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Business Tax

Are you aware of the tax implications when taking on a second job?

Have you thought about taking on an extra job during the COVID – 19 pandemic? Perhaps you have been put on furlough and have spent time thinking of innovative ways to start a side business, to pass some time and inevitably save up some money, for when life returns to normal. 

HMRC ARE CONTINUING TO STRESS NO EXTENSION TO SELF ASSESSMENT DEADLINE (BUT ARE THEY SECRETLY YIELDING TO PRESSURE?)

HMRC have issued a letter addressed to the main accountancy bodies on the extension of the filing deadline and waiving of late filing penalties after 31 January 2021.  

83% of Owner Managed Businesses think tax increases should be delayed until recovery well underway

•    Early tax rises would hit business and consumer sentiment •    Businesses also want assistance targeted at those that need it – more means checking and anti-fraud checks  

COVID-19: Company cars and lockdown

As we enter another week of coronavirus lockdown HMRC have confirmed that company car drivers must still suffer a Benefit-in-Kind tax charge where they have access to private use of their vehicles.   We look at the implications for company car drivers. 

Working from home: what Directors can claim for

We look at the rules around what the Directors of owner managed businesses can claim for when their employees are working from home. 

Protecting cash flow - tax payments

It is unlikely that our businesses will be unaffected by the inevitable slow-down in economic activity as the Coronavirus outbreak starts to bite.

Protecting cash flow - tax payments

It is unlikely that our businesses will be unaffected by the inevitable slow-down in economic activity as the Coronavirus outbreak starts to bite.

Tax Diary May 2019

Important tax dates for your May diary

Tax Diary March 2019

Important tax dates for March.

Tax Diary March 2019

Important tax dates for March.

Would a digital services tax do more bad than good?

In the autumn budget, Chancellor of the Exchequer, Philip Hammond proposed the UK implement a ‘digital services tax’ on sales by technology giants. 

Would a digital services tax do more bad than good?

In the autumn budget, Chancellor of the Exchequer, Philip Hammond proposed the UK implement a ‘digital services tax’ on sales by technology giants. 

January is here - completing your self assessment tax return

As the year draws to a close, the thought of your tax return is there, at the back of your mind. But with so much time before the deadline, you decide not to worry about it for now.

January is here - completing your self assessment tax return

As the year draws to a close, the thought of your tax return is there, at the back of your mind. But with so much time before the deadline, you decide not to worry about it for now.

Tax diary for November 2018

November is a very busy time for returns and tax payments. Below are the important dates coming up over the next month. 

Tax diary for November 2018

November is a very busy time for returns and tax payments. Below are the important dates coming up over the next month. 

Budget 2018 overview: Austerity is coming to an end, but discipline will remain

With the Government already having pledged to end austerity, the Chancellor had to loosen the purse strings in his Autumn Budget. Fortunately, better than expected growth and borrowing forecasts gave scope for a few extra voter-pleasing announcements.

Recent tribunal triggers debate over capital allowances

Commercial property firms are being urged to ensure their capital allowance provisions are in order after a tribunal sparked a debate over claims.

What is a reasonable excuse?

HMRC is still required to obtain certain returns from you even if there is no income or tax to declare. Failure to submit will likely trigger late filing penalties and unfortunately, pleading ignorance of your obligations to file “nil” returns is not a reasonable excuse.

What is a reasonable excuse?

HMRC is still required to obtain certain returns from you even if there is no income or tax to declare. Failure to submit will likely trigger late filing penalties and unfortunately, pleading ignorance of your obligations to file “nil” returns is not a reasonable excuse.

Is your business ready for the April making tax digital deadline?

In less than a year all businesses that file VAT returns will have to file these online or through reliable accountancy software. From April 2019, VAT registered businesses with turnover above the VAT threshold (currently £85,000) will have to:

Is your business ready for the April making tax digital deadline?

In less than a year all businesses that file VAT returns will have to file these online or through reliable accountancy software. From April 2019, VAT registered businesses with turnover above the VAT threshold (currently £85,000) will have to:

Tax diary August

1 August 2018 - Due date for Corporation Tax due for the year ended 31 October 2017.

Tax diary August

1 August 2018 - Due date for Corporation Tax due for the year ended 31 October 2017.

Self employed tax bills

Whether you pay income tax or National Insurance, the effect on your cash flow is the same.

Self employed tax bills

Whether you pay income tax or National Insurance, the effect on your cash flow is the same.

Tax Diary May

May is a very busy time in the tax calendar, with critical filing dates.

Tax Diary May

May is a very busy time in the tax calendar, with critical filing dates.

Isle of Wight residents hit with fake HMRC telephone scam

A number of Isle of Wight residents’ landline numbers have been targeted in a HMRC telephone scam and this has now led to police issuing a warning to all residents on the Isle of Wight.  

Isle of Wight residents hit with fake HMRC telephone scam

A number of Isle of Wight residents’ landline numbers have been targeted in a HMRC telephone scam and this has now led to police issuing a warning to all residents on the Isle of Wight.  

Tax-free childcare support expanded

Since 14 February 2018, tax-free childcare has become available to all remaining eligible families: parents whose youngest child is under 12. The new scheme aims to help working parents with the cost of childcare.  According to government, it is quick and easy to apply, and parents could save thousands of pounds each year. For every £8 parents pay into their childcare account, the government will add an extra £2, up to £2,000 per child per year. HMRC has been gradually rolling out tax-free childcare since April 2017. 

Tax-free childcare support expanded

Since 14 February 2018, tax-free childcare has become available to all remaining eligible families: parents whose youngest child is under 12. The new scheme aims to help working parents with the cost of childcare.  According to government, it is quick and easy to apply, and parents could save thousands of pounds each year. For every £8 parents pay into their childcare account, the government will add an extra £2, up to £2,000 per child per year. HMRC has been gradually rolling out tax-free childcare since April 2017. 

Can I reclaim the VAT on a new car used for business?

VAT specialist Andy Hancock looks at the rules around claiming VAT on pool cars.

VAT flat rate scheme changes worth careful consideration

Changes to the VAT flat rate scheme announced in the Autumn Statement could mean that the scheme is no longer the right option for your business. Tax Advisor Tim Woodgates looks at what the changes mean. 

Tax planning using the new Lifetime ISA

Budget 2016 announced a new 'Lifetime ISA' that will be available to those aged between 18 and 40 from 6 April 2017.

Tax planning using the new Lifetime ISA

Budget 2016 announced a new 'Lifetime ISA' that will be available to those aged between 18 and 40 from 6 April 2017.

Senior Accounting Officer regime: Making it work for you

HMRC’s Senior Accounting Officer (SAO) regime for large UK corporates may look like just another compliance burden. But you can look at it another way – as a powerful reference point and information source for minimising your tax risk.