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Revised guidance causing problems for LLP members
The guidance relating to the salaried member rules where capital contributions are made has been updated.
Friends and family finance for businesses
You've been offered financial donations from friends and family to help start your new business. If it's a success you plan to reward the contributors. What wou
Subcontractors - a VAT trap
Another business issues invoices for an entire job. Is it responsible for accounting for VAT on your work or is it up to you?
Full expensing - is your cup overflowing with tax relief?
You've heard from a colleague that all equipment bought for your business now qualifies for 100% relief as a deductible expense. Is this correct?
Time to switch to cash accounting?
April 2024: Cash basis standard for unincorporated businesses. Align VAT accounting? What's involved?
How to provide staff uniforms tax efficiently
Considering direct provision of clothing for tax efficiency. Is this advisable?
HMRC tips for prompt tax refunds
HMRC has published new guidance about why refunds are sometimes not issued, and if they aren't how you can speed up the process. What's the full story?
Tax breaks for Investment Zones
To boost technological and industrial growth, twelve areas around the UK are being designated as Investment Zones (IZ). The associated £80 million funding offer
CGT allowance cut: options
On 6 April 2024, the capital gains tax (CGT) annual exempt amount will be halved to just £3,000. What can clients do ahead of this to save tax?
HMRC declares tax planning option for landlords ineffective
HMRC has issued a warning that the use of a limited liability partnership (LLP) with a corporate member to reduce taxes is an ineffective avoidance scheme.
HMRC launches remittance basis toolkit
A new toolkit aimed at assisting non-domiciled taxpayers that use the remittance basis has been launched. What does this do?
Shortages take toll on HMRC services
HMRC is working under severe resourcing pressure. Struggling with backlogs, there have been disruptions to a number of services. What is currently affected?
Generating income from your SEIS investment
What's the most tax and NI-efficient way to take income from your seed enterprise investment scheme while preserving the tax breaks?
Tribunal issues warning to deter doubtful SDLT claims
The First-tier Tribunal (FTT) recently rejected an appeal from a company that a building was "non-residential" due to it being in a state of disrepair. However,
Company closure - what happens to shareholder loans?
You've closed a subsidiary of your main company but your loan account with the subsidiary company is in the red by nearly £20,000. What are the implications?
New MTD Trial Launches Soon
HMRC's MTD for Income Tax Self-Assessment (MTD ITSA) pilot has been a disaster. Should you consider signing up?
HMRC issues reminder of saving scheme
HMRC has revealed the level of bonus payments paid out to participants of the Help to Save Scheme and encouraged others to look at using the scheme.
HMRC reminds cryptoasset holders of tax obligations
Ahead of this month's filing deadline for 2022/23 tax returns, HMRC is urging cryptoasset holders to check if they need to report transactions.
Reclaiming VAT on business entertainment
Can you reclaim VAT on sales and customer service team's travel and entertainment expenses?
Taxpayer uses AI to argue against penalty
One taxpayer decided to use AI to generate a defence against an HMRC penalty. How did things turn out for her?
Missed the 31 October deadline?
If you file your paper tax return after 31 October 2023, HMRC will fine you. However, there are exceptions. When and how can you use them to avoid a penalty.
Taxpayer successfully argues against "deliberate behaviour" penalty
HMRC penalties: Pay more for knowingly understating tax. One taxpayer's successful argument.
Are camping pods "buildings" for capital allowances purposes?
The First-tier Tribunal (FTT) recently considered whether a number of camping pods could qualify for the annual investment allowance.
Largest increase to the minimum wage
The government has announced substantial increases to the national living wage (NLW) and national minimum wage (NMW) rates from 1 April 2024.
Child benefit goes digital
HMRC's new online service for child benefit: Claim in 10 minutes, receive payments in 3 days. What's needed to use the service?
Paper filing deadline just days away
The standard filing date for a personal tax return is 31 January. However, if you submit paper returns you need to do it earlier. What's the paper filing date,
Reforms to tax treatment of alternative finance products proposed
Govt addressing tax differences in alternative finance. How to participate?
Basis period reform - HMRC to provide online overlap relief form
HMRC has followed up its recent guidance regarding the abolition of basis periods with a brand-new online form for requesting overlap relief records.
Guidance for merged R&D scheme published
Companies claiming tax relief for R&D will need to use the new merged scheme for accounting periods starting on 1 April 2024. What are the key changes?
Advisory fuel rates from 1 March 2024 published
The approved amount that employers can reimburse staff for business travel in company cars changes from 1 March 2024. What are the new rates?
Criteria for self-assessment are changing
You may have had to file a tax return if your income exceeded the point where the personal allowance starts to be tapered away. This has changed for 2023/24.
Have you underclaimed your expenses?
HMRC stated that upgrading a boiler wouldn't be a deductible expense for tax purposes. It is now admitting that this was wrong. What action do you need to take?
HMRC scraps paper VAT registration
From 13 November HMRC will abolish the paper VAT registration form. How will new applications be made from that date?
Cash in old certificates of tax deposit before it's too late
The Certificate of Tax Deposit Scheme will come to an end on 23 November 2023, yet £89 million remains unclaimed. What should you do if you have such a certific
HMRC launches PAYE code tool
HMRC has launched a new online tool to help you understand your PAYE code. What is it and how can you use it?
Latest advisory fuel rates published
The HMRC-approved amount that employers can reimburse staff for business travel in company cars changes from 1 December 2023. What are the new rates?
Changes to VAT zero rating imminent
HMRC has announced an extension to the materials qualifying for the VAT zero rate from 1 February 2024. What's the full story?
HMRC corrects guidance on company EV car charging
Occasionally, HMRC publishes guidance that is at odds with what the legislation says. A recent example of this is in respect of reimbursement for the costs of c
P11D filing to end
HMRC is scrapping the use of Form P11D to report benefits in kind from 2026. How will you need to account for tax and NI due after this?
Latest guidance on correcting VAT errors
Early in 2023 HMRC launched an online tool for helping you correct errors in VAT returns. After a settling-in period HMRC has recently published new guidance on using the tool.
HMRC reopens self-assessment helpline
HMRC's self-assessment helpline was closed in June. It's now reopened for calls ready for the tax return filing season. What do you need to know?
HMRC issues reminder about new R&D tax relief rules
Despite new requirements for research and development (R&D) claims being in force for a month, almost half of claims made since then have omitted the necess
HMRC payroll reporting for Christmas
HMRC's recent guidance to employers includes a reminder about its concession for real time reporting requirements of payroll over the Christmas period. More.
Adding Strength to our Business
We are delighted to announce that Inspire Financial Management have engaged with Galley and Tindle Accountants in Durham, to form a strategic collaboration between our two firms.
