Two thirds (66%) of UK business leaders expect the threat from cyber criminals to increase over the next 12 months, according to the latest PwC cyber security survey The findings reinforce the concerns of UK businesses about different cyber threats, as well the potential vulnerability of their supply chains. Over the past year, a number…
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The bi-monthly survey of 500 business leaders from accountancy firm revealed that a third of businesses surveyed expect to increase the prices of their goods and services as a direct result of rising inflation with the same number concerned about increasing energy prices and a third also concerned about supply chain disruption. Overall, 80% of…
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The overwhelming majority of SMEs say that their accountant plays a critical role in their business operation and is their first point of contact. The Count on Accountants research, conducted by Sage, revealed that 91% of SMEs consider that their accountant is a vital adviser to their business, although nearly two-thirds, 64% of accountants believe…
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The government’s measures to prevent fraud in its bounce back loan scheme (BBL) have been labelled inadequate by National Audit Office (NAO) and were introduced too late. A report by the government’s spending watchdog estimated that £4.9bn of the £47bn that was given out as part of the Covid-19 small business support scheme was…
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14 December Corporation tax third quarterly instalment payment for very large companies with annual taxable profits exceeding £20m (reduced if company is a member of one or more 51% groups) with an accounting period beginning on 1 April 2021 19 December PAYE cheque payments for the month ended 5 December should reach HMRC by this…
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HMRC stopped less than £30m worth of furlough claims in the first year of the Coronavirus Job Retention Scheme (CJRS) Figures obtained through a Freedom of Information (FOI) request revealed that in the financial year to the end of March 2021 HMRC blocked 3,578 claims for furlough money, totalling £28.5m. Over the same period, HMRC…
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The latest Treasury figures on compliance with anti-money laundering rules shows that the total fines issued for breaching the rules was £53.2m in 2019/20, including penalties for professional service firms However, the total value of fines has decreased from £121.8m in 2018-19 to a total of £53.2m in 2019/20. In 2019-20, HMRC issued 31 fines,…
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A third of UK owner-managed businesses report lower cash reserves now than when going into the pandemic but a worrying percentage do not plan to pay back covid loans. However, on the downside a fifth say they will be unlikely to repay government backed borrowing, finds research from accountancy firm Kreston Reeves. The research published…
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With the UK’s tax debt more than double pre-pandemic levels, current staffing at HMRC is unlikely to be enough to manage the increased tax debt workload warns National Audit Office (NAO) A report by the NAO states that even though HMRC intends to recruit 1,000 full-time staff in 2021-22 to tackle debt collection, the tax…
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Making sure bills are paid on time is absolutely critical for any business wanting to improve cash flow and strengthen the balance sheet, explains Warwick Haycock, accounting software specialist, Access Group SMEs are the backbone of the UK economy, accounting for three fifths of employment and around half of turnover in the UK private sector.…
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