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HMRC are sending one-to-many ‘nudge’ letters to taxpayers who included an invalid claim for gift...
With the closure of the 2023 tax year approaching on April 5, 2024, there remains an opportunity to...
The High-Income Child Benefit Charge (HICBC) is a tax charge that claws back child benefit where...
Voluntary disclosure involves individuals or businesses coming forward to inform HMRC of any errors...
6 Feb 2024
Tax and Influencers
Earlier this year, HMRC sent ‘nudge’ letters to social influencers who they suspect may not have...
While the economy may be slowly moving in the right direction, we´re not out of the woods yet! So,...
A significant task for the new business owner is ensuring that the business is properly complying...
Owners of personal and family companies frequently pay themselves a small salary and extract...
What do you really want from the New Year? As the calendar turns to 2024, we are all contemplating...
The end of a business will not necessarily mean that no further expenses are incurred. Where...
Are you gearing up to bring new talent on board? Don't let the complexity of budgeting for new...
Main residence relief is a valuable relief which prevents a tax charge arising where a gain is...
Satago solutions are designed to facilitate intuitive, data-driven decision-making while ensuring...
VAT registration is compulsory for any UK established persons who are in business and make or...
If you have a company that is dormant and you have filed your company tax return showing that no...
The tax legislation contains a number of exemptions which allow benefits in kind to be provided to...
We have joined Chaser’s Partner Programme to help SMEs get paid faster with market-leading credit...
Ready to turn your brand vision into a vibrant commerce experience? Look no further than Shopify –...
Starting a business from scratch or eyeing a new commerce partner? The options might be...
Every day, countless individuals, whether selling online, in physical stores, or across...
Ever started a new job and felt like you've been thrown into the deep end? It's unsettling, to say...
If you make a chargeable gain on the sale of a UK residential property, you will need to report the...
Designed with bookkeepers, accountants, and businesses in mind, Dext Commerce's accounting...
Puzzling over whether that quick lunch or client dinner can be claimed on your tax return? If so,...
'Tis the season for spreading cheer, and what better way for employers to do so than by gifting...
Today, the Chancellor of the Exchequer, Jeremy Hunt, announced his measures (a whopping 110 of...
Your safety and security is of utmost importance to all of us at Inform Accounting. In this age of...
We're proud to be partnered with one of the market-leading foreign currency accounts! Wise Business...
Inform Accounting are proud to partner with Soldo, a specialist business spend management platform.
Inform Accounting are proud to partner with iwoca, a specialist small business lender who have...
Inform Accounting are proud to partner with iwoca, a specialist small business lender who have...
We’re proud to partner with Funding Circle to provide a funding solution for our clients. We know...
For some time, taxpayers within Self Assessment have been able to set up a Time to Pay arrangement...
You’re in business to do business, not paperwork. Dext is the business expense tracker that tracks,...
If you are self-employed, the way in which your profits are taxed is changing. As a result of this,...
Private residence relief means that you do not have to pay capital gains tax on any gain that you...
If you let out a property, you can deduct the business expenses that you incur when working out...
If you make VATable supplies, you will need to register for VAT if your taxable turnover reaches...
If you need to file a Self Assessment tax return for 2022/23, you have until midnight on 31 January...
Ever found yourself lying awake at night, wondering how to keep more of your hard-earned revenue...
There are various reasons why HMRC may issue a tax penalty. You may receive a penalty if you file...
The Treasury has announced that the Office of Budget Responsibility (OBR) will produce a report on...
HMRC is clamping down on the use of high-volume addresses by online sellers to disguise their...
VAT
HMRC have sent out nudge letters to taxpayers who they believe may have claimed Business Asset...
Wouldn’t life be simple if you could guarantee that your invoice would get paid on time, every...
Millions of employees will be able to request flexible working from day one of their employment,...
The Department for Work and Pensions (DWP) has announced more detail on the payment schedule for...
Employers should be aware that all minimum wage rates increase on 1 April of each year. This...
Founded in 2014 by Anne Boden, Starling was the UK’s first mobile bank offering super-fast setup,...
From 6 April 2024, all unincorporated businesses will be taxed on their profit or loss arising in...
Neate & Pugh are a niche employment law and HR solutions firm, set up by Ann-Marie Pugh and Emma...
We wanted to tell you about our new payment service that is taking away the manual headache of...
Managing Director, Sian Kelly, of Inform Accounting shares what businesses in the creative...
HMRC is aware of a phishing campaign telling customers they can claim for the fourth...
Claims for the fourth Self Employed Income Support Scheme (SEISS) can now be made and must be...
