Too much cash in the company?
Although many companies are facing difficult times, some have managed to accumulate a sizeable amount of cash in their business’s current account. Leaving this cash …
HMRC has methods of collecting outstanding taxes
Tax bills need to be paid on time; otherwise, interest and possibly penalties will accrue. HMRC is amenable to payment by instalments under the Time …
Can any expenses be claimed if you visit a client on business during holiday?
The hot weather often brings thoughts of holidays, but for those in business, work is always on the mind. So, what is the tax position …
The benefits or otherwise of voluntary VAT registration
Many businesses strive to keep their turnover under the VAT registration limit (currently £90,000) because not only are they wary of the additional administrative costs …
Calculating a director’s National Insurance contributions
For most employees, National Insurance contributions (NIC) earnings periods are calculated based on their regular pay intervals. In contrast, all directors have an annual earnings …
Is it worth making a formal complaint about HMRC? The role of the Adjudicator’s Office Â
For many of HMRC’s ‘customers’ who have spent more than 30 minutes trying to get through on the phone, the thought of making a formal …
Post-cessation expenses – When are they allowable and how?
Sometimes a business may have ceased trading but then receives income that has not been included in the final cessation accounts, e.g. an insurance payment …
HMRC’s increased powers for spotting invisible income
HMRC can enquire into any tax return and request information to establish whether that return is correct. No reasons need be given for the enquiry …
Partnerships – The tax implications of the death of a partner
Partnerships are the only business entities that can be formed by oral agreement, created automatically when two or more persons engage in a business with …
Investing in woodlands – Its Tax implications
Drive along a country road and you may come across signs advertising ‘Woodlands for sale’. Such signs invite investing in woodlands, which can come with …
MTD – A time to incorporate? Â
After years of deferral, the long-anticipated Making Tax Digital (MTD) for Income Tax start date has finally been confirmed. This is a significant development that …
Business entertainment – when can you claim?
HMRC’s rules state that expenditure on business entertainment or gifts cannot be claimed as a deduction against profits (and therefore also non-VAT deductible), even if …
