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Business Journeys A number of self-employed businesses have been waiting for a tax case to be decided which turned on the question of "what is a business journey?" The test case concerned a doctor who was both employed by the NHS and self-employed as a private consultant. The Upper Tax Tribunal decided that the doctor's self-employed work started when he…
Real Time Information (RTI) Penalties HMRC has experienced significant problems in reconciling amounts of PAYE due from employers, to the amounts reported under real time information (RTI). As a result some of the automatic RTI penalties which were to apply from 6 April 2014, will now apply from: •    October 2014 for late filing of in-year RTI reports; and•    April…
March Key Tax Dates 19/22 - PAYE/NIC and CIS deductions due for month to 5/2/2014 28 - Last minute tax planning for the 2013/14 tax year. Ensure you use up all exemptions to which you are entitled
IHT Relief on Business Assets Inheritance tax (IHT) is payable at 40% on the net value of the assets you own when you die, plus (to a certain extent) on the value of the gifts you made in the seven years before you die. The first £325,000 of assets is currently exempt from IHT in all cases. There are also…
VAT Penalties If you pay your VAT late to HMRC, even one day late, your card will be marked for a VAT penalty called a "default surcharge". The first late payment doesn't attract a monetary penalty, but the second occasion on which you are late within 12 months triggers a penalty of 2% of the VAT due. The third, fourth,…
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