The scope of tax fraud seems to be taking on new forms according to a recent press release issued by HMRC. The latest attempt involves the use of software to suppress sales recorded at point of sale. The systems even warrant a new acronym, ESS. Electronic Sales Suppression (ESS) Businesses involved in making, supplying or […]
HMRC have noticed an increase in claims for Stamp Duty refunds that are incorrect In fact, new homeowners are being warned about cold calls from rogue tax repayment agents advising them to make speculative Stamp Duty Land Tax (SDLT) refund claims, which could leave them with large tax bills. Claims are failing HMRC checks The […]
1 June 2022 – Due date for corporation tax due for the year ended 31 August 2021. 19 June 2022 – PAYE and NIC deductions due for month ended 5 June 2022. (If you pay your tax electronically the due date is 22 June 2022). 19 June 2022 – Filing deadline for the CIS300 monthly […]
If you pay for the fuel used in your company car you are entitled to recover the cost of the fuel – for business journeys – based on agreed Advisory Fuel Rates (AFRs), from your employer. If the agreement with your employer is that you pay for all the fuel costs and that none can […]
If your business processes materials or assembles goods for sale it will need to keep a stock of items to ensure that future sales can be met. Ideally, stock levels should be kept to a minimum such that hard won cash reserves are not tied up unnecessarily. You will need to manage stocks to cover […]
There are a number of tax incentives if you own and let a furnished holiday lets property (FHL). They include: Claiming Capital Gains Tax reliefs for traders (Business Asset Rollover Relief, Business Asset Disposal Relief, relief for gifts of business assets and relief for loans to traders), Entitlement to claim capital allowance deductions for […]
Long-awaited government support to help consumers meet the unprecedented increases in energy costs was announced by the Chancellor this week. His measures have been widely appreciated, but will he need to return with more largesse to meet even more prices increases in oil, gas and electricity prices in the autumn? What has he offered […]
Many households are considering their options to reduce their energy costs in light of the recent price hikes in the cost of electricity and gas. Aside from breaking into long sealed chimney breasts and burning the furniture, realistic options have been extended in recent weeks by the introduction of a government grant of £5,000 […]
Setting up and running your own business is a risky undertaking. What happens if sales reduce or disappear, and you are left with unpaid costs or loans and no cashflow? The experience of recent COVID lockdown challenges – aside from the risk to personal health – has resulted in business closures at an unprecedented […]
Cornwall, and we expect many holiday locations, are seeing an increase in landlords switching from domestic letting to holiday lets. Aside from the increased rents they can obtain, should they be successful in making this transition, there are tax as well as commercial advantages. It all comes down to occupancy. What are the tax […]