News & Events | WDM - Part 5

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FMB urges government to delay ‘disruptive’ VAT changes August 1, 2019

The Federation of Master Builders (FMB) has urged the government to delay ‘disruptive’ VAT changes in order to ‘avoid construction chaos’. The VAT domestic reverse charge for building and construction services comes into effect from 1 October 2019. The reverse charge does not change the VAT liability: it changes the way that VAT is accounted
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UK economy ‘may have already entered recession’ July 24, 2019

There is a one-in-four chance that the UK economy has already ‘stalled and entered recession’, according to research carried out by the National Institute of Economic and Social Research (NIESR). The NIESR blames the uncertainty around Brexit for the UK’s ‘stagnating’ economy, adding that the outlook beyond the country’s scheduled departure from the EU in
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Many firms ‘support extension of pensions auto-enrolment’, CBI finds July 24, 2019

Research carried out by the Confederation of British Industry (CBI) and insurer Scottish Widows has revealed that many UK businesses would like to see the pensions auto-enrolment scheme made available to more workers. According to the research, 74% of firms would like pensions auto-enrolment to be extended to the self-employed and those earning less than
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Fraud ‘costing UK businesses £130 billion each year’, report suggests July 24, 2019

A report published by the Centre for Counter Fraud Studies at the University of Portsmouth has suggested that fraud costs UK businesses £130 billion each year. According to the data, losses incurred as a result of fraud have risen by 56.5% since 2009. Reducing fraud losses by 40% would ‘free up more than £76 billion
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OTS outlines alterations to IHT system July 18, 2019

In a new report, the Office of Tax Simplification (OTS) has outlined a series of recommendations designed to ‘simplify the UK’s inheritance tax (IHT) system’. In the report, the OTS urged the government to reduce the current seven-year gifting rule to five years. It also suggested abolishing the taper relief system and replacing the many
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