Online accountants may be interested to learn that HMRC has now published its consultation document on a proposed cash accounting system for micro-businesses.
Review Period: May 2016
Online accountants may be surprised to learn that despite HMRC’s efforts to clamp down on tax evasion, it still fell short of its five-year target.
Accounting software giant Sage recently commissioned research of 372 practice accountants and 305 SME directors to discover their thoughts on online accounting services.
Online accountants should be aware that HMRC will soon start targeting e-marketplaces as part of its bid to stamp out tax evasion.
Online accountants may be interested to learn that the government is considering allowing all taxpayers to access their tax records online.
Online accountants need to be aware that the coalition is getting rid of the Low Value Consignment Relief that applies to goods being despatched from the Channel Islands to the British mainland.
Online accountants may wish to be aware that the government has denied suggestions that it plans to reduce the top rate of income tax to 45p in the pound, instead of the current 50p.
Online accountants will be aware that a lot of UK businesses are already weighed down with financial problems and now to add to their woes they also have to deal with an increase in fraud.
Online accountants will be interested to learn that HMRC has begun rolling out updated tax toolkits to cover Capital v Revenue Expenditure, Property Rental and NICs and Statutory Payments.
Online accountants are probably aware that when HMRC first launched the Liechtenstein Disclosure Facility in September 2009, it expected to yield a total of £1 billion by 2015. However, £140 million has already been gathered in and the Revenue has now revised its forecast to £3 billion.