Variable payment plan goes live on 19 September On 19 September HMRC’s new “variable payment plan” for payroll deductions and liabilities goes live. How does it differ from current payment arrangements and how can you sign up for it? The current system for paying monthly payroll deductions by direct debit (DD) requires employers to set ... Read More
HMRC wins £42k late filing penalty row It’s sometimes possible to appeal against a late filing penalty on the grounds that there was a “reasonable excuse” for the lateness. However, you have to be able to meet further conditions. How does a recent Upper Tribunal case demonstrate that a penalty can be upheld, even if ... Read More
What are the consequences of unlawful dividends? Your company’s accounts for its last financial year have been prepared in draft. They show that you and your fellow director shareholders received more dividends than permitted by company law. This has tax consequences. What’s the most tax-efficient way to manage them? Insufficient profit The last couple of ... Read More
How is the scramble to replace the Prime Minister causing uncertainty for small company owners? The main rate of corporation tax is currently due to increase to 25% from April 2023. This, coupled with the increase in the NI and dividend tax rates, has eroded the tax benefits of small business incorporation considerably. As a ... Read More
Avoiding a VAT deregistration headache VAT deregistration A sole trader deregistered from VAT two months ago because of an expectation of reduced turnover. But they are concerned that they must re-register immediately because sales have still exceeded £85,000. Are their concerns justified? The next step VATREG18150 Deregistration Deregistration A business can deregister if it expects ... Read More
Business expense trap for companies and directors During the pandemic a company was struggling for cash. To help, the directors didn’t claim reimbursement of business expenses they incurred. However, the company can now afford to pay them back. Will this cause a problem? Personal or business cost Owner manager might help keep their company afloat by ... Read More
Do you need help to grow? Help to Grow is an initiative providing two schemes to smaller businesses with a view to helping growth. If a business wants to take advantage, what do they need? There are two schemes that fall under the Help to Grow umbrella. Help to Grow: Digital. This allows a business ... Read More
Don’t miss out on tax reliefs It’s an unfortunate fact that some of the most widely applicable tax reliefs are the most underclaimed. In an effort to encourage as many people as possible to claim these, HMRC has published a page giving a summary of the reliefs with a link for checking eligibility. What’s the ... Read More
VAT and Electric Vehicle Charging A business owns several electric vehicles (EVs), which are used by employees for business purposes. Other employees own EVs and the company pays them a mileage rate for their business trips. How much input tax can the business claim on the costs? Current policy HMRC recently confirmed it is trying ... Read More
Grant Overpayments HMRC starts to assess Grant Overpayments HMRC is currently writing to taxpayers that need to repay some or all of their self-employment income support scheme (SEISS) grants. What’s the full story and what action needs to be taken on receipt of such a letter? The fourth and fifth SEISS grants were calculated based ... Read More
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