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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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Coronavirus update

Hi everyone.  Please see below some updates and clarifications on some of the help that is out there for you and your businesses during the coronavirus situation.  Check back regularly to the HMRC website for updates on everything coronavirus…

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Budget 2020

The Chancellor of the Exchequer announced his Budget for the coming year today. Whatever your politics, today’s Budget has been one of the most generous budgets for years, and has some genuinely helpful rewards and benefits for many…

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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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