Letters have been sent out to individuals listed as ‘Persons of Significant Control’ (PSC), urging them to check and, where necessary, correct their tax returns.
Category Archives: Accounting
Updated requirements for submitting Corporation Tax CT600 Return
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With the winding up of the Coronavirus Job Retention Scheme (CJRS) or furlough, at the end of September, it is vitally important that all employers are up to date with their Corporation Tax Form CT600, particularly over grants received from the scheme. Continue reading
MTD for Income Tax delayed until April 2024, HMRC confirms
Making Tax Digital (MTD) for Income Tax will be delayed until April 2024, the Government has confirmed. Continue reading
Management accounts give snapshot of business performance
There are important financial statements in every business including the profit and loss (or income) statement, the cash flow statement, and the balance sheet. Together, these documents provide important numbers and a snapshot of your finances.
New call for professional accountancy standards
Calls have been renewed for the Government to make membership of a recognised professional body mandatory for anyone offering paid-for tax accountancy services.
Putting off completing your HMRC Self Assessment is no longer an option as the April deadline approaches
To avoid incurring the wrath of the taxman, Self Assessment taxpayers have just over a week to get their self-assessment in order to pay any outstanding tax liabilities in full. Alternatively, they can set up an online payment plan for the 2019/20 financial year to avoid incurring penalty charges, according to HM Revenue & Customs (HMRC).
Commercial property: Retail rental arrears could rise to £2 billion after third-quarter payment deadline
According to research, retail rent arrears could total over £2 billion following the third-quarter payment deadline this week. Continue reading
The VAT treatment of PCP agreements for commercial vehicles
When considering the purchase a commercial vehicle, there are many decisions to make, including whether an HP agreement or a personal contract purchase (PCP) agreement is more suitable, but what are the VAT implications of a PCP agreement? Continue reading
No small issue – The importance of accounting in microbusinesses
Small and medium-sized enterprises (SMEs) account for the majority of the business population in the UK, producing trillions of pounds in revenue every year. However, a large amount of their time is spent working on financial admin. Continue reading
Businesses could save tax by bringing forward capital purchases
Businesses can deduct the full value of an item that qualifies for Annual Investment Allowance (AIA) from their profits before tax.
But did you know that from 1 January 2019 to 31 December 2020, the allowance has been significantly increased from £200,000 to £1 million?