Recent figures have shown that UK retail sales remained flat in December, with total sales up by only 1.0%.
The latest monthly BRC-KPMG retail sales monitor data revealed that non-food sales had their weakest month of growth since January 2013, increasing by just 1.5% on a three-months basis, and total food sales grew only 0.2%.
UK small and medium-sized businesses with a turnover of less than £2 million and which employ fewer than 50 people can now apply to HM Revenue & Customs (HMRC) for advanced approval on their R&D tax relief claim.
A new publication called “Making R&D Easier: HMRC’s plan for small business R&D tax relief” sets out the details of the measure that is being introduced following a period of consultation.
The recovery of the US economy has taken another major step forward with the news that job growth remained solid in December with the addition of another 292,000 jobs, the BBC reports.
The data comes from the Bureau of Labor Statistics, which also revealed that the jobless rate held at 5%, a seven-and-a-half-year low. Following the recent move by the Federal Reserve to increase rates in the US, the latest figures may have implications for a similar move in the UK.
More than 10 million tax payers in the UK are required to complete and return their self-assessment tax filing by the end of the month, and almost four million have yet to do so, according to The Guardian.
This time last year, 890,000 taxpayers missed the end of January deadline and incurred a fine of £100 and faced further penalties if they continued to delay.
The Association of Tax Technicians (ATT) has issued a warning about the impact of changes to the tax rules governing travel expenses, saying that those that work from home could be hardest hit.
Tax News reported that the ATT said the new proposals would deny homeworkers the opportunity to choose their home as their main base of operations if they also have a base elsewhere, for instance at their employer's head office.
Deloitte’s 2015 M&A Update has revealed that the number of inbound UK deals the Big 4 firm is involved in has gone up by 10.6% in the last twelve months.
Manchester Evening News reports that the accountancy giant has had deal values treble over the same period. The company's Transaction Services team completed 18 transactions in the past year, totalling in excess of £2bn worth of business.
With many SMEs worried about proposed reforms to tax laws that could see them having to update HM Revenue and Customs (HMRC) fare more regularly than the current once a year, accounting body UK200Group has declared that this won't mean quarterly tax returns.
Andrew Jackson, senior partner at UK200Group member firm Fiander Tovell, emphasised "that the new rules that are being protested about have not yet been written."
HM Revenue and Customs (HMRC) has written to individuals it believes to be Scottish residents for the purposes of the new taxation system that is due to be applied in the UK north of the border.
The Scottish rate of income tax is the biggest change to hit the taxation of individuals in the UK for many years, and now HMRC is sending letters to individual taxpayers who are on their database as holding an address in Scotland.
According to a survey from the Big Four firm Deloitte, some of the UK's top finance professionals have decided that exiting the EU (Brexit) may not be a bad thing for the country.
Support for EU membership has fallen among chief financial officers (CFOs), with the EU's weak economic recovery, the continuing migrant crisis and uncertainties about the stability of the euro being the main factors.
HM Revenue and Customs (HMRC) is running a trial of 'maps' to help people work their way around the complicated world of British laws and regulations.
Mainly aimed at government officials, HMRC described the initiative as a British tax law version of “The Hitchhiker’s Guide to the Galaxy”. It runs up to 6,102 pages, or four times the complete works of Shakespeare.