Tax Saving Accountants

Audit Profitability Pushed Down Due to Fee Pressure

The continuing pressure on fees has, according to firms across the country, been pushing profitability down. This news has come as a result of a new survey published by CaseWire, an international IT provider. The survey found that around 80% of firms have been reporting strong fee pressure from their clients, and they blame this […]

Tax Saving Accountants

New Audit Report Standard from the FRC

The Financial reporting watchdog has recently issued a new and revised auditing standard. The watchdog claims that the new standard will improve transparency in the industry due to the fact that it will increase the amount of communication with investors. Board engagement was a primary suspect in the changes. The FRC now requires all boards […]

Tax Saving Accountants

New technology identifies susceptible sectors

The self-assessment deadline may have been and gone, but the taxman has announced that they have new technology which can indicate which sectors are most likely to have filled in their self-assessment incorrectly. This is done by looking at patterns throughout the economy, and then determining susceptibilities. For example, one area that could be under […]

Tax Saving Accountants

HMRC has food for thought

HMRC are beginning to launch specific tax crackdowns in certain regions and in particular industries. One example reported recently was that East Anglia fast food companies may be subject to more rigorous checks. In this particular instance, up to 5 million could be added to the Treasury's funds, contributing to the 7 billion in annual […]

Tax Saving Accountants

HMRC loses £2.3 billion in tax credit

HM Revenue and Customs have missed their target for tax credits by more than 2.3 billion pounds, meaning that there are still many cases in which people are being overpaid. It's believed that up to 10% of the tax credits that were issued to the public in 2009 shouldn't have been. Although there were plans […]

Tax Saving Accountants

Could glitches be on the way for HMRC?

New reform for Pay As You Earn – also known as PAYE – is on the way, but HM Revenue and Customs are expecting that there will be technological hiccups along the way. The changes towards submitting information in real-time is one of the biggest reforms that the taxman has introduced in decades. The reason […]

Tax Saving Accountants

Will income tax rise by 3%?

The government is continuing to cut in order to eliminate the budget deficit, but these falls in spending are also coupled with rises in income tax to boost the revenue which the Treasury receives. It is estimated that £12.5 billion of extra tax revenue will be needed in order to ensure that the government can […]

Tax Saving Accountants

Why do HMRC need to cut costs?

HM Revenue are currently battling swinging cuts that total up to £955 million over the course of each year. It says that it's currently too big, and in actuality it is costing us more money than it is bringing in by recouping lost taxes. Some of the ways in which HMRC are going to trim […]

Tax Saving Accountants

HMRC to move away from premium numbers

With many people waiting for many minutes – and in some cases hours – to get through to a customer services representative at HMRC – there has been widespread anger that the company which provides telephone services for the taxman has been making hundreds of thousands of pounds because of how 0845 numbers are used. […]

Tax Saving Accountants

Are you ready for PAYE changes?

SMEs Have Less Than 2 Months Until PAYE Changes HMRC is implementing massive changes to how small businesses report PAYE earnings, and companies have less than two months to prepare. From April – the start of the new tax year – real-time reporting on Pay As You Earn will be needed, even if the SMEs […]

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