by David Winfield | Sep 10, 2020 | Accounting News, Uncategorized
Last year HMRC removed you from the self-assessment (SA) system even though you have tax to pay in January. Can you now safely assume HMRC will tell you if you owe more tax? Shrinking self-assessment Ever since self-assessment (SA) was introduced 25 years ago HMRC has...
by David Winfield | Jun 9, 2020 | Accounting News, Uncategorized
Tax treatment of local authority grants Under the coronavirus special measures, local authorities can help businesses with Small Business Grant Fund (SBGF) and Retail, Hospitality and Leisure Grant Fund (RHLGF) payments. If your business receives such a grant must it...
by David Winfield | May 4, 2020 | Accounting News, Uncategorized
A business associate recently told you that his accountant changed his financial account period in order to delay tax liability. Is this something worth considering for your company? Changing dates We’ve previously explained that altering the length of an accounting...
by David Winfield | Mar 9, 2020 | Accounting News, Uncategorized
Return of the two-tier NI threshold New rates. The government has announced the rates and thresholds for NI contributions for 2020/21. There’s nothing startling about them with one important exception; there will be two NI earnings thresholds (ETs). While in 2017 the...
by David Winfield | Feb 11, 2020 | Accounting News
If you missed the 31 January deadline for self-assessment HMRC will fine you £100 and more if you continue to delay. It will cancel the penalty if you have a reasonable excuse but if you don’t have one is there another way to dodge a fine? Must you file a tax return?...
by David Winfield | Jan 7, 2020 | Accounting News, Uncategorized
Business entertainment Income tax, corporation tax and VAT legislation each contain a similar rule which blocks a tax deduction for “business entertainment” costs. This includes hospitality of any sort. A common example is where a business provides food and drink for...
