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Home » News & Insights » Information Snippets

Information Snippets

Posted on 29th April 2019

  • The Treasury has issued a consultation on plans to introduce the EU’s Fifth Money Laundering Directive (5MLD) into UK law, which will bring tax advice into the remit for the first time, more cost for small businesses

• HMRC applied to shut down 4,160 businesses because they had fallen behind on their tax payments in 2018 with financial problems being exacerbated by a late payment culture.

• A cross-party group of MPs has urged the Minister responsible for HMRC to suspend its controversial loan charge with immediate effect following an interrupted House of Commons debate

• The high street’s decline is accelerating, with a record number of stores disappearing in 2018 and a sharp drop in the number being opened, according to analysis from PwC which says the increasing cost of occupancy, shift to online and subdued consumer spending are all taking their toll

• The standard lifetime allowance for pensions has increased by £25,000 in line with CPI inflation to £1,055,000 for the new tax year from 6 April

• High street department chain Debenhams has gone into administration in a pre-pack as lenders take over control of the group following the appointment of FTI Consulting LLP, putting more high street jobs at risk

• Almost 115,000 businesses waited an average of 57 days for payment in 2018 with more than 1,000 of these subsequently entering insolvency as a result, according to data from Begbies Traynor which highlights how late payments could be a significant factor in insolvency

• HMRC have updated guidance and published new forms for employers reporting employee income and benefits for the 2018-19 and 2019-20 tax years. See HERE

• Payslips mandatory for all workers from 6 April. Almost 300,000 workers now have the right to receive a payslip, including those on casual and zero-hours contracts

• Waiting times to speak to HMRC staff worsened in February with nearly a third of callers waiting more than 10 minutes to speak to an actual adviser

• From 1 May, the annual renewal fee for money laundering supervision of accountancy firms will more than double from £130 to £300 per premises, an increase of 130%

• An all-party group of MPs has written to the head of HMRC challenging him about ‘clear misinformation’ in statements made by HMRC about the 2019 loan charge

• Around half a million people working past state pension age could be paying unnecessary tax on their state pension payments

• Over four in ten businesses in the UK are unaware of the risks posed by invoice fraud, despite these scams costing firms almost £93m in 2018, research from UK Finance has revealed

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Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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