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View Smash open that piggy bank for old ten pound notes

Smash open that piggy bank for old ten pound notes

  The clock is ticking. It maybe time to raid your piggy banks for old ten pound notes. From the 1 March 2018, the old-style £10 notes featuring Charles Darwin, ceased to be legal tender. Companies House suggests the following actions: Time is ticking for the old paper £10 banknote. We’re advising all businesses to…

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View One day late VAT payment meant £297K fine

One day late VAT payment meant £297K fine

Have you heard the one about the £297,845 fine for late VAT payment by just one day? That’s right. In a recent court case a company was fined £297,845 for being one day late in paying their VAT. This only goes to show the unpredictable, and seemingly harsh outcomes of HMRC’s VAT surcharging rules. Why…

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View They Tax Horses With Vat Don’t They

They Tax Horses With Vat Don’t They

Did you know they tax horses? The tax man isn’t always as nice as the VAT man. Apparently the tax man doesn’t like horsey people but the VAT man does. Here’s a story for you. The criteria to adhere to on horse tax Are you aware that you can register for VAT if you have…

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View New protection for company directors from identity fraud

New protection for company directors from identity fraud

  There’s some good news for Company Directors feeling exposed to identity fraud from the Department of Business, Energy & Industrial Strategy. They issued an announcement last week: • Company directors are twice as likely to be victims of identity fraud, research shows • New laws will allow directors to remove their personal address from…

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View The tax year end is coming and relief options are going.

The tax year end is coming and relief options are going.

The 5 April 2018, is the next key marker for tax advisors, the end of the current tax year. But why so important? Each tax year, taxpayers are granted a number of tax-free allowances, exemptions and reliefs. In most circumstances, if you don’t take advantage of these reliefs they’re lost; and subsequently can’t be carried…

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View The correct tax is due on offshore assets this year

The correct tax is due on offshore assets this year

A new legal requirement is included in the Finance (No. 2) Act 2017 that creates an obligation for anyone who has undeclared UK tax liabilities that involve offshore assets or transfers to disclose the relevant information about this non-compliance to HMRC by 30 September 2018. When it all changes Failure to disclose the relevant information…

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View Is inheritance tax due for a shakeup?

Is inheritance tax due for a shakeup?

The government department simplifying our present tax system is taking a fresh look at inheritance tax. Their review has just been published and we’re going to take you through it. The review says: The review will consider how aspects of the IHT system work, if and how they might be simplified. This will include a…

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View Young people with great business ideas should step up

Young people with great business ideas should step up

The Princes Trust and Innovate UK have formed a partnership to support young people with great business ideas that that are likely to become a reality. Here’s some details: Ideas can come from anywhere The competition – part of the Ideas Mean Business campaign – will help young adults to make their ideas a success, no matter…

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View Excuses for late tax returns

Excuses for late tax returns

What are reasonable excuses for late tax returns? There was an announcement on the gov.uk website last week that said more than three million self-assessment tax returns had not been filed with just a week to go before the 31 January deadline. That’s a third of returns are still due to be filed. If you’re…

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