When an unincorporated business stops trading, accounts are prepared to the date of cessation. Where a limited company ceases trading, it is either registered as …
The ‘tax gap’ is a phrase that has been around for almost twenty years and refers to the difference between HMRC’s expected tax revenue and …
Partnerships exist in either ordinary format or as limited liability partnerships (LLP). An ordinary partnership is legally defined by the Partnership Act 1890 and is …
To be allowable as a tax deduction whether under the corporation tax or income tax rules, most expenses must be incurred ‘wholly and exclusively for …
VAT can be confusing at the best of times, with the reverse charge being arguably one of the more complex applications. It does not help …
Most private companies start as sole owner-managers; roll on a few years and some will have grown such that family members may also work for …
Whether a claim for the cost of work clothes is tax deductible is covered by the general rule for deduction of any expenses incurred by …
Expenses incurred by an employee on behalf of a company can only be reimbursed under the ‘wholly, exclusively and necessarily’ rules for work undertaken ‘in …
We are increasingly hearing more and more about artificial intelligence (AI) and how its use can change our way of working both now and in …
Recruitment agencies often use umbrella companies to pay temporary workers. HMRC confirms that there is no statutory definition of an umbrella company and currently describes …
People set up in business for a variety of reasons. For some it is a dream that becomes a reality some years later. In working …
HMRC believes that not everyone is paying the correct amount of tax, estimating what it terms as ‘the tax gap’ as being ‘4.8% of total …
