Please note that as of 13th January some dates have changed. VAT penalties will be introduced on 1st January 2023 instead of 1st April 2022. Points do not mean prizes with the new Penalty Regime… Paying your tax bill on time can be a struggle. The HM Revenue & Customs’ (HMRC’s) penalty regime exists, […]
Paying your tax bill is an inevitable part of doing business. The more your income grows, the more tax you will have to pay. Unfortunately, you’re rewarded for your success with a bigger tax bill. While we don’t want our clients to avoid paying tax or evading HMRC. We do want our clients to pay […]
Whether we are producing your accounts or carrying out your annual audit, being prepared for us will ensure our work is carried out smoothly and efficiently and with the minimum disruption to yourselves. You may also be able to help by preparing some of the routine schedules for us. This will mean our time can […]
Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time. The self assessment cycle Tax returns are issued shortly after the end of the fiscal year. The fiscal year runs from 6 April to the following 5 April (thanks to […]
You may have heard of this latest new initiative from HMRC sometimes referred to simply as MTD – here we look at what this is and how it will impact you and your business. […]
Starting a business can be a dream come true and very exciting! There are however, many areas you will suddenly need to be involved in which may not be your core area of interest or expertise. Knowing when to delegate and outsource could save your business and your sanity. […]
So you may have heard the headlines in the recent budget about the death of tax returns. Don’t start celebrating just yet – this target has a deadline of 2020 and crucially relies on businesses and tax payers moving to online accounting software. Sounds like a big step ? Over a third of our existing client […]
What is entertainment? Business entertainment includes hospitality which is provided free of charge to the recipient. In general, no form of business entertainment is allowable for tax purposes regardless of whether you personally think there is a purpose specifically related to your business UNLESS you are entertaining employees for the purpose of reward and motivation. […]
Preparing your accounts for income tax purposes – the cash basis You may have heard that the Government has been considering whether to allow some small businesses to compute taxable profits for the purposes of income tax on a cash basis rather than the usual accruals basis. The Finance Act 2013 now allows this option. […]
With effect from January 2013, those receiving child benefit and with net adjusted income of £50k or more will be taxed such that all the benefit is reduced to zero at £60k. […]
