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Blog

The Accountants for Growth

Company & Accounting Records

Company & Accounting Records
You must keep records about the company itself, financial and accounting records. HM Revenue and Customs may check your records to make sure you’re paying the right amount of tax. 
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Making tax Digital: Update

Making tax Digital: Update
Bowing to pressure, the Government have delayed the introduction of Making Tax Digital by two years to 2020.
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Mortgage Applications- How Much do I Earn?

Mortgage Applications- How Much do I Earn?
If you are self-employed when applying for a mortgage, you’re often asked to produce proof of your earnings for the last 3 years. The easiest way of getting that information has always been to request it from H M Revenue & Customs. The document produced by HMRC (an SA302) summarises your Self-Assessment Tax Return. 
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Working away from home expenses

Working away from home expenses

Working away from home may cause additional costs. These costs may qualify as being tax deductible but must be reasonable.

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Follower and Accelerated Payment Notices (APN)

Follower and Accelerated Payment Notices (APN)

Basic Facts


From the date The Finance Bill 2014 receives Royal Assent (within the next couple of weeks!!), any individual or company that has undertaken aggressive tax planning since August 2004 may receive a “Follower Notice and/or an Accelerated Payment Notice (APN)” requiring them to amend tax returns, and in some cases payback the tax saved via “tax advantageous” strategies.

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HMRC New Debt Recovery Plan

HMRC New Debt Recovery Plan

News has just broken today on the new powers granted to H.M. Revenue & Customs to collect overdue tax by dipping directly into taxpayers’ bank accounts.


The Revenue has assured there are safe guards to protect against possible errors, for instance, the Treasurer has stated that HMRC will only to take the money after four ignored requests, if the amount is more than £1000 and if £5000 remain in the bank after the transaction is made.*

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UK Policy Paper on Aggressive Tax Planning

UK Policy Paper on Aggressive Tax Planning

HMT and HMRC have just released their policy paper on the G20 and OECD Action Plan to tackle Base Erosion and Profit Shifting (‘BEPS’). In it, the government strongly endorses the BEPS initiative for “creating a fair and balanced set of international rules for both countries and companies.”

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Notice to charities: change in gift aid

Notice to charities: change in gift aid

From the end of September H.M. Revenue & Customs will no longer accept Form R68i for making gift aid claims, instead a new system has been introduced which will allow tax claims to be made in one of three ways: -

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HMRC Scam

HMRC Scam
A few of our clients have contacted us in the last couple of weeks stating that they have received an email from HMRC stating that they are due a tax refund. The email asks them to fill in certain information in order that the refund may be sent to them.


These are hoaxes and you should not respond to them. HMRC never email tax payers about their tax affairs.

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Getting the most out of VAT

Getting the most out of VAT

Every year VAT is becoming increasingly more complicated as HMRC continuously amends and introduces new rules and regulations. In conjunction with this, the government is working harder than ever to clamp down on any tax irregularities.

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Pension auto-enrolment II

Pension auto-enrolment II

What will auto-enrolment cost your company?


The pension contributions will be phased in over time as shown in the table below and full contributions will have to be paid from 1 October 2018.

 

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Simplified expense rules for small businesses

Simplified expense rules for small businesses

Small unincorporated businesses (partnerships and sole traders) can now claim a flat rate deduction in respect of 'use of home for business costs' as an alternative to recording the actual expenditure and then apportioning the business element.

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Reporting Real Time Information to HMRC

Reporting Real Time Information to HMRC

 If you are an employer you should be reporting PAYE information to HM Revenue & Customs in real time.


This means that employers must send details to HMRC each time an employee is paid, at the time they are paid. Employers must also use payroll software to send this information electronically as part of their routine payroll process

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Local cricket clubs stumped by HMRC

Local cricket clubs stumped by HMRC

The Telegraph has recently highlighted the plight of minor league cricket clubs that have fallen under the radar of HM Revenue & Customs who have carried out several recent tax investigations.

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