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HMRC makes changes to the way it applies VAT penalties HMRC has written to 2.5 million businesses to update them on the new points-based penalties for late VAT returns. VAT Penalty changes are on their way. Why have HMRC changed their VAT penalty system? HMRC have...
Self-Assessment Tax Returns - the basics Tax is usually deducted from wages and pensions (via PAYE). People and businesses with other income must report it in a self-assessment tax return – the system HMRC uses to collect income tax outside of PAYE. The deadline for...
With the Christmas season just around the corner, it's nice to acknowledge your suppliers/business partners and say thank you for another year of great service. But what corporate gifts can you send that avoid the usual cliches of Yule logs and festive hampers? We've...
Kwasi Kwarteng and Liz Truss have been in their respective roles for less than a month and already it feels like Covid times from a tax perspective after viewing the Mini Budget 2022 update. When Covid hit, we were doing our best to provide as regular updates as...
If the rules around social functions are followed, staff events like your end-of-year party, or your summer barbecue are tax-deductible for you, as the employer, and tax-free for your staff. This means you can claim back some of the expenses you incur when putting on...
Giving occasional gifts to your staff is a great way to keep them engaged and motivated. But how much can you give before these gifts become taxable? Certain lower-value gifts can be given to employees (including directors) tax free. These have to be classed as...