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View Misunderstanding VAT basics could cost a fortune

Misunderstanding VAT basics could cost a fortune

VAT Basics may catch you out You may be late with your VAT returns and not even know it. You may have miscalculated your VAT as well, and not even realise it. Either way, that may mean fines. And we can help with it all. VAT should always be calculated on a 12-month rolling amount….

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View Make sure you report Benefits in Kind

Make sure you report Benefits in Kind

HMRC posted a reminder about Benefits in Kind on their website the first day of the new tax year. Examples of these include company cars, health insurance, travel and entertainment expenses, and childcare. The Benefits in Kind reminder Employers need to report all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs), to HMRC on form…

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View The story of the technophobe, HMRC and a sympathetic judge.

The story of the technophobe, HMRC and a sympathetic judge.

Are you a complete technophobe with no interest or even any skills with computers? Do Facebook and Twitter sound like racehorses running in the 2.30 at Haydock Park? Furthermore, does the thought of having to deal with computers push you into a severe anxiety state? Then read on. The Technophobe That Tried Meet Ms Naylor,…

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View 2 million workers receive a National Living Wage rise from 1 April 2018

2 million workers receive a National Living Wage rise from 1 April 2018

Over 2 million people will get a pay rise from 1 April 2018 thanks to an above-inflation rise in the National Living Wage (NLW). And no, this isn’t a late April Fool’s Day joke. The National Living Wage is going up by 4.4%, from £7.50 to £7.83, meaning a full-time minimum wage worker will be…

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View HMRC cracks down on online VAT abuse

HMRC cracks down on online VAT abuse

Fulfilment houses are being drawn into government endeavours to deal with the loss of revenue through online VAT abuse by traders based outside the EU. Therefore, from 1 April 2019, approved fulfilment businesses will be required to complete due diligence checks on their overseas customers and maintain records about the goods they store. HMRC have…

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View Why ticking the Gift Aid box is important

Why ticking the Gift Aid box is important

Tick That Gift Aid Box HMRC have said that charities are missing out on up to £600m a year of funding due to people not ticking Gift Aid box. They said: The research, published today by HM Revenue & Customs (HMRC), shows that a third of eligible donations made to many of the UK’s 200,000…

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View Why investing in tax professionals is always your best option

Why investing in tax professionals is always your best option

Tax Professionals are your best option The UK tax code, the laws that govern how much tax we pay, is one of the largest in the developed global economies. Unless you have a reasonable grasp of the multitude of tax rules and regulations, attempting to manage your own tax affairs is like driving with a…

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View What we make of Philip Hammond’s Speech

What we make of Philip Hammond’s Speech

Not a budget So what are we to make of the speech by Philip Hammond last week? Firstly, the Chancellor’s announcement was not a budget speech. There were no tax changes announced, in fact, the only change that was announced was to bring forward the expected business rates rebasing exercise by a year. He described…

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View Making Tax Digital – A reminder for VAT registered traders

Making Tax Digital – A reminder for VAT registered traders

Here’s a reminder for VAT registered traders on Making Tax Digital and what it may mean to them. As of April 2019, some self-employed businesses will be required to file VAT returns direct to their online personal tax accounts with HMRC. Eventually, all income and allowances will be kept in the digital account that HMRC…

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