Posts By: ilyas Patel

HMRC Tax Investigations: Backdoor Access to Your Accounts?

HMRC tax investigations are requesting access to your accountancy records from programs such as Sage, Xero and FreeAgent Should you volunteer your information or not? Let’s break down both options to see what might work best for you What Are HMRC Asking For? HMRC tax investigations are asking business owners who use accounting software to… Read more »

Deflating Dividends: Shareholders Will be 1.25% Worse Off.

Shareholders 1.25% Worse Off Under The NHS Health and Social Care Levy The levy will see an unprecedented 1.25% increase in NI contributions and dividend payments Shareholders of small businesses to be hit especially hard by double taxation Why is National Insurance Increasing? The changes brought about by the NHS Health and Social Care Levy… Read more »

New Plastic Packaging Tax 2022

20,000 UK Businesses Liable for New Plastic Packaging Tax 2022: Start Preparing Now The Plastic Packaging Tax is a new tax set to be introduced in April 2022 Businesses to be taxed on plastic packaging that doesn’t contain 30% recycled plastic Adjust your business practices now to avoid being hit What is the Plastic Packaging… Read more »

New UK VAT Penalties Revision 2022

‘Overly Complex’ New UK VAT Penalties Revision to Hit UK Businesses Next Year HMRC will enforce a new points-based penalty system for VAT and ITSA from 2022 The system aims to be ‘simple, fair and effective but could be ‘overly complex,’ the ICAEW warns Soften the impact by getting to grips with the changes as… Read more »

Claim back tax on PPI

What is tax on PPI Payment Protection Insurance (PPI) was mis-sold for decades, and from 2005 people started to claim back tax on PPI. By August 2019 the compensation topped £36 billion, with the average payout being close to £2,000. Many people don’t know that the PPI payouts are taxable, and most were paid after the tax… Read more »

Let Property Tax Guidance: Unpacking the Dreaded Brown Envelope

What is the Let Property Campaign? Did you receive a letter from HMRC recently? You’re not alone. HMRC is conducting a rigorous campaign against Property Tax non-compliance. Disclose any undeclared Property Tax now to avoid heavy penalties and interest later. Why Did I Get a Letter From HMRC? If you’ve recently received a letter from… Read more »

Inheritance Tax Gifts: Passing on your Home.

Could passing on your home via an Inheritance Tax gift save your children a huge tax bill? What are Inheritance Tax gifts? Inheritance Tax is a tax charged on your estate when you pass away, but it can also be charged on transfers made during your lifetime. There are various reliefs available on chargeable assets,… Read more »