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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…

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What are the different VAT rates and what do they mean?

We are often asked what all the different VAT rates are and what they mean. Zero-rated is the same as Exempt, right?  Wrong.  Read our guide below to make sure you understand the difference between all the rates…

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Who should be in your work place pension?

Since they were introduced in 2012 more than 88% of those eligible – 19.4 million people – have been automatically enrolled into workplace pensions. Every business that employs staff who meet the criteria should be automatically enrolling workers…

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What is inflation?

What is inflation?  How does it work?  Is it good or bad for business? Inflation has reached record highs recently and has been often mentioned in the news.  We are often asked about exactly what it is and…

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What interest can you charge on late payments?

What interest can you charge on late payments? From time a customer may pay you late, and you may be ok with that.  But when the problem becomes persistent, it can effect your own cash flow and the…

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What’s the difference between accounting profit and taxable profit?

Many people don’t realise that there is a difference between accounting profit and taxable profit – and that they are very rarely exactly the same figure. Lots of business owners arrive at their accounting profit – thinking it’s…

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What is a P11D and do I need to complete one?

What is a P11D? The P11D form is a statutory form required to be filed with HMRC by businesses that detail benefits paid to their employees and the cash equivalents of those benefits. You will also need to…

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What does my tax code mean? 2020/21 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…

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Do I need to file a personal tax return for 2020?

The 2019/20 personal tax year ended on 5th April and we are now in the 2020/21 tax year. Every year we are asked the same thing – ‘Do I need to fill in a personal tax return?’.  Here…

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Information to keep for your personal tax return

The 2019/20 tax year ended on 5th April, for which many of us will need to produce and file a personal tax return .  To make things easier, here is our list of the information you need to…

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