General

The value of audits

November 3rd 2017

Did you know… an audit can be a valuable process that’s worth investing in?

Carry back charitable donations

November 3rd 2017

One of the few remaining options to carry back tax allowable payments to a previous tax year is the facility to set off certain charitable donations made after 5 April 2017, to the tax year 2016-17.

Are we making progress with Making Tax Digital

July 5th 2017

There is evidence that HMRC’s Making Tax Digital (MTD) implementation team are working with advisors and their clients to beta test the computer systems that will drive the quarterly upload process when it is timed to begin April 2018.

McLaren racing team lose tax appeal

July 5th 2017

It is a well-established feature of previous judgements that a fine imposed to punish an organisation should not be treated as tax deductible - the tax relief secured would effectively share out the burden of the punishment with the rest of the taxpaying community.

Beware Phishing Scam

June 2nd 2017

HMRC are strongly advising customers to look out for a new phishing scam in the form of an e-mail with the subject, ‘Your 2016 Tax Report’, with an attachment.

Making Tax Digital and The Cash Basis

May 19th 2017

Making Tax Digital (MTD) is an initiative by the Government to turn the UK into one of the most digitally advanced tax administrations. The proposals are far reaching and will ultimately affect all taxpayers.

The UK is to get its first Small Business Commissioner

March 7th 2017

A search is underway to recruit the UK’s first Small Business Commissioner. The commissioner will be a high profile role supporting small businesses in payment disputes with their larger customers.

Beware internet phishers

February 3rd 2017

The end of January, Self Assessment filing deadline, and the approaching tax year end seem to stimulate fraudulent activity focussing on tax issues.

Lifetime ISA

February 1st 2017

The lifetime ISA will launch in April 2017. A lifetime ISA can be opened by anyone between the ages of 18 and 40. Savings of up to £4,000 a year made before the individual’s 50th birthday will earn a government bonus of 25% - a potential bonus of up to £1,000 a year. There is no minimum contribution.

Get your affairs in order

January 18th 2017

HMRC are currently running a number of campaigns to encourage taxpayers who have undeclared income to come forward and bring their tax affairs up to date in return for lower penalties. In particular, campaigns are available in respect of let property, second incomes and credit card sales. If you have income from any of these sources which you need to tell HMRC about, please talk to your adviser as to how you can get the best possible deal under the available campaigns.