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HMRC has strict rules called the Construction Industry Scheme (CIS), which affect the way that contractors in the construction industry handle paying their subcontractors in the UK. Why does it matter if I’m a subcontractor or contractor? It’s crucial that you know whether you’re considered a contractor or a subcontractor under the rules, so that […]

Due to the ever-changing tax legislation and commercial factors affecting your company, it is advisable to carry out an annual review of your company’s tax position. Pre-year-end tax planning is important as the current year’s results can normally be predicted with some accuracy and there is still enough time to carry out any appropriate action. […]

Now that Making Tax Digital (MTD) for VAT is in full effect for VAT registered business, HMRC are planning to introduce changes to the VAT penalty system. The new rules will bring the VAT penalties for late submission and late payment in line with income tax and Corporation Tax. The new MTD for VAT penalty system will […]

Talk to any business owner and it is very likely that they will have been afftected from the late payment of an invoice at some point. Research by the Federation of Small Businesses shows that a third of payments to small businesses are late with £6,142 the average value of those overdue bills. If small companies […]