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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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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…

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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…

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Why you shouldn’t leave your personal tax return to the last minute

Self-assessment personal tax returns for the 2018/19 tax year are due for filing, along with any payment owing, by 31st January 2020 at the latest.  But why would anyone leave it that late to file it? You can file…

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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,…

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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:…

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Bosses urge reform for the ‘broken’ business rates system

A group of more than 50 bosses of retail businesses have called on the Chancellor to reform the business rates system in an effort to help boost the high street. The group, including bosses from Asda and Boots…

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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…

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