Recovery Loan Scheme opens to businesses
Posted on Wednesday, May 5th, 2021
On 6 April, the Recovery Loan Scheme (RLS) was introduced to replace the government’s coronavirus lending schemes. The RLS provides financial support to businesses affected by the COVID-19 pandemic. The scheme gives lenders a guarantee of 80%... Read Full Article...
‘Unbelievable excuses’ for late filing of tax returns
Posted on Tuesday, February 12th, 2019
HMRC has revealed some of the most ‘bizarre excuses’ taxpayers have given for failing to file their self assessment tax return on time. Excuses included ‘I’m too short to reach the post box’, and ‘my boiler had... Read Full Article...
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Tax-free gifts to employees
Posted on Thursday, December 6th, 2018
Some employers may wish to give a small gift to their employees. As long as the employer meets the relevant conditions, no tax charge will arise on the employee. A tax exemption is available which should help... Read Full Article...
Making Tax Digital for VAT public pilot opens and deferral for some businesses
Posted on Wednesday, November 7th, 2018
HMRC has opened the Making Tax Digital for VAT (MTDfV) public pilot. However certain VAT-registered businesses (around 3.5% according to HMRC) with more complex requirements will be deferred from being subject to MTD for six months. Essentially,... Read Full Article...
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Software suppliers – Making Tax Digital for VAT
Posted on Wednesday, October 3rd, 2018
HMRC is working with more than 150 software suppliers who have said they will provide software for Making Tax Digital for VAT (MTDfV) in time for April 2019. From 1 April 2019, businesses will be mandated to... Read Full Article...
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Advisory fuel rates for company cars
Posted on Wednesday, October 3rd, 2018
New company car advisory fuel rates have been published which take effect from 1 September 2018. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’.... Read Full Article...
HMRC identify record £15.6 million minimum wage underpayments
Posted on Wednesday, October 3rd, 2018
HMRC has announced that they achieved record enforcement results this year, identifying £15.6million of minimum wage underpayments. The number of workers identified as underpaid was double that in 2016/17 and the highest number since the National Minimum... Read Full Article...
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‘No deal’ Brexit guidance and small business survey
Posted on Wednesday, October 3rd, 2018
Following the issue of some ‘no deal’ Brexit technical notices, in August, the government has issued further notices with the aim of helping both businesses and individuals to prepare in the event of a UK-EU agreement not... Read Full Article...
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HMRC offer tax support to growing businesses
Posted on Tuesday, May 8th, 2018
HMRC have announced the introduction of a new service to directly help mid-sized businesses as they expand and grow. This is to be known as the Growth Support Service. According to HMRC there are approximately 170,000 mid-sized... Read Full Article...
Making Tax Digital update
Posted on Wednesday, March 15th, 2017
Over the summer HMRC published six consultation documents on Making Tax Digital. The six consultations set out detailed plans on how HMRC propose to fundamentally change the method by which taxpayers, particularly the self-employed and landlords, send... Read Full Article...