Do you need to charge VAT on recharged expenses?
We are often asked by clients if they need to charge VAT on the expenses that they recharge to their own customers. The simple answer is yes, you charge VAT if you benefit from the expense, and no…
Small businesses are the worst offenders in the tax gap and for owing HMRC money
New information released shows that small businesses are responsible for the largest part of the tax gap – owing HMRC £14 billion The tax gap – the difference between what is expected to be received and what is…
Don’t be caught out by payments on account for personal tax – know what you need to pay!
What are payments on account? And who has to make them? So many business owners get caught out by payments on account, particularly in their first year of trading. When you become self employed, most of, if not…
Tax evasion or tax avoidance?
What’s the difference between tax evasion and tax avoidance? Celebrities and sports stars alike have been in the news in recent years, hitting the headlines for their tax avoidance in the Paradise Papers, amongst other reports. But they…
BEWARE! Rise in fake HMRC calls from scammers
HMRC has warned that more and more scammers are using landline phone calls to con people and businesses out of money. HM Revenue and Customs said that in the 6 months to January 2019 it received 60,000 reports…
Top Ten Things to consider when choosing a new accountant
When new clients approach us, it is often because they are not happy with their existing accountant, or because they are a new business and don’t know how to select an appropriate one for them. Below is our…
Top ten tips for staying cool at work
The sun is shining, the beer gardens are full and public transport is even more unbearable than usual. British summertime is finally here! Here are our top ten tips on how to stay cool in the work place:…
Do I need to file a personal tax return for 2019?
The 2018/19 personal tax year ended on 5th April and we are now in the 2019/20 tax year. Every year we are asked the same thing – ‘Do I need to fill in a tax return?’. Here is…
Many businesses are unaware of invoice fraud risk
According to a survey by banking trade body UK Finance, more than four in ten businesses are unaware of the risks of invoice fraud, even though such scams cost firms almost £93m in 2018. The fraud happens when…
What does my tax code mean? 2019/20 edition
What exactly do all the numbers and letters in my tax code mean? And what do I do if I think it’s wrong? HMRC generate your tax code based on the information that they hold about you and…