Latest Thinking

One of the many ways that payments can be made to HMRC is by using a direct debit. The direct debit can be set up online. You can pay your...

Gift Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT). The relief can be claimed when assets are given away (including certain shares) or sold for...

If you run a business and manage your planning by scribbling notes on the back of an envelope, you might be advised to read the contents of this article. When...

In a recent article we explained how granting lengthy credit limits to customers was as good as letting them keep your money in their bank account. In this post we...

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This...

Humza Yousaf, Scotland’s First Minister, has announced that council tax rates will be frozen in the next financial year to support people struggling with the effects of high inflation. First...

The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the various criteria outlined below, then there is...

There are now less than 100 days to file your 2022-23 Self-Assessment tax return online. The deadline is 31 January 2024. The deadline for paper returns ended on 31 October...

Scammers are on the rise as the Self-Assessment deadline nears! HMRC warns that HMRC never emails or texts about tax refunds. Stay alert, report suspicious contacts, and protect your money...

The Government has withdrawn draft regulations after consultation with companies raised concerns about imposing additional reporting requirements. Instead, the Government will pursue options to reduce the burden of red tape...

If your business grants a customer time to pay – say 30 days – after the services or goods supplied have been delivered, effectively, your money stays in their bank...

HMRC has published revised guidance concerning the charging of company cars and vans at residential properties. HMRC had previously maintained that the reimbursement of costs in relation to charging a...

There is a permanent easement in place for employers to report PAYE information in real time over the Christmas period. This can be for a number of reasons, for example,...

The Economic Operators’ Registration and Identification System (EORI) was setup as a European Union (EU) wide initiative that helps businesses communicate with customs officials when they are importing and exporting...

The Chancellor of the Exchequer, Jeremy Hunt, confirmed that the government has committed to the proposals of the Low Pay Commission for increasing minimum wage rates from 1 April 2024....

Once you have secured the attention of a customer that has purchased their initial goods or services from you, you have completed the hard part – converted a prospect into...

Most business owners will appreciate the difference between one-off sales, and services that are generally described as recurring. For example, you may sell a laptop (a one-off sale) and then...

1 November 2023 – Due date for Corporation Tax due for the year ended 31 January 2023. 19 November 2023 – PAYE and NIC deductions due for month ended 5...

The 2022-23 tax return filing deadline for taxpayers who continue to submit paper Self-Assessment returns is 31 October 2023. Late submission of a Self-Assessment return will incur a £100 late...

HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store for Android. The latest version of the app includes updated...

Employers usually have to pay employees through PAYE if they earn £123 or more a week (£533 a month or £6,396 a year). There is no requirement to pay self-employed...

HMRC must be informed when a non-trading or dormant company starts trading again and thus becomes active for Corporation Tax purposes. Companies can use HMRC Online Services to supply the...

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details for Cost of Living Payments due in...

Your eligible deposits with all High Street bank are covered by the Financial Services Compensation Scheme (FSCS). The present limit of this FSCS guarantee is £85,000 and this applies to...

These legal agreements enable a person to grant decision making powers about their care, treatment or financial affairs to another person if they lose mental capacity. The Powers of Attorney...

There is an interesting anomaly that can affect taxpayers with homes in Scotland and other parts of the UK. Where this is the case, the question arises as to whether...

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known...

The Certificate of Tax Deposit scheme allowed users to deposit money with HMRC and use it later to pay tax liabilities. The date that the certificate was purchased was known...

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received...

The basis of assessment reforms will change the way trading income is allocated to tax years. The changes will affect sole traders and partnerships that use an accounting date between...