Companies House – Keeping your standard industrial classification (SIC) code accurate
Companies House – Keeping your standard industrial classification (SIC) code accurate When you incorporate a company, one of the first things you need to tell Companies House is what your business does. This is undertaken by selecting a standard industrial classification (SIC) code – a 5-digit code that describes your company’s activity. SIC codes might seem like a…
Read MoreThousands of Landlords and Sole Traders have still not signed up for Making Tax Digital
Thousands of Landlords and Sole Traders have still not signed up for Making Tax Digital With less than 60 days to go before the first quarterly filing date for wave one of Making Tax Digital (MTD) for Income Tax, over 400,000 taxpayers have not even registered! Only 336,000 of the first wave of MTD for…
Read MoreApril 2028 – Profit & Loss mandatory for Small Companies
April 2028 – Profit & Loss mandatory for Small Companies After months of delay, the government has decided to go ahead with balance sheet and profit and loss (P&L) filing for small companies and micro-entities from 1 April 2028, but with a major caveat after intense lobbying against the plans. While it has been confirmed…
Read MoreCompanies House issue warning regarding ‘fake invoices’ to Directors
Companies House issue warning regarding ‘fake invoices’ to Directors Companies House and the Intellectual Property Office (IPO) are running a campaign to warn about the rising risk of unsolicited payment requests from fraudsters posing as the company register, for example, with help on how to differentiate the fake from the genuine invoices. The fake invoices…
Read MoreHMRC – Investigations into SME’s increase
HMRC – Investigations into SME’s increase HMRC recovered 23% more tax per investigation into small businesses and individuals, reaching £24,700 on average in 2024-25, up substantially from £20,100 the previous tax year. With more than 250,000 investigations into small businesses and individuals conducted by HMRC last tax year, has resulted in the discovery of unpaid…
Read MoreApril 2026 – Tax ‘take’ up £6bn in one month
April 2026 – Tax ‘take’ up £6bn in one month Analysis of the latest HMRC figures for April shows that the tax take for the first month of the new tax year continues to soar. HMRC collected £87.3bn in taxes in the month of April, up an incredible £6.3bn from April 2025. Income tax, capital…
Read MoreVAT – Temporary cut to 5% for Children’s Meals
VAT – Temporary cut to 5% for Children’s Meals While the focus of the pre-briefing of the chancellor’s plans was a package of summer holiday measures, dubbed the ‘Great British Summer Saving Scheme’ there were a number of more serious tax measures announced, including a 5% temporary VAT rate. On the time-limited summer support, the…
Read MoreTax Free Mileage rate rises by 10p
Tax Free Mileage rate rises by 10p In a positive move, the chancellor increased the approved mileage rate for personal car use for business trips, which has been increased for the first time in more than 15 years. With soaring petrol and diesel prices, the chancellor announced a 10p per mile increase in tax-free mileage…
Read MoreCompanies House – looking to extend retention period for dissolved companies
Companies House – looking to extend retention period for dissolved companies At present, records of dissolved companies are retained for 20 years, an extension of the previous six-year limit for bankrupt and liquidated businesses, but they are only freely available dating back to 2010 at present. The increased transparency and timescales are the result of the…
Read More2026 – The last P11D’s – what happens next?
2026 – The last P11D’s – what happens next? As HMRC moves to payroll filing of expenses and ‘benefits in kind’ from the new tax year, this July will be the last P11D deadline for many employers. What is a P11D? A P11D is a UK tax form employers use to report certain employee benefits…
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