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When is a car a van

There are advantages for tax purposes if the vehicle you buy for your business is considered to be a van as opposed to a car. If you are VAT registered, you can claim back the VAT added to the purchase price (as long as there is no private use in which case you will have to...
3 days 15 hours ago

How deep are your pockets

Next month, those of us who are still self-employed will be digging deep to pay our second payment on account for the tax year 2017-18. The deadline to avoid late payment interest and penalties is 31 July 2018. For most of us, these payments on account (January and July 2018) for...
5 days 15 hours ago

The Maternity Allowance

Women who find that they are not eligible to claim Statutory Maternity Pay may nevertheless, still qualify for the Maternity Allowance (MA). The amount of MA you get will depend on eligibility. You might get Maternity Allowance for 39 weeks if one of the following applies: you’re...
1 week 3 days ago

Construction sector VAT shakeup

Government are considering an extension of the VAT reverse charge to include the construction sector. The reverse charge process places the responsibility for paying VAT on the customer instead of the supplier. In their explanatory notes on this topic HMRC said: What is being done...
1 week 4 days ago

Ring in the changes, or else

There are a number of obligations that business owners should be aware, that involve them informing HMRC of changes to their business circumstances. In some cases, failure to comply may result in fines. We have paraphrased some of occasions when you will need to advise HMRC:
2 weeks 3 days ago

Employees holiday entitlement

The following definitions should help to clarify employee and employer rights and responsibilities regarding entitlement to holiday pay. Almost all workers are legally entitled to 5.6 weeks’ paid holiday per year (known as statutory leave entitlement or annual leave). An employer...
2 weeks 4 days ago

Tax Diary June/July 2018

1 June 2018 - Due date for Corporation Tax due for the year ended 31 August 2017. 19 June 2018 - PAYE and NIC deductions due for month ended 5 June 2018. (If you pay your tax electronically the due date is 22 June 2018) 19 June 2018 - Filing deadline for the CIS300 monthly return...
2 weeks 4 days ago

What to do if you cannot pay your tax

HMRC will consider extended options for settling your outstanding tax bill. The key is to contact HMRC, explain why you can’t pay on time, and discuss how you can settle any outstanding liabilities. If you can’t pay before the deadline, call the Business Payment Support Service....
2 weeks 4 days ago

Crackdown on abuse of UK businesses

Reforms are being considered that will ensure that Scottish Limited Partnerships continue to be used as a legitimate vehicle for investment in the UK. Measures to crack down on the abuse of a specialised financial arrangement to launder foreign money through the UK was unveiled at...
2 weeks 4 days ago

Thousands receive back pay

In a recent press release, HMRC urged underpaid workers to complain as figures show that the number of workers getting the money they're owed by employers has doubled after interventions by HMRC. According to latest figures, in 2017-18, HMRC investigators identified £15.6 million in...
2 weeks 4 days ago

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