Last week, HMRC released its annual report, which is worth a read. It covers topics such as tax revenue, decrease in tax gaps, shortcomings in customer service and efforts to ensure accurate tax payment. The CEO’s review discusses investment in compliance officers and emphasis on tackling fraud. As a result, HMRC plans to increase the […]
Category Archives: HM Revenue & Customs
HM Revenue & Customs, Personal Tax, Tax Tips
Managing Inheritance Tax – What if you can’t afford to pay the tax
19
Jun
Jun
In our previous blog managing Inheritance Tax (IHT) we looked at how IHT works and what steps you can take to minimise your liability. However, if you look at the latest government data, it shows the number of people paying IHT is rising year on year. Last year some 41,000 people were liable to IHT […]
14
Jun
Jun
The Basis Period Reform was originally planned to coincide with Making Tax Digital (MTD), but despite MTD being postponed, HM Revenue & Customs (HMRC) will still implement the Basis Period Reform. This will have an impact on self-employed individuals and partnerships. If you run a partnership or are self-employed, the Basis Period Reforms will impact […]
Capital Allowances, capital gains tax, HM Revenue & Customs, P11d, Payroll, Tax Tips
Getting ready for end of tax year
29
Mar
Mar
We are almost in April and that means one thing, end of the current tax year is approaching. So how can you be getting ready for the end of the tax year? There are a few things to consider over the coming week as the last day of the current tax year is 5th April […]
HM Revenue & Customs, VAT, VAT Compliance, VAT Return
Why do you need to know the difference between VAT Error and Adjustment?
10
Feb
Feb
The word “adjustment” means alteration in the English Language whilst “error” means a mistake. The difference between the two is important because when it comes to your VAT Returns how you deal with a VAT error is different to how you can deal with a VAT Adjustment. What qualifies as a VAT Adjustment? […]
HM Revenue & Customs, Tax Advice, Tax Planning, Tax Tips
Do you want to transfer the ownership of your investments to your spouse to save tax?
08
Feb
Feb
Have you been thinking that if you could just transfer some of your investment income to your spouse then you will have a lower tax liability? If so, you are not the only one. This is a common question when we prepare client’s tax returns. Having just completed the tax season and nearing the end […]
Corporation Tax, HM Revenue & Customs, Tax Advice, Tax Tips
Changes to Research & Development tax credit schemes
11
Jan
Jan
Changes to R&D tax relief schemes In the Chancellor’s Spring 2023 Budget ,Jeremy Hunt confirmed changes to the two Research and Development (R&D) schemes currently in operation. The main changes relate to the changes to the rates of relief available. These changes came into effect from 1 April 2023 and are being brought in to […]
HM Revenue & Customs, VAT, VAT Compliance, VAT Return
Changes to VAT penalties – what you need to know
07
Dec
Dec
The changes in the VAT penalty system which we have known about for a while comes into effect next month (January 2023). We are expecting more details this month from HM Revenue & Customs but here’s what we know so far relating to the changes to VAT penalties. The main reason for the introduction of […]
09
Nov
Nov
The area of tax is full of reliefs and allowances. Knowing what these are allows you to plan your tax affairs and reduce the tax you need to pay. One such allowance is what we refer to as the £1,000 allowance. Actually there are two areas where you are entitled to a £1,000 allowance so […]
HM Revenue & Customs, Personal Tax, Tax Tips
Benefits of submitting your Tax Return before the deadline
01
Nov
Nov
If you have been completing a Self-Assessment Tax Return for a while you know it is an annual ritual that has to be performed. It needs to be done without fail no matter what. There are some who prefer to submit the return early with plenty of time, whilst others leave it to the last […]