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…
Brexit: Customs intermediaries grant scheme launched
In advance of leaving the EU on 31 October 2019 the UK government has announced a Customs intermediaries grant scheme. Should the UK leave, there will be immediate changes to the way UK businesses trade with the EU,…
What is inflation?
What is inflation? How does it work? Is it good or bad for business? We are often asked about inflation and the affect it has so here is our brief guide to the essentials you need to know:…
Do you need to charge VAT on recharged expenses?
We are often asked by clients if they need to charge VAT on the expenses that they recharge to their own customers. The simple answer is yes, you charge VAT if you benefit from the expense, and no…
Small businesses are the worst offenders in the tax gap and for owing HMRC money
New information released shows that small businesses are responsible for the largest part of the tax gap – owing HMRC £14 billion The tax gap – the difference between what is expected to be received and what is…
Don’t be caught out by payments on account for personal tax – know what you need to pay!
What are payments on account? And who has to make them? So many business owners get caught out by payments on account, particularly in their first year of trading. When you become self employed, most of, if not…
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 in the Paradise Papers, amongst other reports. But they…
BEWARE! Rise in fake HMRC calls from scammers
HMRC has warned that more and more scammers are using landline phone calls to con people and businesses out of money. HM Revenue and Customs said that in the 6 months to January 2019 it received 60,000 reports…
Do I need to file a personal tax return for 2019?
The 2018/19 personal tax year ended on 5th April and we are now in the 2019/20 tax year. Every year we are asked the same thing – ‘Do I need to fill in a tax return?’. Here is…
What does my tax code mean? 2019/20 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…