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Are you ready for Making Tax Digital?

30/05/2018

Making Tax Digital for Business is due to begin in April 2019. While this might seem a long way away, it does mean that any business which has a turnover above the VAT threshold (currently £85,000) will need to have appropriate software for their finance records. You will no longer be able to use a manual VAT system or the Government...

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This is the year for Auto-enrolment

02/03/2017

2017 is the year when virtually all businesses will become part of the Automatic enrolment scheme for workplace pensions. Employers who fail to comply with their auto-enrolment duties and miss their Staging Date can trigger statutory notices, fixed penalties and even court action. By the end of 2016 nearly 10,000 fixed penalty notices...

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Company director imprisoned

11/10/2018

A director of a company that manufactured security systems has been found guilty of two counts of fraudulent trading and one count of fraudulently removing property in anticipation of winding up. He was sentenced to two years in prison after defrauding his creditors to the tune of £600,000. The man has also been banned from directly or...

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The end of late payments by large organisations?

11/10/2018

The government has been trying to combat the widespread issue of large businesses abusing their position by making late payments to small businesses. This initiative has included the launch of the voluntary Prompt Payment Code (PPC) in April 2017 where over 2,000 signatories have committed to the fair and equal treatment of payments to...

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Importing from non-EU countries

11/10/2018

There are special rules for businesses that import goods from non-EU countries. Whilst most smaller businesses importing goods will use a courier or freight forwarder it is still important to be aware of the duties and VAT implications. Businesses importing goods must be able to distinguish between importing goods from outside the EU or...

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Self-assessment filing deadline

11/10/2018

The 2017-18 tax return deadline for taxpayers using a paper self-assessment return is 31 October 2018. Late submission of a self-assessment return will become liable to a £100 late filing penalty. The penalty usually applies even if there is no liability or if any tax due is paid in full by 31 January 2019. There are many advantages to...

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VAT - option to tax

11/10/2018

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at the standard rate. The ability to convert the treatment of VAT exempt...

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Companies and trading losses

11/10/2018

Corporation Tax relief may be available when a company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offset against other gains or profits of the business in the same or previous accounting period. The loss can also be set against future qualifying trading income. Any claim for...

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The Digital Disclosure Service

11/10/2018

HMRC has used targeted campaigns to recover underpaid taxes and penalties from specific sectors and industries where significant underpayment of tax has been identified. The use of these campaigns is part of the government’s continued moves to tackle tax evasion, avoidance and fraud. Current campaigns include the Card Transaction...

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Genuine messages from HMRC

11/10/2018

HMRC has issued an updated version of their online guidance on Genuine HMRC contact and recognising phishing emails and texts. The guidance provides a current list of genuine messages from HMRC. This includes email messages, text messages and telephone contacts from HMRC. HMRC is currently carrying out compliance checks for midsized...

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