Blog

Will quarterly reporting lead to quarterly payments?


June 14th, 2022

Within a few years, many taxpayers that are presently required to file a tax return, and most businesses, will be required to file quarterly data with HMRC using the Treasury Making Tax Digital portal. In which case, the present annual filing obligations will be replaced by quarterly filing obligations.   Paying tax in arrears Apart […]


Employing students in the summer break


June 13th, 2022

If you employ students to manage your staff needs over the summer break period, you will need to add them to your payroll and apply PAYE and NIC rules.   Students should be advised that they will pay tax and NIC if: they earn more than £1,048 a month on average, and pay NIC if […]


Employing students in the summer holidays


June 13th, 2022

If you employ students to manage your staff needs over the summer break period, you will need to add them to your payroll and apply PAYE and NIC rules.   Students should be advised that they will pay tax and NIC if: they earn more than £1,048 a month on average, and pay NIC if […]


Till fraud


June 9th, 2022

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 […]


Stamp Duty refund fraud


June 7th, 2022

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 […]


Tax Diary June/July 2022


June 6th, 2022

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 […]


Advisory fuel rates


June 6th, 2022

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 […]


Stock holding and inflation


June 6th, 2022

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 […]


Holiday lets – occupancy and benefits


June 6th, 2022

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 […]


Sunak steps up


June 1st, 2022

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 […]