Category Archives: Uncategorized

Business gifts are not allowed as a tax deduction against profits. The legislation treats gifts in the same way as business entertaining expenditure, which is also disallowed. HMRC define a gift as: “… something that is given to a person without receiving anything in exchange. It is offered voluntarily and without any expectation of a […]

There was little good cheer in the Chancellor’s announcements to parliament on 27 October. A short summary of the good news is listed below: Annual Investment Allowance (AIA): The £1m limit to claims for tax relief when purchasing qualifying assets was due to return to a more modest £200,000 from the 1st of January 2022. […]

Readers should take note of the following changes: Income Tax Allowances frozen: The Income Tax personal allowance and the rates and bands are frozen until April 2026. Whilst this is not a direct tax increase, it does mean that any increases in earnings will be fully taxed and certain taxpayers may find that this process […]

1 December 2021 – Due date for corporation tax payable for the year ended 28 February 2021. 19 December 2021 – PAYE and NIC deductions due for month ended 5 December 2021. (If you pay your tax electronically the due date is 22 December 2021). 19 December 2021 – Filing deadline for the CIS300 monthly […]

If you are buying Christmas gifts online this year, take care that you are not presented with unexpected VAT, excise duty or customs duty charges before you can take possession of your purchases. HMRC is urging shoppers to consider certain custom’s issues before they start browsing to buy gifts online. Otherwise, they may be hit […]

HMRC have issued a press release that sets out the scale of criminal activity, convincing taxpayers to part with bank or personal details under threat of arrest or court action. The scale of these self-assessment scams is staggering, apparently over 800,000 tax-related scams were reported to HMRC is the past year. Why is this activity […]

Unless you are committed to dying with your boots on, there will come a day when you desire to exit from your business and retire or try something different. The way that you organise your business, and in particular, the way you organise your finances, will have an impact on the value (£’s) you can […]

If you are importing goods into the UK for the first time you may be advised to seek the assistance of a qualified customs agent. The process of creating and filing the correct documentation, such that the goods can pass through border controls with no hold-ups, and any duties or import VAT are paid, is […]

ULEV expands to Ultra Low Emission Vehicles. It is an acronym that we will see on a more frequent basis as climate issues climb in importance. Most families have cars, some use commercial vehicles. The majority are presently fuelled by petrol or diesel. As manufacturers commit investment to the development of carbon-free transport options, primarily […]

Mention the words chips to most people and fried potatoes would come to mind.   Suggesting that there is a growing shortage of chips would no doubt generate a stampede to the local supermarkets. This sudden rise in demand would double up the pressure on farmers to increase supply and within a short time the […]