Monthly Archives: July 2019

If you are setting up a new business one of the options, you will need to consider is your business structure. There are two basic choices: Be self-employed, or Incorporate your business, be a limited company. There is a world of difference between the two options. Self-employed Self-employed suggests that you work on your own,…

The way we organise our business and personal financial affairs determines the amount of taxes we pay. Most of us are focussed on outcomes, outcomes that on the face of it increase our profits or income without due regard for the effect these transactions have on our tax position. A classic example is the rule…

As UK resident persons we are obliged to comply with the law, if we don’t, there are consequences. These range from financial penalties to imprisonment. Tax compliance covers areas such as submitting returns to HMRC by the required dates and observing certain disclosure rules if our personal or financial circumstances change in a particular way.…

The phrase “no-deal” is assuming a rather specific meaning as the exit from the EU grinds towards a conclusion – the present deadline for achieving a withdrawal agreement is the end of October. If we fail to achieve consensus by that date, there are three outcomes: We agree terms for the withdrawal agreement, We kick…

With all the present upheavals in UK politics it is reassuring that for one government department, the Treasury, it’s business as usual. Ordinarily, we would expect the next Budget to be presented to parliament in the autumn, usually November. As part of the Budget 2018, certain changes to the tax code were disclosed in advance…

According to the dictionary goodwill is: 1. a feeling of benevolence, approval, and kindly interest 2. (modifier) resulting from, showing, or designed to show goodwill: the government sent a goodwill mission toMoscow. 3. willingness or acquiescence 4. (Accounting & Book-keeping) accounting an intangible asset taken into account in assessing the value of anenterprise and reflecting…

In the not too distant past, if you filed a set of accounts for a registered company with Companies House this usually involved sending the required documents using the postal system. Inevitably, this involved a certain amount of delay: initially, for the package to find its way from your location to Companies House, and then…

If you are in business you either buy (manufacture) or sell goods, or you deliver a service based on your personal skills. If you buy or sell goods there is no reason to believe that once you have achieved a sale to a particular person of business, they will return to buy again. Unless, what…

1 July 2019 - Due date for Corporation Tax due for the year ended 30 September 2018. 6 July 2019 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2019 - Pay Class 1A NICs (by the 22 July 2019 if paid electronically). 19…

New defensive controls recently deployed by HMRC have put an end to fraudsters spoofing the tax authority’s most recognisable helpline numbers. Fraudsters have increasingly mimicked legitimate HMRC helpline numbers (often beginning with 0300) to dupe taxpayers and steal money. Last year alone, HMRC received over 100,000 phone scam reports. The ‘spoofing’ scam worked as taxpayers…