HMRC collected a record £157.2bn from VAT bills in in the last tax year, a 55 per cent jump on the £101bn collected in 2020/21, after businesses were forced to make up for VAT payments they deferred during the pandemic.
Category: Finance
Financial advice for owners and managers of small and medium sized business SMEs in the UK All your tax, borrowing and administration advice
Profitability on a knife edge: 2.1million UK SMEs are ‘just about breaking even’
UK SMEs are ambitious for the opportunity to regain lost ground post-pandemic, but risk being held back by a myriad of mounting pressures including rising costs and cashflow challenges.
Six ways to ensure you aren’t paying too much tax
With the average British household now paying £1.1 million in taxes over their lifetime, Perrys Chartered Accountants provides its six top tips to make sure you aren’t overpaying.
Gucci to accept crypto payments at US stores in digital asset push
The company recently revealed that owners of items from two of its NFT projects, SuperGucci and Gucci Grail, would be given special access to pre-order a Gucci collection before its general release.
Gucci is doubling down on its support for crypto with plans to start accepting digital asset payments across US stores in the coming months.
Insolvencies set to rise as government support ends
Despite a return to normal for many economies in 2022, insolvencies are set to rise according to a new report.
Employees who claimed home office tax relief during the pandemic could end up paying more tax this year
Employees who have been claiming “Home Office Relief” during the Covid 19 Lockdown should be urgently reviewing their tax codes to clarify whether HMRC have included the relief within their notice of coding.
UK shoppers face more identity checks when buying online
Online shoppers in the UK face more identification checks when paying for purchases on the internet from Monday, as new rules to clamp down on fraud come into force.
Tax probe yields hit staggering £30bn as HMRC fights to recoup lost Covid revenues
The total revenue HMRC generated from tax investigations and other compliance activity has risen to £30.8bn in 2021, up from £28bn in 2020 as it looks to pursue tax lost to evasion or avoidance during the pandemic, lawyers have announced.
Facebook’s libra cryptocurrency project ends in failure
It was once promoted as a new financial system that would transform how money is transferred around the world, but Facebook’s ambitious cryptocurrency project has ended in failure.
National insurance rise will go ahead despite Tory dissent, insists minister
A cabinet minister has argued that the national insurance rise should go ahead as planned despite Tory rebels reportedly pushing for it to be scrapped as the price for their support of Boris Johnson’s leadership.
MPs call for automatic pension help appointments
Pension savers should have appointments scheduled automatically to help them make better decisions, MPs have suggested.
Hair salon win against HMRC means businesses renting out a spare room can breathe sigh of relief
Following Wednesday’s decision by the First-tier Tax Tribunal in favour of a hair salon in Cardiff, businesses renting out a spare room can breathe a sigh of relief as HMRC’s attempt to circumvent the VAT exempt status of rent charges fails.
One in four aiming for retirement to begin at 60
Sixty is the most popular age to retire early, with one in four people aiming to do so at that age.
Why you need a financial model – shape up for investment in 2022
From financial models to pitch decks, preparation is key for investment, be sure to read all of this, tick off the check list and be prepared
UK businesses write off £8 in every £100 as uncollectable
UK businesses report losing £8 for every £100 billed in the last year due to the non-payment of invoices, according to the research by trade credit insurer Atradius.
