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SMEs cite VAT as their biggest administrative headache

Research from the British Chambers of Commerce (BCC) has revealed that VAT creates the biggest administration burden for around two-thirds of businesses in the UK. The report, which polled more than 1,100 businesses of all sizes, found that 64% of respondents are...

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Inheritance tax receipts reach record high of £5.2bn

According to statistics published by HMRC, the Treasury fetched a record high of £5.2 billion in inheritance tax receipts last year. Inheritance tax receipts increased 8% year-on-year in 2017/18 to continue a long-term trend, which began when the nil-rate...

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Stamp duty tax break saves first-time buyers £284m

It has been revealed that Philip Hammond’s decision to abolish stamp duty land tax (SDLT) for most first-time buyers on all properties worth up to £300,000 saved homeowners £284 million in the first half of 2018. This works out at an average saving of £2,337 per...

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Contractors criticise ‘flawed’ IR35 test

A contractor group has slammed HMRC for omitting mutuality of obligation in an online tool which has been designed to assess an individual’s employment status. Mutuality of obligation requires employers to provide ongoing work for an employee, who then has...

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Landlords open to tax breaks for long-term tenancies

It has just been announced that the government is considering introducing tax incentives for landlords who offer longer tenancies. The Ministry of Housing, Communities and Local Government has launched a consultation on implementing a three-year tenancy model which...

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