Company director imprisoned10/10/2018
A director of a company that manufactured security systems has been found guilty of two counts of fraudulent trading and one count of fraudulently removing property in anticipation of winding up. He was sentenced to two years in prison after defrauding his creditors to the tune of £600,000. The man has also been banned from directly or...Read more...
The end of late payments by large organisations?10/10/2018
The government has been trying to combat the widespread issue of large businesses abusing their position by making late payments to small businesses. This initiative has included the launch of the voluntary Prompt Payment Code (PPC) in April 2017 where over 2,000 signatories have committed to the fair and equal treatment of payments to...Read more...
Importing from non-EU countries10/10/2018
There are special rules for businesses that import goods from non-EU countries. Whilst most smaller businesses importing goods will use a courier or freight forwarder it is still important to be aware of the duties and VAT implications. Businesses importing goods must be able to distinguish between importing goods from outside the EU or...Read more...
Self-assessment filing deadline10/10/2018
The 2017-18 tax return deadline for taxpayers using a paper self-assessment return is 31 October 2018. Late submission of a self-assessment return will become liable to a £100 late filing penalty. The penalty usually applies even if there is no liability or if any tax due is paid in full by 31 January 2019.
There are many advantages to...Read more...
VAT - option to tax10/10/2018
There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at the standard rate.
The ability to convert the treatment of VAT exempt...Read more...
Companies and trading losses10/10/2018
Corporation Tax relief may be available when a company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offset against other gains or profits of the business in the same or previous accounting period.
The loss can also be set against future qualifying trading income. Any claim for...Read more...
The Digital Disclosure Service10/10/2018
HMRC has used targeted campaigns to recover underpaid taxes and penalties from specific sectors and industries where significant underpayment of tax has been identified. The use of these campaigns is part of the government’s continued moves to tackle tax evasion, avoidance and fraud.
Current campaigns include the Card Transaction...Read more...
Genuine messages from HMRC10/10/2018
HMRC has issued an updated version of their online guidance on Genuine HMRC contact and recognising phishing emails and texts. The guidance provides a current list of genuine messages from HMRC. This includes email messages, text messages and telephone contacts from HMRC.
HMRC is currently carrying out compliance checks for midsized...Read more...
Charity filing deadline approaching02/10/2018
The Charity Commission has warned charities that the deadline for submitting the 2017 annual return is fast approaching. The deadline for charities with a standard 12-month accounting period is 31 October 2018. According to the Charity Commission, there are many charities that have yet to file their annual return. Not filing on time means...Read more...
When do you pay Income Tax?02/10/2018
Income Tax, unsurprisingly, is a tax on income. To be more specific, it is a tax on the income of individuals and non-incorporated businesses. However, there are some types of income where no Income Tax is payable. We have summarised below some of the main income type that are and are not liable to Income Tax.
In most circumstances,...Read more...31/12/1969