Substantial Shareholdings Exemption law technicalities cost one business £10 million on tax. How one simple oversight cost a business £10 million in tax, and how to learn from their mistake. The Case Earlier this year, the company M Group was forced to pay £10 million in taxes. They were deemed to have wrongfully claimed Substantial Shareholdings… Read more »
Posts Categorized: Friday Tax Tip’s
Child Benefit Tax Charge: Make Child Benefit Work for You
High Income Child Benefit Tax Charge can be as tedious to manage as it is to say out loud, but it doesn’t have to be. Keep reading to find out how to make Child benefit work for you without the hassle. How the High Income Child Benefit Tax Charge Works HMRC introduced the High Income Child Benefit Tax Charge… Read more »
Working from home: Squeeze a few quid out of HMRC!
Claiming directors’ Working from Home Allowance has become even simpler… Directors’ Working from Home Allowance Working from home brings many benefits with it but can also become very costly very quickly. With business phone calls, lighting, heating, etc, the expenses can mount up without you even noticing. As a director working from home, you might… Read more »
Smart Tax Planning for University Fees (for Parents)
Wondering how to best help your child through their university days? Learn how Smart Tax Planning by inviting them into your business can provide for university fees! Tax & University Students Many parents look towards their children’s university experience with both anxiety and pride. Consequently, it’s common to want to provide some additional financial support… Read more »
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 »