Tax
Are you handling your records effectively?
Mar 02, 2023
Effective financial record keeping is crucial for any business owner to maintain compliance with tax regulations and gain a clear understanding of their financial status. Although you may already have established bookkeeping practices, it is crucial to periodically review and update ...
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Self-Assessment taxpayers warned of next payment deadline
Mar 01, 2023
Taxpayers have been reminded that a penalty deadline for unpaid Self-Assessment tax is imminent. HM Revenue & Customs (HMRC) will automatically add a penalty to your tax bill equal to five per cent of the Self-Assessment tax you owe for 2021/22 ...
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The VAT filing deadline is approaching: How to get prepared
Feb 23, 2023
It’s important to stay up to date with the latest regulations and requirements related to taxes, including Value Added Tax (VAT) to avoid penalties. HM Revenue & Customs (HMRC) recently reminded businesses about new VAT penalties and interest payments ahead of ...
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What do you need to know about Inheritance Tax?
Feb 17, 2023
Are you thinking about the tax implications of your estate and what this could mean for your loved ones after you pass? If you have a high value estate, this could impact your beneficiaries significantly as they may not be able ...
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Time is running out to check your National Insurance record
Feb 14, 2023
Are you planning on claiming the UK state pension? You must check your National Insurance (NI) record before 5 April 2023. Are you eligible for the UK state pension? To be eligible for the maximum ‘new state pension’, you must have 35 ...
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How can you deal with VAT return errors?
Feb 09, 2023
If you are running a business, handling VAT returns can be complex. You may have submitted returns with errors previously if you were unsure of what to do and could be at risk of further investigation or fines from HM ...
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Large number of over 65s file Self Assessment tax return
Jan 18, 2023
The 2021 to 2022 tax year saw a considerable amount of people aged 65 and over filing a tax return. A report released by HM Revenue & Customs (HMRC) revealed that 16 per cent of individuals who submitted a tax return ...
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How the personal allowance works
Dec 19, 2022
Understanding your income tax and personal allowance is important when looking at your finances and how you are taxed. Everyone has a personal allowance, but what does this mean for you? A personal allowance is the amount of money you are allowed ...
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The Christmas gift allowance: how it works
Dec 01, 2022
Are you planning on treating your staff or clients this Christmas? Christmas gifts can be subject to tax, so it is important to understand these tax rules this festive season. Do gifts count as taxable income? Christmas presents paid in cash to ...
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Autumn Statement 2022
Nov 17, 2022
The message from the Chancellor, Jeremy Hunt, in the days before he rose to the despatch box in the House of Commons to deliver the Autumn Statement was clear; he would be outlining billions of pounds of tax rises and ...
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