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What is Making Tax Digital (MTD) ?

What is Making Tax Digital (MTD)? Making Tax Digital, known as MTD, is a Government initiative to simplify the UK tax system and make the recording and reporting of taxes easier for businesses. It will require all businesses…

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Potential dividend allowance cut could “clobber” small businesses

The Chancellor of the Exchequer has been urged not to ‘clobber’ small business owners by taking away the Dividend Allowance. The Federation of Small Businesses (FSB) has expressed concern that the Chancellor will reduce the tax free dividend…

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A Contractor group has called on HMRC to open a ‘suicide hotline’ in response to the new loan charge

Volunteer support group – the Loan Charge Action Group (LCAG) – which represents contractors and freelance workers, has called on HMRC to set up a 24 hour ‘Suicide Hotline’ to deal with the increasing number of people concerned…

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Small businesses feel penalised by HMRC investigations

HMRC has commissioned and released research into it’s own investigations and the impact on small businesses. Over half of those questioned said that they felt the HMRC investigations were too intensive and disruptive. 52% of the business stated…

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Non taxable benefits and payments to employees

Not many people realise but there is an extensive list of benefits and payments that an employer can give to an employee without having to pay income tax or national insurance on and they do not have to…

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Sole trader vs Company: Benefits and Drawbacks

Should I be a sole trader or a company?  We are often asked that question when people are setting up in business, and the truth is it depends on the individual scenario and what you are looking to…

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Are you a worker or a contractor?

It was hard to miss the news last week that Pimlico Plumbers lost their case in the High Court against former employee Gary Smith. Smith argued that despite being VAT registered and paying self-employment income tax, he was…

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Greater delay in HMRC answering calls

It will come as little surprise to most to discover that HMRC are taking longer than ever to answer telephone calls, and more than ever are going totally unanswered. Recent information released by HMRC shows that more than…

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What can HMRC find out about you?

What can HMRC find out about you?  When meeting new prospects we often hear “Well, HMRC won’t find out about that’ and we cringe. Not just because they’ve just effectively admitted tax evasion, but because HMRC can find…

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Disguised Remuneration – HMRC crackdown with the New Loan Charge

HMRC has started its crackdown on disguised remuneration – basically tax evasion – and is warning against joining schemes that advertise themselves as avoiding the new loan charge.  They don’t avoid the charge and may land you in…

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