Do I need to file a personal tax return for 2023?
The 2022/23 personal tax year ended on 5th April and we are now in the 2023/24 tax year. Every year we are asked the same thing – ‘Do I need to fill in a personal tax return?’. Here…
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 those businesses that provide benefits to their employees that do not go through the PAYE system. You will also need…
New VAT penalties for late payment and filing
New VAT penalties for periods starting on or after 1 January 2023. HMRC have introduced new penalties for the late filing and payment of VAT for 2023. Previously, if you missed filing you would pay a percentage of…
When do you need to register for VAT?
When do you need to register for VAT? You need to register your business for VAT if your total VATable turnover goes over £85,000 in any rolling twelve month period, or you expect your turnover to exceed £85,000…
What is quiet quitting and why is it bad for your business?
You may have increasingly heard the term in the last few month, but what is ‘quiet quitting’? It is essentially a continuation of the ‘working to rule’ principle, where employees do exactly what they are employed to do…
Do you need to charge VAT on recharged expenses?
Clients often ask us if they need to charge VAT on the expenses that they recharge onto their own customers. The simple answer is yes, you charge VAT if you benefit from the expense, and no, you don’t…
Where can I find my company tax information?
If you do not already have one, you should set up an online HMRC account for your company so that you can see all your tax information in one place. If you set up your company online then…
HMRC service is ‘diabolical’
The Institute of Chartered Accountants in England and Wales (ICAEW) has stated that understaffing at HMRC is causing unacceptable delays and is hindering economic activity for businesses. It said that obtaining basic tax details is taking months and…
‘Cake as bad as passive smoking’
According to the UK’s chief food regulator, bringing cake and other sugary treats into the workplace is as bad as subjecting others to passive smoking. Professor Susan Jebb said in an interview with The Times, that bringing treats and…
Do you have to pay tax on your redundancy pay?
The simple answer is no, redundancy pay is tax free up to £30,000. This is because it is not considered income but rather compensation for loss of position, therefore not subject to income tax. Anything over the £30k…