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BUSINESS GUIDES, INSIGHTS, ADVICE & NEWS
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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…
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Have you ever wondered…
…why doesn’t the tax year start on the 1st January? Why the 6th April? Well you wouldn’t be the first to ask us. So we thought we’d fill you in…
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How do you pay back your Bounce Back loan
To help UK plc cope with the unprecedented economic turmoil and start-stop shutdowns caused by the Coronavirus (COVID-19) pandemic, the Government has had to borrow hundreds of billions of pounds. A significant part of this cash was funnelled directly into the bank accounts of small businesses via the Bounce Back Loan Scheme.
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How much interest do HMRC charge?
HMRC expect everything you owe them to be paid on time and in full – but you already know that! Less well known though is they’re willing to help both personal and corporate tax payers if they’re unable to meet their obligations by the date due but, and this is important, you first must apply…
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We are Black and White
The last 12 months have been more fun than anyone could have anticipated or planned for. Today we have sent out Happy New (Tax) Year cards, or Thank You cards to all our clients, as more than ever, we want to make you aware how grateful we are for your business and how we are…