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Are you missing out on tax credits?

There has been much commentary in recent months reminding tax payers who claim tax credits to file their renewals application before the 31 July deadline. But apparently, many applications have been made incorrectly, and as a result, claimants are not collecting the full amount to...
6 months 4 weeks ago

What is in a name?

One of the first things a budding entrepreneur considers is what to call their business. If you intend to incorporate your business as a limited company, the registration process will filter out unacceptable names and names that are too similar to a company already registered at...
7 months 3 days ago

What if there is a hard Brexit?

Although we strive to be non-political in this blog, it would seem that there is an increasing likelihood that when we leave the EU March next year the present free movement of goods will no longer apply. And so, putting aside our reaction to this possibility, what should we be doing...
7 months 5 days ago

Penalties to be points based

Drivers face disqualification from driving if they accumulate 12 or more penalty points for driving offences. The resulting ban can last from 4 to possibly 11 years depending on the gravity of the offence. HMRC seem to think that this point based system is a good idea and they now...
7 months 1 week ago

Tax security deposits to be extended

Continuing the theme from last week’s blog post, we have listed details of a forthcoming change to the taxation of companies that were disclosed in the draft clauses published last week for the forthcoming budget. The change outlined expands the rights of HMRC to demand a security...
7 months 1 week ago

Do not fall for spoof emails from the taxman

New figures show that HM Revenue and Customs (HMRC) requested a record 20,750 malicious sites to be taken down in the past 12 months, an increase of 29% on the previous year. Despite a record number of malicious sites being removed, HMRC is warning the public to stay alert as...
7 months 2 weeks ago

Advance notice

Last week the Treasury issued draft clauses for the forthcoming Finance Bill (to be published after the Autumn Budget later this year). These will set the scene for tax matters 2019-20 and beyond. The aim of the advance notice is to give interested parties a chance to comment on the...
7 months 2 weeks ago

Construction drawn into VAT reverse charge process

It would seem, that HMRC is keen to plug the apparent drain from VAT receipts when contractors and sub-contractors charge their customers VAT and then go missing, keeping the VAT for themselves. This is described in legislation as “missing trader fraud”. Their preferred method for...
7 months 3 weeks ago

Self-employed tax bills

Whether you pay income tax or National Insurance, the effect on your cash flow is the same. The payments are a necessary part of our obligation to fund the activities of State, but the self-employed are often surprised that their bi-annual tax payments cover both “taxes” – NIC and...
7 months 3 weeks ago

Director minimum salary levels 2018-19

Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce National Insurance Contributions (NIC), and in some cases income tax. The planning strategy is to pay a salary at a level that qualifies the director for state...
7 months 3 weeks ago

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