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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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HMRC raises £16 for every £1 it spends investigating small businesses and individuals

According to a new study by Pinsent Masons, HMRC raised £16 for every £1 it spent on staff on tax investigations looking at small businesses and individuals. The figures show that HMRC were able to collect £4.9bn in…

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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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Rising self employment results in a drop for the income tax take

A continuing rise in self employment has resulted in a drop in the income tax take in every region of the UK. 12% of the UK is now self employed and those that are could earn the same…

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Business gifts for Christmas

Thinking of giving a business gift for Christmas? It’s not long until Christmas and you might be considering giving a Christmas gift or treat to your team or customers. But before you do, it’s worth considering the tax…

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Do not change the payment date on your December payroll if you pay early for Christmas

We know that some employers will be paying their staff early for Christmas but it’s important to not change the date on your payment submission. If your business is closing early for Christmas or is not open at…

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Is the Christmas party tax allowable?

It’s just under six weeks until Christmas Day and many of us will have already booked our work Christmas party to celebrate. But what are the costs to your business of the Christmas party and what is tax…

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Why you shouldn’t leave your personal tax return to the last minute

Self-assessment personal tax returns for the 2018/19 tax year are due for filing, along with any payment owing, by 31st January 2020 at the latest.  But why would anyone leave it that late to file it? You can file…

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What business mileage can I claim?

We often get asked the question what business mileage our clients can claim back, and what tax they will have to pay on it if they do. Below we break down the differences between business mileage and private…

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VAT change for builders delayed until 2020

The VAT change for builders – known as the Domestic reverse VAT charge – has been delayed. It was due to come into force on 1st October 2019, but the Domestic reverse VAT charge has now been delayed…

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