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…
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…
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…
Autumn Statement 2022
The Chancellor’s Autumn Statement didn’t have much good news for businesses but did reverse almost every previous policy announced by the previous Prime Minister and Chancellor. Many of the announcements affect us all, so below we have picked…
Business gifts for Christmas
Thinking of giving a business gift for Christmas? Make sure you know the tax implications before it ends up costing you more than you thought. Christmas is not that far away and you might be considering giving a…
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…
IR35: Are you employed or self-employed?
Are you employed or self-employed? And why does it even matter? Why should I be concerned about IR35? You should be concerned about IR35 because if HMRC take a different view to you on whether you are employed…