Construction 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Construction Industry Scheme (CIS) payment deduction statement HMRC have withdrawn another service via the telephone systems meaning that in future, HMRC helplines will no longer deal with requests for payment deduction statements (PDS) for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 MoreSalary Sacrifice – What is it and is it worth looking at?
Salary Sacrifice – What is it and is it worth looking at? Salary sacrifice is a government approved scheme where an employee gives up part of their salary for a benefit or service from their employer. The idea being that the reduced salary attracts less tax and NI which is used towards the service or…
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…
Read MoreDo you keep your savings under the mattress??
Do you keep your savings under the mattress?? Figures announced claim that a staggering quarter of a trillion pounds is sitting in low interest bank accounts with rates of under 1%. While savers are clearly losing out, they also risk facing an unexpected tax bill as income tax is charged on all bank interest unless…
Read MoreEU e-invoicing rules
EU e-invoicing rules Electronic invoicing and real-time tax reporting are coming and will fundamentally change the way businesses operate. Businesses of all sizes will soon have to issue and accept e-invoices, a standardised electronic form of invoice, and report them to national tax authorities in real-time in an effort to streamline data reporting, improve tax…
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