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…
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…
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…
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…
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…
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…
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…
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…
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…
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…