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…
What is inflation?
What is inflation? How does it work? Is it good or bad for business? Inflation has reached record highs recently and has been often mentioned in the news. We are often asked about exactly what it is and…
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…
What is a P11D and do I need to complete one?
What is a P11D? The P11D form is a statutory form required to be filed with HMRC by businesses that detail benefits paid to their employees and the cash equivalents of those benefits. You will also need to…
What does my tax code mean? 2020/21 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…
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…
Budget 2020
The Chancellor of the Exchequer announced his Budget for the coming year today. Whatever your politics, today’s Budget has been one of the most generous budgets for years, and has some genuinely helpful rewards and benefits for many…
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…