The EU proposals were published in December 2022 aiming to reduce the VAT gap (amount of VAT that national research indicates the economy should generate compared to the amount actually paid to tax authorities) and make compliance more efficient. | |
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The Bank of Mum and Dad is always opening new branches but beware of the tax and other implications | |
The financial services company Legal & General every year tracks the financial support parents give to their children. In 2023, the Bank of Mum and Dad, or perhaps now the ‘Family Bank’ as the wider family become increasingly involved, helped fund over 318,000 new home purchases, with gifts and lending reaching £8.1 billion. It is effectively the country’s ninth largest lender, opening a new branch daily. | | | |
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The top 5 payroll and HR mistakes that SMEs make | |
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We’ve asked our HR and payroll outsourcing service JCHR to profile the top 5 payroll and HR mistakes that SMEs make. Nick Butler, Managing Director of JC Payroll Services, whose team look after more than 800 client payrolls, discusses the unseen perils of the ‘single point of contact’ and of the complexities involved with overtime, holiday and pensions admin. Please click here to read the full article. HR leader Bill Larke’s team service the HR needs of employers large and small, and he shares his view on why employers sometimes shy away from dealing with resolvable problems – Bill argues that SME employers too often select HR partners on price or insurance cover, leading to poor quality HR advice and a risk-averse approach – you can read about this and other common SME issues with HR by clicking here. | |
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential. If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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