- Posted 15th December 2015
Best Tax Saving Tips
When running your business, staying on top of your finance can be very difficult. This is why we have accumulated a list of tax tips that will reduce your tax liabilities and help you to grow your business.
Tax return deadlines
Submitting correct tax returns to the HM Revenue & Customs (HMRC) helps to avoid any penalties that may incur to you. So, you should always ensure to submit correct tax returns before the relevant deadlines.
Working from home
HMRC allows some tax reliefs for t...
- Posted 13th December 2015
What are the Tax Implications for Christmas Expenses?
As a business owner, you must be thinking about celebrating this year’s Christmas with your staffs and clients as a way of showing your appreciation. But, before you make any plans, it is best to be aware about the expenses with tax implication in advance.
Christmas parties
Usually, the cost of a staff party for the employers is considered as tax deductible. But, this deduction is only allowed for the businesses under following conditions.
The party must be open to all employees
The ...
- Posted 11th December 2015
Self-Assessment Tax Return Deadline
With the January month appearing closer, the deadline for the self-assessment tax return is also approaching near. This is why you must not forget to send your complete tax return before hitting deadlines.
As the paper tax returns deadline was 31 October 2015, you have already missed the chance of completing your paper tax returns. However, the deadline for online self-assessment tax returns is 31 January 2016; you still have some time left to send your tax returns. In case if you miss this o...
- Posted 10th December 2015
How to Reduce the Chance of Tax Inspection
When running a business, there are so many things you have to take care of. Taxes, being one of them, shouldn’t be overlooked because tax inspections can randomly take place and may leave you very stressful.
So, here we have a list of tips that can help you reduce the chances of a tax inspection.
As your company is responsible for paying different types of taxes, organise and file your complete tax returns accurately and on time to ensure you do not attract an inspection in the first pl...
- Posted 9th December 2015
Tax Avoidance & Evasion: Autumn Statement 2015
In our previous blog post, we mentioned about the key points from the Autumn Statement 2015. Now, here, we are going to outline the tax avoidance and evasion measures that were declared in the Autumn Statement.
Tax scheme promoters
A set of measures will be introduced to monitor the persistent users who enter into the tax avoidance schemes. The government is also widening the Promoters of Tax Avoidance Schemes (POTAS) regime that monitors promoters of them.
The measures include a special ...
- Posted 7th December 2015
Key Announcements from the Autumn Statement 2015
The Chancellor of the Exchequer, George Osborne, delivered the Autumn Statement 2015 on 25 November, 2016. And, we have all the key announcements from the Autumn Statement 2015 right here for you.
No tax credit cuts
For the low income families worried about the tax credit cuts, here’s some good news. Mr. Osborne scrapped his tax credit cut plans that were set out in the Summer Budget because of the improvement in the public finances. However, the tax credit taper rate and thresholds remain...
- Posted 4th December 2015
How to Prepare for a VAT Inspection
VAT inspections are routine checks done by the HM Revenue & Customs (HMRC). If you have a VAT registered business, you can expect a VAT inspection at some point of time from HMRC. So, it is best to be always prepared to ensure you are spared from penalties imposed by them.
If you are selected for a VAT inspection, HMRC will first send you a letter stating the date for the visit. The main purpose of this inspection is to review your VAT records and ensure whether they are correct or no...
- Posted 30th November 2015
Things to Consider When Completing a Self-Assessment Return
Completing your self-assessment tax return can be very complicated and doing it wrongly can be very costly. So, to help you complete this task carefully, here is a list of things you need to consider first.
A Unique Tax Reference (UTR) number is needed to file a self-assessment return. This number is usually a ten digits number which is issued by HMRC. It will be sent in by the post and will not be provided to you over the phone.
Missing out one or two calculations from your tax return can...
- Posted 24th November 2015
How to Appeal Against a Tax Decision
Tax decisions made on your tax bill and a claim for tax relief by the HM Revenue & Customs (HMRC) may not always be satisfying for you. In such instance, you have the right to appeal against such decision.
For appealing against tax decisions, you need to an appeal form which should include your name, business name, tax reference number, what you disagree with and why, what are the correct figures according to you and how have you calculated them.
If you do not agree with the HMRC’s r...
- Posted 23rd November 2015
Top Five Tips to Survive a HMRC Compliance Check
Compliance checks are enquiries made by the HM Revenue & Customs (HMRC) to ensure the right amount of taxes are paid at the right time. Even though it sounds simple, such enquiries can be very stressful because it can be done with or without warning.
If you’re an individual taxpayer or run a business, here is a list of some useful tips that can help you survive an HMRC compliance check.
Keep records
Record keeping is very important for the taxpayers because the records help you to m...