Posts by Nettie Buss
VAT – Over 500,000 taxpayers fined for late VAT payments
VAT – Over 500,000 taxpayers fined for late VAT payments For context there are approximately 2.3m entities registered for VAT in the UK. Therefore, the high level of VAT fines means the equivalent of 25% of registered VAT companies and sole traders have been fined by HMRC for late payments. A total of 582,000 fines…
Read MoreAre you ready for mandatory e-invoicing?
Are you ready for mandatory e-invoicing? When the decision requiring e-invoicing was announced at the autumn Budget, chancellor Rachel Reeves said it was designed to ‘modernise the tax system’, confirming from April 2029 businesses will be required to issue all VAT invoices as e-invoices. This mandatory change was announced without much fanfare from the Treasury…
Read MoreVAT Domestic reverse charge – HMRC advises of further tax enquiries
VAT Domestic reverse charge – HMRC advises of further tax enquiries The construction sector has been working with the VAT domestic reverse charge (DRC) since March 2021, but lately it seems HMRC’s attitude towards compliance has changed dramatically. The scheme, which was introduced to combat VAT fraud, with a promise of ‘light touch’ enforcement, is…
Read MoreAnnual Leave – Employers will need to retain records for 6 years
Annual Leave – Employers will need to retain records for 6 years From 6 April 2026, under the Employment Rights Act 2025, employers are required to keep records on annual leave and holiday pay for a period of six years. This will be a major change for employers with the current approach tending to be…
Read MoreDirectors Loan Accounts (DLA’S) – HMRC clamp down
Directors Loan Accounts (DLA’S) – HMRC clamp down HMRC is planning draconian reporting requirements on director’s loan accounts and participator loans to connected companies. This move is designed to target the £14.7bn small business tax gap, which is said to have hit a record high in 2024, which now represents 40% of small business corporation…
Read MoreStudent Loan Repayment Interest capped at 6%
Student Loan Repayment Interest capped at 6% The government is capping the maximum interest rates on Plan 2 and 3 student loans at 6% from 1 September 2026, instead of RPI +3%, for the 2026/27 academic year. This will affect students and graduates in England and Wales and is against a backdrop of a Bank of…
Read MoreApril 2026 – Personal Tax changes
April 2026 – Personal Tax changes Increase in tax on dividends, directors’ loan interest rate rise, business asset disposal relief hike, frozen thresholds, inheritance tax for farmers and family businesses, Making Tax Digital starts, CIS, and more Dividend tax There will be a 2% increase in the rates of income tax paid on dividends at the…
Read MoreFree HMRC company tax return filings ended on 31 March 2026
Free HMRC company tax return filings ended on 31 March 2026 Companies House and HMRC are closing the joint online filing service on 31 March 2026 removing the free option completely. This will remove all records held in the online filing service. From 1 April 2026 companies will have to use software to file company…
Read MoreOdoo Partner Day in Belgium
Odoo Partner Day in Belgium Our Managing Director, Dermot Kennedy and Senior Odoo Accountant, Chris Wood recently attended the Odoo Partner Day in Belgium—and the biggest takeaway? Odoo v19 is all about pragmatism, productivity, and faster deployments. With embedded AI, improved usability, and more standardised processes, it’s clear that Odoo is evolving to meet the…
Read MoreHMRC have clarified how you may be able to exit Making Tax Digital (MTD) if your income has fallen
HMRC have clarified how you may be able to exit Making Tax Digital (MTD) if your income has fallen At the eleventh hour, HMRC has clarified exit options and cessation processes. The clarification is welcome news and will affect some taxpayers who have been notified by HMRC that they must sign up to wave one…
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