Tag: Compliance

Making Tax Digital

High value dealers need to register for cash payments

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Businesses accepting cash payments of €10,000 or more in exchange for goods are required to register with HMRC under money laundering regulations (MLR). Recent changes to regulations mean that companies accepting cash payments on or above the threshold limit (or equivalent in sterling) will be classed as high value dealers. Transactions that are considered high[…]

Compliance costs SMEs

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SMEs pay almost £10 billion in tax compliance costs each year, according to research by the Association of Accounting Technicians (AAT). The survey of 500 businesses reveals that the average SME spends £4,376 complying with business taxes each year. Collectively, the SME sector spends £9.9 billion annually on tax compliance. Important findings: SMEs spend up[…]