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Making mileage payments to employees

As the country emerges from the Covid-19 pandemic, business travel is once again on the agenda. Where employees undertake business ...

Do I need to register for VAT?

You must register your business for VAT if your VAT taxable turnover exceeds the registration threshold. This is currently £85,000 ...

Pension annual allowance – Making tax relieved contributions

Tax relief is available to encourage individuals to make contributions to registered private pension plans. However, while there is no ...

Collection of tax debts post Covid-19

During the Covid-19 pandemic, HMRC paused much of their tax collection work, both to allow resources to be diverted to ...

RTI penalties and period of grace

Under real time information (RTI), employers are required to report pay and deductions information to HMRC ‘at or before’ the ...

New furnished holiday lets – Applying the test

All business must start at some point, and a furnished holiday lettings (FHLs) business is no exception. Unlike other rental ...

Working out the capital gain on the sale of an investment property

If you sell a property that has not been your main residence throughout the period that you have owned it, ...

Using ‘bounce bank loan’ to pay dividends – Is that what it was for?

Open until 31 March 2021, the Governments’ Bounce Back Loan Scheme (BBLS) helped support businesses during the coronavirus pandemic, permitting ...

What is meant by taking ‘reasonable care’?

All taxpayers have a responsibility to complete their tax returns correctly, to the best of their ability. However, inevitably, mistakes ...

When might HMRC demand a VAT security deposit?

The vast majority of businesses pay their tax bills on time however, any that are finding it hard to make ...

Limited liability partnerships

A limited liability partnership (LLP) is not a partnership but a body corporate with a difference – there are no shareholders or ...

Loans to participators

Where a close company (or LLP) makes a loan (otherwise than in the ordinary course of a business) to an ...

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