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Tag: HMRC advice

VAT Returns – Remember to Keep Records

It’s a basic check that needs to be done every year – reconciling the sales reported on your VAT returns to those in your annual accounts. HMRC will do this, so if there are differences, the tax inspector is likely to ask questions. There are several reasons why the sales reported in your accounts may…

November 7, 2016
Tax Paid By Deceased Estates

When an individual dies it can take months or even years to wind up the estate and pay out the funds to all beneficiaries. In the meantime, those funds may earn bank interest. Since 6 April 2016, interest from banks, building societies and NS&I is paid without tax deducted, but it is taxable. Most people…

October 13, 2016
Surprise! Surprise! HMRC Calling

According to recent reports HMRC has increased the number of small business investigations and they continue to be seen as soft targets. About 7% of tax inspections are random, the majority are triggered because HMRC believes that something is wrong. What can you do to reduce your chances of being selected? File your tax returns…

September 2, 2016
Limited Companies: Annual Return to be a ‘Confirmation Statement’

On 30th June the document we know fondly as the Annual Return is to be replaced by a new ‘Confirmation Statement’.

June 29, 2016
Cash Sales Business? Check your Cash Register Records Carefully

As the owner or manager of a cash sales business, how often do you check the records on your cash register?

June 10, 2016
News: Online Petition Against Filing Tax Returns Four Times a Year

The Daily Telegraph reveals that more than 100,000 small business owners and self-employed workers have joined forces to fight a Government proposal that would force them to file tax returns four times a year instead of annually.

January 28, 2016
Changes to Dividend Tax Rates

In the summer Budget there was an announcement about changes to dividend taxes from April 2016. All taxpayers will have a dividend allowance of £5,000 a year at the new tax rate – which is better for many small investors seeking income from their shareholding.

September 1, 2015
HMRC and Late Filing Penalties – No New News!

Have you seen the recent news coverage about HMRC cancelling their usually strict £100 penalty if you are late with your tax returns? We need to tell you that this is not new news!

July 9, 2015
Tax Credits Changes and the Risk of Overpayment

Tax credits are state benefits that provide extra money to people responsible for children, disabled workers and other workers on lower incomes. There are two types of tax credits – child tax credits and working tax credits.

July 2, 2015
Changes to the Collection of Class 2 NICs from 2015

Following our policy of keeping you up-to-date with key HMRC news, we have information that there are changes to the collection of Class 2 National Insurance Contributions from the 2015/16 tax year.

May 27, 2015
Taxation – The Intentions of the Main Political Parties

Following our promise to keep you as up-to-date as possible with all things financial, we have obtained an at-a-glance guide to the intentions of the main political parties regarding taxation.

April 30, 2015
New Marriage Allowance Tax Break

From 6th April this year the new Marriage Allowance is a tax break available for more than 4 million married couples and 15,000 civil partnerships.

April 16, 2015

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