Controversial plans to digitise tax returns for businesses and the self-employed called Making Tax Digital (MTD) have been dropped from the Finance Bill 2017 but it is possible they will only be delayed because of the announcement of the snap election in June. Continue reading
Virgin Media Business has announced the launch of a new app aimed at entrepreneurs so that they can find advice or get collaboration from their peers as well as established business owners. Continue reading
The Samuel Ward Academy Trust, which has 15 schools across Suffolk, has been given a £200,000 grant and become the first academy school in the East of England and the 11th in the country to be awarded research school status, meaning it will become a focal point for educational research. Continue reading
The Creative Industries’ Federation (CIF) is calling for enterprise zones, tax breaks and access to finance for the creative industries, saying they are becoming increasingly important to the UK’s future economic success. Continue reading
The Government has approved another 131 free schools this month, the largest number of this Parliament, which will create around 69,000 places for pupils and “give parents more choices”, according to Education Secretary, Justine Greening. Continue reading
In a bid to calm fears about the introduction of Making Tax Digital (MTD), HM Revenue & Customs (HMRC) is to invite selected businesses and agents to take part in a pilot programme to report their income and expenses as part of the MTD strategy.
A report from the Treasury Committee in response to the proposed introduction of MTD called for more detailed testing of the implementation of digital tax services, citing what it called “insufficient engagement” with businesses that will have to rely on them.
HMRC will therefore seek user feedback to try and inform development of the new functions, such as in using accounting software to record the business’s income and expenses. They will also ask the participating firms to provide summary reports of income and expenses on a quarterly or more frequent basis, as well as switching to paperless working, with HMRC providing an estimated tax calculation.
According to a statement by HMRC, once the new services have been tested with the first group of businesses and agents, other customers will be able to join the pilot. These customers will be able to report their income and expenses for the quarter they join, as well as any previous quarters.
Although customers that are not invited to participate in the pilots will be unable to send quarterly reports to HMRC initially, options are available to start making use of accounting software to maintain their records.
Earlier this year, HMRC committed to piloting new digital systems designed to overhaul tax reporting for hundreds of thousands of businesses and providing free software to smaller companies in response to an eight-month consultation on its plans.
There will also be a number of additional commitments for businesses under MTD, including more extensive reviews, before introducing a mandatory requirement for businesses to switch to electronic record management.
US shared offices firm WeWork will almost double its space in London this year, as it launches a £1.2m award scheme to back new research, start-ups and scale-ups in the UK. Continue reading
As part of the Government’s ongoing fight to tackle inequality, all academy trusts and schools with more than 250 workers will be required to publish their gender pay gap statistics from today. Continue reading
MPs have warned The Government that planned school funding cuts are “threatening to damage standards” and put children’s academic progress at risk. Continue reading
There are concerns that plans to force millions of self-employed people to file multiple tax returns each year will be a detrimental step and is purely a cost-cutting exercise for HM Revenue & Customs (HMRC). Continue reading