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IP protection invoices

The Intellectual Property Office (IPO) advises businesses not to pay unsolicited invoices for IP protection service until the business has checked what services are being offered and by whom. Invoices are often designed to look as if they are from an official body. Often they are invitations to be listed in an unofficial register. All patents, trade marks and designs are automatically entere...
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Bank scores

Information on banks was published by the Competition and Markets Authority (CMA). This is based on a survey of individuals and small businesses carried out between September 2017 and June 2018. When small businesses were asked how likely they would be to recommend the bank to another small business, the answers were: Handelsbanken: 84% Metro: 73% Santander: 66% Barclays: 62% L...
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Companies House in 2017/18

In 2017/18, Companies House: registered 620,285 new companies. The register was 4,033,355 at 31 March 2018 increased the scope of filing so that 99% of accounts can be filed online introduced a "report it now" facility to correct errors in July 2017. It was used 58,352 times to 31 March 2018 extended the scope of people with significant control (PSC) filing. It was used 5 million tim...
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Old pound coins missing

An estimated 169 million old round pound coins are still missing, according to the Royal Mint. That is almost three for every UK resident. It was replaced by the 12-sided pound coin on 28 March 2017 to crack down on counterfeiting. The number missing is less than the 138 million coins received back and smelted for reuse in the new coins. [18.08]
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Ian Paisley may face election recall

Ian Paisley may become the first MP to face a recall ballot. The petition for such a ballot was opened on 8 August 2018. The ballot would be held under the provisions of the Recall of MPs Act 2015 which took effect in 2016. Paisley is the DUP member for North Antrim. He took over the seat in 2010 from his father, also Ian Paisley, a founder of the DUP. In July 2018, MPs voted to suspend Pais...
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Whether an ambulance

Whether a vehicle is capable of carrying 10 or more passengers must be determined when the vehicle is used, and not on the basis of how the vehicle could be used. A company provided ambulance services and other transport facilities for patients. An ambulance service is exempt from VAT. Passenger transport in a vehicle designed or adapted to carry 10 or more passengers is zero-rated. If...
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Audit of estimates

The Financial Reporting Council (FRC) is considering revisions to auditing standard ISA 540 on the audit of estimates. The proposed change would require a better risk assessment in assessing the adequacy of disclosures. This of particular relevance to financial services in determining losses. It also becomes more important with the introduction of new standards IFRS 15 and 17 on profit recog...
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Shop owner jailed for tax fraud

A shop owner has been jailed for four years for fraudulently claiming £961,307 in tax repayments to keep the business afloat. Peter Davis owns Formula 1 Teamwear Ltd. It has shops in London, Glasgow and Cardiff selling Formula 1 racing merchandise. He submitted 17 fraudulent VAT claims between 2009 and 2013. He pleaded guilty at Southwark Crown Court. [18.07]
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Post-Brexit deal could cost business £700 million a year

The government's proposals for post-Brexit customs arrangements could cost British businesses an additional £700 million a year, according to HMRC chief executive officer Jon Thompson. He was speaking to the Lords' EU External Affairs Committee. The figure relates to the set-up costs of the proposed facilitated customs arrangement (FCA) proposed in the Chequers Agreement. FCA would require 1...
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Doctor accused of hiring hitman over tax bill

A doctor went on trial in July 2018 accused of hiring a hitman to kill a financial consultant, following a £300,000 tax penalty. Dr David Crichton is on trial at Winchester Crown Court for allegedly attempting to hire a hitman gang called the Chechen mob to kill financial consultant Andy Bolden. He is alleged to have paid the equivalent of £3,800 in bitcoins for the hit. Bolden specialised i...
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