Importing or exporting for the first time?

If you are considering selling or buying to or from companies based outside the UK, you may well be overawed ...

Top-line, bottom-line?

Most small business owners are happy, from a financial point of view, if sales are in line with expectations. And ...

Autumn Finance Bill 2023 update

The government published the Autumn Finance Bill 2023 on 29 November 2023. The Bill is officially known as Finance Bill ...

What is Class 1A NIC?

Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a ...

Tax on inherited private pensions

Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, ...

Eligibility for the VAT Flat Rate Scheme

The VAT Flat Rate scheme is open to VAT registered businesses that expect their taxable turnover in the next 12 ...

Checking Furnished Holiday Let property occupancy

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a ...

A reminder that NLW and NMW rates are increasing

A reminder for our readers that the National Living Wage (NLW) and the National Minimum Wage (NMW) rates will increase ...

Full-time and part-time contracts

As an employer, the tax and employment responsibilities you have for your staff will depend on the type of contract ...

The Valuation Office Agency tackles holiday lets

The Valuation Office Agency (VOA) is writing to some owners of self-catering holiday lets that are assessed for business rates ...

Tax Diary March/April 2024

1 March 2024 - Due date for Corporation Tax due for the year ended 31 May 2023. 2 March 2024 ...

Using your own vehicles for work-related journeys

If you are an employee and use your own money to buy things you need for your job you can ...

Should you pay tax on selling goods online?

HMRC has published new guidance for taxpayers that regularly sell goods or services through an online marketplace. The guidance makes ...

Landlords – claiming maintenance and repairs costs

Landlords are able to claim for allowable expenses as a deduction from their rental income when calculating taxable rental profits ...

Reporting employee changes to HMRC

There are rules that businesses must follow when they are reporting employee changes. These changes must be sent to HMRC ...

Record number of taxpayers file on time

HMRC has confirmed that more than 11.5 million people submitted their 2022-23 self-assessment tax returns by the 31 January deadline ...

Alcohol duty freeze takes effect

As part of the Autumn Statement measures the Chancellor announced that the duty rates on beer, cider, wine and spirits ...

Does your business offer customs services?

If your business does offer customs services, did you know that HMRC could offer you a free listing on their ...

Government promotes electric vehicles

The government department active in the promotion of electric vehicles has published guidance regarding the costs, charging issues and infrastructure ...

Do you need to tell HMRC about additional income?

There is an online tool that allows taxpayers to check if they need to notify HMRC about additional income. The ...

Capital sums derived from assets

HMRC’s guidance is clear that where a capital sum is derived from an asset, the relevant legislation treats the owner ...

Joining or leaving the VAT Cash Accounting Scheme

The VAT Cash Accounting Scheme can offer useful benefits to small businesses. Under standard VAT accounting, VAT is payable on ...

File early to have self-assessment tax coded out

The coding out threshold may entitle you to have tax underpayments collected via your tax code when you are in ...

Penalties if you missed the filing deadline

Have you missed the 31 January 2024 filing deadline for your 2022-23 self-assessment return? If you have missed the filing ...