Watch out for the HMRC scam emails and text messages!
It has become very common to receive a text or email relating to postage to be paid in order to receive your parcel and more recently, a telephone call allegedly from HMRC fraud squad, requesting you to contact them otherwise you will be arrested and charged with fraud. As always, please do not reply to […]
Were you entitled to the SEISS grants received?
As taxpayers become able to claim the long-awaited 4th grant, HMRC are now looking into eligibility and have now been tasked with recovering payments made to taxpayers that were not eligible to receive the coronavirus support payments. The 2020/21 self-assessment tax return has separate boxes for grants to be recorded but also has a box […]
Why should I use an accountant?
Accountants and bookkeepers are the backbone of many UK businesses. They help business owners to truly understand their finances in a changing legislative landscape so that they can thrive, not just survive. They’re increasingly called upon to provide a ‘one-stop shop’ for small business clients, carrying out their bookkeeping and credit control, budgets and cashflow […]
Claiming the 4th Self employed Grant
You can now claim the 4th Grant – Are you Eligible? The self-employed can now claim the fourth grant as part of the government’s Self-Employment Income Support Scheme. HMRC is in the process of sending out emails, letters and messages advising those who may be entitled to claim. Here’s a breakdown of what you need […]
Tax Reforms 2021 & Beyond
TAX REFORMS 2021 AND BEYOND With weeks to go before the 2021 budget is announced, there are various talks with regards to increasing taxes to pay for the COVID pandemic. This will be required to reduce the trillions of debts, without hurting our growth in the process. However, this will probably be a gradual process […]
Covid 19 Update – Whats Next?
Covid 19 business support extended… COVID 19 Update – What’s next? As you head into the last month of an incredibly trying and tough year, this article is to help you and your business make informed decisions for 2021 and beyond. Through the Coronavirus pandemic having a much larger impact than anticipated, the government is […]
Plans to extend MTD are on the way!….
Plans to extend MTD are on the way!…. Presently, the compulsory MTD filing only effects those businesses that are VAT registered with a turnover of £85k and over. Plans to extend the digitisation of the tax administration further are now under way to affect all VAT registered businesses from April 2022 and to most self […]
Underdeclared VAT £120 = £46K VAT assessment bill
Underdeclared VAT £120 = £46K VAT assessment bill Doesn’t sound reasonable does it? On first glance, it looks like the vat man has been overzealous and made a few outrageous estimations, however, when looked at more closely, you can understand how he arrived at such a high value VAT assessment. I came across an article […]
Tax return
You still can claim… You may not have paid any tax in the last three years, but this does NOT mean you are not eligible to claim. It is based on 3 years average net profit. If you were under the personal allowance this would mean you paid no tax – but you still have […]
Taxman
Have you a day job as well as a small business venture that has not been declared to the taxman? Please be warned…. The taxman can investigate anyone, he successfully targeted small businesses and individuals in 2018/19 and therefore could be looking more closely at this group going forward. A client, many years ago found […]
