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Company director imprisoned
10/10/2018 - More...
A director of a company that manufactured security systems has been found guilty of two counts of fraudulent trading and one count of fraudulently removing property in anticipation of winding up. He was sentenced to two years in prison after defrauding his creditors to the tune of £600,000. The man has also been banned from directly or

The end of late payments by large organisations?
10/10/2018 - More...
The government has been trying to combat the widespread issue of large businesses abusing their position by making late payments to small businesses. This initiative has included the launch of the voluntary Prompt Payment Code (PPC) in April 2017 where over 2,000 signatories have committed to the fair and equal treatment of payments to

Importing from non-EU countries
10/10/2018 - More...
There are special rules for businesses that import goods from non-EU countries. Whilst most smaller businesses importing goods will use a courier or freight forwarder it is still important to be aware of the duties and VAT implications. Businesses importing goods must be able to distinguish between importing goods from outside the EU or

Self-assessment filing deadline
10/10/2018 - More...
The 2017-18 tax return deadline for taxpayers using a paper self-assessment return is 31 October 2018. Late submission of a self-assessment return will become liable to a £100 late filing penalty. The penalty usually applies even if there is no liability or if any tax due is paid in full by 31 January 2019. There are many advantages to

VAT - option to tax
10/10/2018 - More...
There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at the standard rate. The ability to convert the treatment of VAT exempt

Companies and trading losses
10/10/2018 - More...
Corporation Tax relief may be available when a company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offset against other gains or profits of the business in the same or previous accounting period. The loss can also be set against future qualifying trading income. Any claim for

The Digital Disclosure Service
10/10/2018 - More...
HMRC has used targeted campaigns to recover underpaid taxes and penalties from specific sectors and industries where significant underpayment of tax has been identified. The use of these campaigns is part of the government’s continued moves to tackle tax evasion, avoidance and fraud. Current campaigns include the Card Transaction

Genuine messages from HMRC
10/10/2018 - More...
HMRC has issued an updated version of their online guidance on Genuine HMRC contact and recognising phishing emails and texts. The guidance provides a current list of genuine messages from HMRC. This includes email messages, text messages and telephone contacts from HMRC. HMRC is currently carrying out compliance checks for midsized

Charity filing deadline approaching
02/10/2018 - More...
The Charity Commission has warned charities that the deadline for submitting the 2017 annual return is fast approaching. The deadline for charities with a standard 12-month accounting period is 31 October 2018. According to the Charity Commission, there are many charities that have yet to file their annual return. Not filing on time means

When do you pay Income Tax?
02/10/2018 - More...
Income Tax, unsurprisingly, is a tax on income. To be more specific, it is a tax on the income of individuals and non-incorporated businesses. However, there are some types of income where no Income Tax is payable. We have summarised below some of the main income type that are and are not liable to Income Tax. In most circumstances,

What are National Insurance credits?
02/10/2018 - More...
National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the amount of qualifying years of National Insurance contributions which can increase the amount of benefits a person is entitled to, such as the State Pension. For example, National Insurance

Gift Aid donations for food and drink
02/10/2018 - More...
The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take a taxpayer’s donation and provided all the qualifying conditions are met, can reclaim the basic rate tax allowing an extra 25p on every £1 donated to charity. HMRC has published a press release to remind

Class 3 NICs
02/10/2018 - More...
Class 3 National Insurance Contributions (NICs) are a voluntary contribution paid by those wishing to fill gaps in their NICs contribution record and can be used by taxpayers who have not made sufficient compulsory contributions or are not liable to pay any other class of National Insurance contributions. Essentially, Class 3

Limitations of trivial benefit claims
02/10/2018 - More...
Under HMRC’s rules, there is no tax to pay on trivial benefits in kind (BiK) provided to employees where all of the following apply: the benefit is not cash or a cash-voucher; and costs £50 or less; and is not provided as part of a salary sacrifice or other contractual arrangement; and is not provided in recognition of services

Eligibility to claim Entrepreneurs’ Relief
02/10/2018 - More...
Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available Capital Gains Tax (CGT) of 10% is payable in place of the standard rate. CGT on the disposal of chargeable assets is usually chargeable at 20%. There are a number of

Ways to liquidate a limited company
02/10/2018 - More...
There are a number of reasons why a limited company may be no longer required and can be shut down. This may be because the limited company structure: no longer suits the needs of its owners, the business is no longer active, or the company is insolvent. The agreement of all the company’s directors and shareholders to close down

High penalties for offshore tax evasion
02/10/2018 - More...
There are higher penalties for taxpayers evading Income Tax and Capital Gains Tax relating to offshore matters. HMRC’s compliance check notice entitled Higher penalties for offshore matters, has recently been updated to include details about penalties under the Requirement to Correct (RTC) legislation. The RTC rules apply to any person

Alert for VAT registered traders
25/09/2018 - More...
The deadline for businesses with a turnover above the VAT threshold to keep digital records and provide regular digital updates to HMRC for VAT purposes using Making Tax Digital (MTD) is fast approaching. From 1 April 2019, businesses with a turnover above the VAT threshold (currently £85,000) will be required to keep their records

Late night taxis for employees
25/09/2018 - More...
There is no specific requirement for employers to provide employees with transport home. Nevertheless, an employer has a duty of care to their employees, which means that they should take all steps that are reasonably possible to ensure their health, safety and wellbeing. Ensuring that an employee gets home safely during unsocial

Do capital gains affect tax credit claims?
25/09/2018 - More...
There are special income eligibility rules for making tax credit claims. The amount and type of income you (and your partner for a joint claim) have will affect how much tax credits you might get. There is a common misconception that the only figure that needs to be provided to HMRC when applying for / renewing a tax credit claim is

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Latest News

Company director imprisoned
10/10/2018 - More...
A director of a company that manufactured security systems has been found guilty of two counts of

The end of late payments by large organisations?
10/10/2018 - More...
The government has been trying to combat the widespread issue of large businesses abusing their

Importing from non-EU countries
10/10/2018 - More...
There are special rules for businesses that import goods from non-EU countries. Whilst most smaller

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