Posts by Nettie Buss
ID Verification for new businesses has been published
ID Verification for new businesses has been published The process to open a company through Companies House is changing as draft ID verification compliance rules are published. The rules mean that in future, potential business owners will have to follow stricter requirements to prove their identity when setting up a company, which is aimed at…
Read MoreMore than half a million UK taxpayers caught in 60% tax
More than half a million UK taxpayers caught in 60% tax The number of taxpayers paying 60% tax on a proportion of their income was 537,000 in 2022-23, which is up 23% from 436,000 in 12 months. The current income tax system means that people earning between £100,000 and £125,140 pay 60% income tax on…
Read MoreHMRC launches new VAT registration estimator
HMRC launches new VAT registration estimator HMRC has launched a digital tool to help businesses estimate what registering for VAT means for them. The VAT Registration Estimator has been developed after small businesses suggested that an online tool would be helpful to show when their turnover could require VAT registration and its effect on profits.…
Read MoreConstruction Industry Scheme (CIS) payment deduction statement
Construction Industry Scheme (CIS) payment deduction statement HMRC have withdrawn another service via the telephone systems meaning that in future, HMRC helplines will no longer deal with requests for payment deduction statements (PDS) for the Construction Industry Scheme. With immediate effect, requests will have to be made in writing to HMRC. In the past, contractors…
Read MoreWith only a week to go – are you ready to make your payment on account for self-assessment
With only a week to go – are you ready to make your payment on account for self-assessment The payments on account scheme is designed to help people better manage the cost of their tax bill by splitting the amount into two payments and spreading the payments across the year. However, missing the deadline can…
Read MoreHMRC and R&D tax enquiries
HMRC and R&D tax enquiries Most companies making a research and development (R&D) tax relief claim are likely to get a HMRC compliance check at some stage over the years. In the past,checks into research and development (R&D) tax relief claims were considered to be rare and usually linked to an error within a claim.…
Read MoreNational Minimum Wage – avoiding the pitfalls
National Minimum Wage – avoiding the pitfalls It is often assumed that following national minimum wage (NMW) law is as simple as paying your workers the correct amount. But there is far more to consider to make sure you are compliant. With the UK now into the 2024 national living wage increase to £11.44 (for…
Read MoreVenture Capital Trusts and Enterprise Investment Schemes – tax breaks explained.
Venture Capital Trusts and Enterprise Investment Schemes – tax breaks explained. Investing in new and usually unquoted companies offers a number of tax breaks for investors in venture capital trusts (VCT’s) and the enterprise investment scheme (EIS). It is often an overlooked fact that both VCTs and EIS tax-advantaged investments have been extended to 2035.…
Read MoreSelf-Assessment – What is a payment on account and do we have to pay it?
Self-Assessment – What is a payment on account and do we have to pay it? When you start working for yourself as a sole trader, you do need to plan ahead for your ‘payments on account,’ which is an advance charge made against your future tax bill. Let us explain how this works? When you’re self-employed…
Read MoreUnpaid tax on share sales
Unpaid tax on share sales Taxpayers are being warned to pay tax on any sales of shares that they have left off self-assessment tax returns or face the risk of a HMRC enquiry. HMRC has advised that it has analysed thousands of tax returns and identified people who have not paid capital gains tax on…
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