With every annual Self Assessment deadline, HMRC releases some of the unusual and outlandish excuses they receive for late tax return submissions. They also reveal some of the more brazen expense claims self-assessors have attempted to submit. Regardless of how amusing these entrants may be, HMRC holds its stance that these eccentric excuses and claims…
Completing and submitting your Self Assessment Tax Return (SATR) can seem like a daunting task, but having it prepared well in advance of the 31st January deadline will make your life so much easier. If you miss the deadline you will be subject to a penalty, and this sum will only increase the longer you…
2017 was a turbulent year for contractors, especially those who work within the public sector and were hit by the introduction of the “off-payroll” reforms in April. Following this, a storm of risky umbrella firms begun luring temporary workers with promises of higher take-home retentions in a bid to sidestep the tax crackdown that occurred…
Tax avoidance was once again at the forefront of the government’s agenda in the Autumn Budget. A topic that has been meticulously discussed, Philip Hammond announced during his speech on Wednesday 22nd November 2017 that “the Government is committed to tackling tax evasion, avoidance and aggressive tax planning.” We’ve already seen an increased focus from…
On April 27th 2017, the Criminal Finances Bill received Royal Assent becoming the Criminal Finances Act 2017 and represents a significant development in the UK’s anti-money laundering regime in over a decade as well as the largest expansion of corporate criminal liability since the Bribery Act 2010. From 30th September 2017, companies became criminally liable if they fail to…
You’ll often find discussions and reasons as to why you should move from an umbrella to a limited company. But we thought we’d discuss the reverse, because sometimes, the arrangements of working through a limited company, no longer make sense for the position you are in. So why might you consider switching from a limited…
One of the most frequently asked questions from our clients on the VAT flat rate change for a limited cost business is: “what is counted as ‘goods’ when determining if they need to use the higher rate of 16.5%?” According to HMRC guidance, ‘goods’ are movable items or materials exclusively used in your limited cost…
We recently published an article overviewing HMRC’s new legislation, the 2019 Loan Charge. The government claims this to be the next phase in tackling tax avoidance. However many have raised concerns about the harshness of the new bill. There are calls for the taxman to be compassionate and flexible towards those they are taxing as…
As we are now weeks away from Christmas, and the holiday season is in full swing, we cover the most common queries about festive and annual event deductible expenses. Annual Christmas party as deductible expenses Your limited company can claim its festive or annual party as deductible expenses for corporation tax purposes. The cost…
Since the public sector reform in April 2017, we are still asked frequently by public sector contractors if they should continue using their own limited company or switch to an umbrella. The answer very much depends on each individual’s circumstances thus we would strongly encourage contractors to speak to us for tailored advice. Nonetheless, we…
The 2019 Loan Charge is HMRC’s next step in their crackdown on tax avoidance. They aim to recover unpaid taxes they deem to be owed by thousands of contractors who have used a disguised remuneration scheme. HMRC will be looking to collect payment for retrospective taxes from any individual who has used a disguised remuneration…
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Due to severe weather conditions, our offices are closing early at 4pm today to ensure our employees can get home safely. Our offices will be open on Monday as per the usual hours. We apologise for any inconvenience caused and thank you for your understanding.
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