VAT-registered businesses who use invoice accounting generally account for VAT when invoices are issued and received. HMRC have recently published new Guidelines for Compliance which set out their recommended approach to the compliance process to ensure that VAT is accurately…
If you pay tax through PAYE, as will be the case if you are an employee or a pensioner, you may need to complete a Self Assessment tax return if you have other sources of income, such as income from…
Nearly ten years ago in March 2015 the then-Chancellor George Osborne announced a government initiative setting out a vision for the ‘end of the tax return’ and a ‘transformed tax system’ under the title of ‘Making Tax Digital’ (MTD). The…
This Summary covers the key tax changes announced in the Chancellor’s speech we’ve included tables of the main rates and allowances. We recommend that you review your financial plans regularly as some aspects of the Budget will not be implemented…
Over the past few years, tax enquiries aimed at identifying and correcting errors or deliberate under-reporting in tax returns have increased. HMRC generates substantial revenue from all compliance activities and although the exact proportion relating to tax enquiries is not…
Our Trusted Partner Adrian Berwick of AB HR Solutions has shared this article on the new Employments Right Bill. After much anticipation, we are seeing the proposed changes that will take effect under the Labour Government. Just by way of…
Scammers are becoming increasingly adept at fooling people and a favoured tactic is a letter, a text or an email purporting to be from HMRC, often promising a tax refund in exchange for personal and financial data. During the summer,…
A person who is resident and domiciled in the UK is liable to UK tax on their worldwide income. Consequently, if they have overseas property that they rent out, any rental profits are taxable in the UK. Separate overseas property…
If it works correctly, the tax that is collected under PAYE will exactly match the tax that is due for the year. However, in practice, this balance may be disturbed, for example, because benefits included in a tax code change…
Anyone who invests in a company is taking a chance, hoping that the directors, as representatives of the company, will use the money to increase the company’s profit. In return for taking this chance, a shareholder receives ‘payback’ usually as…
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