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Tax evasion – it’s becoming increasingly common in the UK. From celebrities to big corporations, there have been multiple high-profile cases on the news of HMRC being short-changed. But how much have HMRC really lost to tax evasion? Read to find out more! First of all, what exactly is tax evasion? Tax evasion, tax avoidance, tax efficiency – it […]

‘New Year, New Me’ is something you hear a lot during December. As we over-indulge on festive food, drinks at the office Christmas party, treats with friends and family and maybe spend a little longer than usual down the pub, it’s no surprise that many of us vow to make a change as soon as […]

If you’re running a small business, or you’re self-employed, there are a number of things that you need to be aware of as we enter 2023. As a new year begins, there is so much to look forward to, with plans for the year fresh and at the forefront of your mind. You may have […]

The New Year is started, and as we’ve seen in previous years with the likes of IR35 and Making Tax Digital, new changes from HMRC affecting contractors are paramount to get on top to remain on the right side of the Revenue. All change from January for VAT penalties From January 2023, VAT requirements will see […]

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 […]

A week ago, the new chancellor Jeremy Hunt delivered the news that the IR35 repeal has now been scrapped. Alongside this, the chancellor is reversing almost all tax measures from the Mini-Budget in September that have not started parliamentary legislation. Roughly £45bn of unfunded tax cuts has in just 3 weeks and 3 days seen […]

For a lot of small business owners, bookkeeping is one of those boring chores you’ll do anything to put off until tomorrow. Of course, tomorrow never comes and the task becomes even more unappealing as the days go by. With the introduction of Making Tax Digital (the government’s scheme to move tax filing online, starting with VAT reporting), now […]