0800 140 4644
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Where Can I Find My National Insurance Number?
Everyone working or intending to work in the UK needs a National Insurance (NI) number. That you HMRC are able to deduct National Insurance contributions from your salary. Because of this you’ll find your NI number on your payslip, as well as your P60 (an annual summary of the Income Tax and NI you’ve paid).…
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Why Can’t My Directors Loan Account be Overdrawn?
When a director takes money out of a company and it is not classed as a salary or dividend, then it’s known as a director’s loan. The reason for this is that the money is viewed as a separate entity and not – unlike with a sole trader or partnership account – a straightforward action.…
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Budget 2022 – Detailed Summary
The Chancellor of the Exchequer, Rishi Sunak, today announced changes to income tax, fuel duty and National Insurance in his 2022 Spring Statement, with a backdrop of forecast growth of 3.8% this year, eroded by forecast inflation of 7.4% this year and spend of £83b on debt interest alone. And this is before the full…
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Budget 2022 – Key Headlines
With a backdrop of forecast growth of 3.8% this year, eroded by forecast inflation of 7.4% this year and spend of £83b on debt interest alone, The Chancellor of the Exchequer, Rishi Sunak, today announced changes to income tax, fuel duty and National Insurance in his 2022 Spring Statement. However, many may find themselves somewhat…
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What protection do you have against a HMRC enquiry?
Each year HM Revenue & Customs (‘HMRC’) undertake an enormous number of tax enquiries into individuals and businesses to check they have paid the right amount of tax, both on a random and a selective basis. Since 2010 HMRC have strengthened their approach from this point of view and the general trend has been a…
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MTD 2022 update
Making Tax Digital (‘MTD’) is an HMRC initiative attempting to transform the UK tax system, with more regular and detailed submissions of information and payments of tax to HMRC electronically. Whilst it has been delayed several times, it aims to make tax administration more effective, efficient, and easier for taxpayers through the implementation of a…
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How can I reduce Corporation Tax 2022?
You pay a corporation tax rate of 19% on the profits made by your limited company and this is due to increase to up to 25% from 1 April 2023. Profit is defined by HMRC, in the strictest sense, as whatever is left from your revenues after you’ve paid for everything you had to purchase…
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Pre-Year End Tax Planning Opportunities 2022
We appreciate 2021 has been another challenging year as we have been putting one foot in front of the other, so putting money aside or looking to reduce your tax probably couldn’t have been further from your mind. However, as the 5th April 2022 approaches, we don’t want you to miss out on the relevant…
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How to reduce Corporation Tax?
You pay a corporation tax rate of 19% on the profits made by your limited company and this is due to increase to up to 25% from 1 April 2023 following the Spring Budget. Profit is defined by HMRC, in the strictest sense, as whatever is left from your revenues after you’ve paid for everything…
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HMRC Fraud Investigation Service
Established in 2015 through the merger of the Special Investigations Unit and the Criminal Investigations Unit, the Fraud Investigation Service (FIS) is the elite group within HM Revenue and Customs (HMRC) investigating cases of suspected serious tax evasion, tax fraud, and aggressive tax avoidance. For decades, Governments of all colours have been concerned with closing…