Three major tax related functions of HMRC are about to get a new digital makeover. Reports suggest that these new digital services are progressing through user testing in preparation for potential release to the public in the next year. The newly designed business tax dashboard, now known as Your Tax Account (YTA), PAYE for employees […]
In latest developments, tax heads of larger accountancy firms have defended themselves against claims they are behind avoidance schemes that damage the UK’s economy. The Public Accounts Committee accused them of making not exposing corporate income for tax in UK
The overwhelming message coming from the business community is that accountants now and in the future need to be strategic business partners. If they are to add value to business and develop a successful career, they need to share insight and guide strategic decision-making, rather than simply analyse and report on data.
Until now, HMRC’s online VAT services have been basic, but he’s recently added some genuinely useful tools. What’s to know? HMRC has recently made some additions to the VAT online services. While they are not the functions that you need on a daily basis, they will however simplify and speed up some of his application […]
If your company is looking at ways of investing spare cash then investment opportunities relating to woodlands is worth considering. The reruns from these investments are sizeable and also come with tax incentives. If you search for details it’s not difficult to find reports of investments in woodlands producing annual returns in double figures. Usually […]
Real Time Information on PAYE will be available from April next year, but employers have the chance to use it earlier according to HMRC. RTI is a system that is intended to make life simpler for employers. In reality, its function is to clamp down on businesses that fail to make PAYE payments on time. […]
Have you ever thought of claiming a tax deduction for your birthday gift? According to the laws of HMRC, you can freely do so provided that they are used for business purpose. If you spend money on your business, you can expect set off the cost against your tax bill. But as with all other […]
If your company has made a profit, it is highly likely that every director will receive a share from it as bonus. In order to get an early tax deduction, these bonuses must be paid within a specified time, but on the otherhand there will be a large PAYE bill.
Since January 2011 businesses can reclaim VAT paid on certain Royal Mail services. But under certain circumstances this right may be extended to earlier years.
The application of VAT law has been done incorrectly by HMRC. The law states that how much VAT is payable where businesses pay for fuel used for private mileage.