Tax tips for buy to let landlords
The business of buying and letting property can be a complicated one; especially as any decisions made on the basis of the tax payable, could well change at various points in the property business life-cycle. There are a number of potential pitfalls to trip-up the unprepared landlord, so planning ahead is essential. But remember, property […]
Repayment Supplement Scheme Arrears
All accountants are aware that if HMRC delays repaying a VAT return claim by more than 30 days, it is obliged under its Code of Practice, to pay a repayment supplement equal to 5% of the repayment amount or £50, whichever is greater. The only exception to this rule is if the claim for a […]
HMRC’s dreadful service under the spotlight
There has been no shortage of complaints about HMRC’s performance recently, both from accountants and ordinary taxpayers. In March, the latest HMRC cock-up hit the fan, this time involving a mass data breach. The scandal saw thousands of accountants receiving late filing penalty notices intended for clients of other accountants, mistakenly sent out due to […]
HMRC opening up a VAT can of mixed supply worms
The phrase ‘opening up a can of worms’ is frequently heard in relation to the wonderful world of tax, and the rules surrounding it. Unfortunately, opening a can of worms, appears to be exactly what HMRC are planning to do, in their current examination of the rules on how VAT is accounted for on mixed […]
Mini-umbrella schemes cost the treasury millions in NIC
Employers NIC Fraud An in-depth investigation by BBC Radio 4’s File on 4, has revealed that tens of thousands of individuals resident abroad have been recruited to front British companies as part of schemes costing the UK tax authorities hundreds of millions in lost employers’ National Insurance contributions (NIC). Employers NIC Fraud: The background Starting […]
SEISS 4 & The latest fake HMRC email scam
With the fourth self-employed income support scheme grant (SEISS) now open for applications, there is a good chance that this phishing scam, the latest in a string of phishing emails, could soon land in your inbox. To the untrained eye the email that lands in your inbox, can easily fool most people who are not […]
A new tax year dawns, time to think ahead
We are now a few weeks into the new tax year and with the coronavirus continuing to make life difficult for most individuals, it is time to think about makings plans. Unlike the beginning of past tax years, the ongoing pandemic presents ongoing challenges, especially for those whose income has gone down, but also for […]
Cycle To Work Scheme & other biking benefits
There are quite a number of tax saving schemes and allowances approved by HMRC, which get little or no publicity. So today, with increasing numbers of individuals seeking to improve their health by biking to work, I will explore this relatively unknown area to see what is available to individuals and firms. The basis of […]
10 inventive excuses for filing company accounts late
It has now been 3 years since Companies House first published a list of the most unusual excuses given by companies for failing to send their Annual Accounts on time; and whilst HMRC have published an annual list of taxpayers’ bizarre excuses for filing SA Tax Returns late every year for nearly 10 years, Companies […]
Points Threshold Penalties
Hidden in the small print of the Budget Day announcements, were the details of the long-awaited, points-based system for late filing penalties. But, as one financial journalist who was apparently determined to create a sentence of 7 words with 5 of them starting with a ‘P’, put it: “(The) Proposed points and penalty system is […]
