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More landlords are changing business structure

Posted. 22 March 2019

Landlords with larger portfolios are increasingly moving to limited company status for new purchases, as restrictions to mortgage interest relief take effect.

According to Precise Mortgages, 64% of landlords with more than four properties who plan to buy this year have said they will use limited company status, while 21% will buy as individuals.

In comparison, only 17% of...

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Firms told to guard against MTD complacency

Posted. 21 March 2019

VAT-registered businesses in the UK are being urged not to panic with little over a week to go until Making Tax Digital (MTD) comes into force.

The warning comes from a joint digitalisation strategy working group that consists of members from the Association of Taxation Technicians (ATT) and the Chartered Institute of Taxation (CIOT).

From 1 April 2019, VAT-registered businesses...

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Most unpaid tax caused by ‘errors and carelessness’

Posted. 20 March 2019

Carelessness is the most common reason for small businesses and individuals failing to pay the right tax, according to HMRC.

A policy paper on tackling tax evasion and avoidance published after Spring Statement 2019 said the introduction of Making Tax Digital (MTD) will help address the problems.

HMRC said:

"In most cases, these individuals and businesses, the Government,...

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‘Positive action’ needed for retail and hospitality

Posted. 19 March 2019

Businesses in retail and hospitality risk being left behind by the Government's Industrial Strategy, according to a report by the Business, Energy and Industrial Strategy (BEIS) committee.

The committee said that while the Industrial Strategy has focused on support for high-tech sectors, it has not done enough for sectors like retail and hospitality.

It argued that structural...

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Chancellor announces minimum wage review

Posted. 18 March 2019

Chancellor Philip Hammond has announced plans to review the minimum wage, before new targets are unveiled for the years beyond 2020.

In his Spring Statement speech on 13 March 2019, he said the Government had appointed Professor Arin Dube to undertake a review on international evidence of the effects of minimum wages.

Paul Johnson, director of the Institute for Fiscal Studies,...

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