HMRC adds over 3,000 new compliance staff
In a bid to reduce fraud and error, HMRC have employed over 3,000 new staff in it’s compliance department since the end of the 21/22 year, an increase of 12% in just one year. A report by the…
Is the Christmas party tax allowable?
It may only be October, but many of us will have already booked our work Christmas parties and functions to celebrate. But what are the costs to your business of the Christmas party and what is tax allowable…
Can you borrow money from your limited company?
The simple answer is yes, but there are tax consequences so it’s important you understand what you are doing. From time to time Directors of a company may wish to to borrow money from the business and take…
COMPANY VS SOLE TRADER: BENEFITS AND DRAWBACKS
Should you be a sole trader or a company? We are often asked that question when people are setting up in business, and the truth is it depends on the individual scenario and what you are looking to…
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. But they haven’t done anything illegal. We will leave…
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…
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…
The tax gap increases by £3.8 billion for 21/22
HMRC has estimated that the tax gap across all taxes has increased to £35.6bn. The tax gap is the is the difference between the amount of tax paid to HMRC and the total amount of tax that should…
What does my tax code mean? 2023/24 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…
Information to keep for your personal tax return
The 2022/23 tax year ended on 5th April 2023, 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…