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View Not long until GDPR becomes law

Not long until GDPR becomes law

GDPR – 66 days to go A reminder that the General Data Protection Regulation is due to become law 25 May 2018. At the time of writing this blog, that’s 66 days to become compliant. Why should you take it seriously? Because there are significant financial penalties for getting it wrong: meaning fines to you…

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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 The Future of Intellectual Property Following Brexit

The Future of Intellectual Property Following Brexit

The IP Property Office has spoken about the future of intellectual property following Brexit. Here are some of their comments to clarify various issues for companies with existing registered IP, or that have applications in progress. Trade marks The UK system for protecting trade mark rights is not affected by the decision to leave the EU….

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View Scam text messages getting stopped by HMRC

Scam text messages getting stopped by HMRC

Thousands of scam text messages have been intercepted by HMRC, with 90 percent of the most convincing texts now stopped before reaching taxpayer’s phones. The milestone comes during Take Five To Stop Fraud Week, with the tax authority working to raise awareness of the tell-tale signs of a scam ahead of the Self-Assessment deadline. Fraudsters…

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