Blog
How HMRC conducts Tax Investigations
How to reduce penalties for accounting errors HMRC recently announced new powers to investigate companies they suspect of evading taxes, so as a business owner, you might be worried about what happens if your company comes under scrutiny. Even if you’ve played...
Is HMRC on your tail?
HMRC’s Wealthy External Forum have announced that they are in the process of sending reminder letters to wealthy taxpayers who have received notices to file Tax Returns for the tax years ended 5 April 2018, 2019, and / or 5 April 2020 - but have so far failed to do...
How do changes to NIC’s affect you?
As you may have heard, there are changes happening to National Insurance contributions (NICs). From 6 July, the new thresholds will come into effect. But what does that mean for you? As a self-employed worker, you will already pay your National Insurance differently...
Taxpayers not ready for making tax digital
People are unprepared and unenthusiastic for Making Tax Digital (MTD), according to a survey commissioned by HMRC. Global market research group Ipsos recently released data suggesting “awareness of MTD in general, and MTD for income tax self-assessment (ITSA)...
Recovery Loan Scheme Comes to an End
The Government’s flagship Covid business recovery scheme officially came to an end late last month (30 June). The recovery loan scheme opened to applications on 6 April 2021 to help businesses cope with trade lost to the Covid pandemic. The scheme offered £1.06...
Taxation of Investment Bonds
Investment Bonds are usually treated as a single-premium life insurance policy, but fundamentally they are an investment product. They are often seen as an attractive planning opportunity because any investment growth is allowed to roll-up within the Bond, and 5% of...
Your staff summer party in your accounts is tax deductible
Planning a staff party this summer? Normally, business entertainment is not a tax-deductible expense. However, the cost of entertaining your employees (including directors), for example by having a staff party, is an exception. Whether your business is run...
Avoid penalties – Making Tax Digital (MTD) compliance
This week HMRC will be sending email reminders to all VAT-registered businesses to remind them that they will now need to keep digital records, sign up to MTD and file all their future VAT returns using the MTD-compatible software. If you do not meet HMRC...
Chancellor committed to encouraging capex spending
Here is a summary of the main tax breaks for capital expenditure that are currently available: - 130% relief for investment by limited companies on new plant and machinery that would normally be dealt with in the general pool (Super-Deductions) 100% relief...
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