Press releases

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Finance Bill 2017-19: AAT’s Brian Palmer comments on further steps towards Making Tax Digital

The Finance Bill 2017-19, set to become the Finance Act 2018, had its second reading in Parliament yesterday. The Bill is providing further clarity and detail around Making Tax Digital (MTD) reporting, set to impact on businesses with a turnover greater than the VAT threshold initially for VAT purposes only from 2019, before businesses are asked to keep digital records for other taxes from 2020 onwards.

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Updated guidance on financial sanctions enforcement

From today, the Government has extended powers to act against those who don’t report information that could undermine UK financial sanctions.

All businesses, organisations and individuals have an obligation under financial sanctions regulations to report information which facilitates compliance. However, enforcement action could only be taken against firms or people in the regulated financial services sector who failed to report.

The extended powers, set out in new regulations, broaden enforcement to the following business areas from 8 August 2017:

Government confirms new timetable for Making Tax Digital

Making Tax Digital (MTD), the government’s £1.3bn investment programme for HMRC to become the most digitally advanced tax administration in the world has been given a new timetable today.

MTD will see the introduction of digital record keeping and quarterly updates for the majority of businesses, self-employed people and landlords. Under the new timetable:

AAT members: Government should increase minimum wage

AAT members say the Government should increase the minimum wage, scrap its five different rates and review naming and shaming non-complying practices.

AAT responds to new Government regulations around Money Laundering

AAT recommends the government consider that a grace period is granted to afford firms and individuals time to adjust to their new obligations.

EU referendum one year on: SME owners are divided on chances of Brexit success

  • 22 per cent of SME owners say initial response to Brexit has been positive for their business; 18 per cent have experienced a negative reaction
  • 40 per cent say they are optimistic that Brexit will ultimately be a success; 36 per cent are pessimistic
  • 28 per cent of SME owners feel no current leading political figure will act in their business’ interests

Accountants can add value in a tech-driven environment, say AAT members

Licensed members of AAT have reported that the future for the accounting profession is bright despite fears over the rise in automation.

The new Government and the tax landscape we can look forward to

After what started off as a nailed-on-certainty for the Conservatives, an election that was Theresa May’s for the taking, we have watched the gap between the two main parties inexorably narrow in recent weeks.

But, now that we know that the outcome has kept the Conservatives in power, albeit propped up by the DUP, what does the post-election tax-landscape look like?

Everything is up for grabs