Online Self-Assessment Tax returns need to be filed by 31st January, failure to meet with this deadline will result in a late filing penalty starting from £100. The penalty rises by £10 a day after 3 months and depending on how late it is you could have to also pay a percentage of the tax […]

Welcome to 2020! If you’ve decided that this is the year to set up your own business, don’t rush the process, there are things for you to consider. Setting up a Limited Company can be quick and easy however you shouldn’t just form the company, there’s a long list of decisions that you should make […]

On the 12th day of Christmas my accountant gave to me: 12 Drummers Drumming In India, drummers play an important role in assisting tax enforcement. Sometimes the local government officials send drum bands to businesses to shame the business owners into paying their tax arrears. Apparently, tax revenue went up 20% in Mumbai when they […]

Yes, if your company meets the criteria for filing a Corporation Tax Return you will need to file one regardless of whether your company has made a profit or loss. Making a loss doesn’t mean that you don’t have to file a Corporation Tax Return. If HMRC asks you to file a Corporation Tax Return, […]

Don’t delay! We appreciate it is a difficult time to be speaking about dividing your assets, however if you delay you could be subjecting yourself to additional tax liabilities. You also need to consider the timing and nature of your assets as you could lose previous tax savings if you’re not careful. Capital Gains Tax: […]

Countryside Productivity Scheme The government are currently funding a “Rural Development Programme for England (RDPE)”. This aims to improve the technology used in the farming industry in England covering equipment such as livestock monitoring cameras and precision farming technology. The RDPE is taking place over three years and funding applications for the second year (2019) […]

This is a question we are commonly asked by our clients. On 6th April 2017 HMRC started to reduce the tax relief available on mortgage interest. The phasing in of this reduced tax relief for higher rate taxpayers began in 2017 and by April 2020 all mortgage interest will only attract basic rate tax relief. […]

You work hard for your company and feel like you deserve to buy yourself a treat. The good news is, yes you can! The bad news is, there are rules and limits. Trivial benefits Under the Trivial benefit rules, an employer can provide gifts such as a bunch of flowers, box of chocolates, meal out […]

I can claim for the business suits I wear solely for my business meetings…” HMRC defines an allowable expense as wholly and exclusively for business purposes. You cannot claim for everyday clothing such as suits (even if you wear it for work). HMRC have won cases on the basis that the workwear could have been […]

You’ve decided to start up your own business. Whatever your reason for starting this business you are passionate and want to steer your company towards success however, you need to know how to get things right to make sure you don’t fall foul of the rules. You are now a Director. Depending on how far […]