A new penalty regime was introduced for VAT from 1 January 2023. The new regime comprises late...
VAT
Like many other taxes, inheritance tax (or IHT) allowances have been frozen. This sounds generous...
There are costs to running a business, and whilst electricity, gas and water seem like obvious...
Employers should be aware that from April 2023 several statutory payment rates increase for the...
The Energy Bills Discount Scheme runs for 12 months from 1 April 2023 to 31 March 2024.
The Bank of England Monetary Policy Committee announced on 23 March 2023 to increase the Bank of...
Last week, the Foreign Secretary, James Cleverly, and Vice President to the European Commission,...
Silicon Valley Bank (UK) Ltd (SVB UK) was sold last week to HSBC for a symbolic £1. HSBC,...
21 Mar 2023
Tax Rates & Reliefs
On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a...
In short, a P11D form allows you to inform HMRC of any benefits you’ve given to employees outside...
The Chancellor announced his March budget today. Similar to the budgets, autumn statements and...
Chancellor Jeremy Hunt has made it clear that he does not have room for big tax giveaways on March...
The new penalties will impact businesses who submit their VAT returns or pay their VAT late. The...
VAT
If you are planning to claim the UK state pension you should check your national insurance (NI)...
The Public and Commercial Service (PCS) union has announced Civil Service industrial action that...
The UK Government has published the proposed statutory rates for maternity pay, paternity pay,...
A range of polluting single-use plastics will be banned in England, Environment Secretary Thérèse...
The Government has announced a new Energy Bills Discount Scheme (EBDS) from April 2023 to April...
We’re really excited to be partnering with an award-winning payment solution, Crezco. Winner of...
The ability to fill historic gaps in National Insurance (NI) records to top up your state pension...
The Mortgage Guarantee Scheme will be extended by a year to the end of December 2023, helping...
The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is being phased...
Understanding VAT rules can be complicated at the best of times, so it’s no surprise that there’s...
VAT
This is a timely reminder that employers may make small tax-free gifts to employees and directors...
HMRC is reminding taxpayers that they must declare COVID-19 payments in their tax return for the...
With all of the U-turns on tax policy in the last couple of months, businesses may be confused...
For VAT periods starting on or after 1 January 2023, HMRC is replacing the default surcharge with...
VAT
Royal Mail are adding barcodes to their regular stamps. After 31 January 2023, regular stamps...
The Chancellor announced his Autumn Statement yesterday. We already knew that he was going to raise...
Jeremy Hunt is scheduled to deliver his first Autumn Statement on Thursday (17 November). Reports...
If you own a property which is let out, HMRC may contact you with a "nudge letter'', if they...
We all have to pay taxes. But what if we told you there are several strategies you can adopt to...
Today yet more changes and reversals to the Kwarteng mini-budget that wasn’t a budget. In short,...
The 70-year reign of Queen Elizabeth II was marked by her sense of duty and her determination to...
If you use Royal Mail to deliver your goods, you should be aware of the planned industrial action...
If you own property there are a number of tax implications which you need to be aware of.
HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1...
New just in - the Bank of England has announced the largest increase in interest rates in 25 years,...
The Covid-19 pandemic forced large numbers of employees to work from home for the first time....
HMRC have recently updated their guidance for companies looking to attract investors to buy shares...
Unincorporated businesses and companies planning capital expenditure projects need to be aware of...
The talent shortage continues to place a burden on the economy. As companies struggle to find the...
In preparation of the introduction of MTD for income tax, which comes into effect from 6 April 2024...
The potential to be charged capital gains tax (CGT) arises with the sale or gift of an asset....
The personal allowance is set at £12,570 for 2023/24. However, not everyone is able to benefit from...
Haig & Co is an accountancy and finance recruitment firm based in Birmingham founded almost six...
One of the worries we often hear from businesses looking to outsource their payroll to an...
The government announced in late December additional economic support to help businesses who have...
The main residence exemption applies for capital gains tax purposes to the extent that a property...
We encourage all clients to consider taking time to prepare a 2022 Strategic plan. “A sailor...
In 2018, a relatively small (but growing) ecommerce business approached Inform Accounting, after...
On Friday afternoon the UK Prime Minister, Liz Truss held a press conference. Ahead of this press...
Class 2 NICs are flat-rate contributions payable by the self-employed, currently charged at a rate...
Tax payments for the self-employed or those who declare their income under self-assessment are...
If you have a spare room in your home, you may consider letting it out to raise some much-needed...
Most people do not want to give money to the taxman when they die. However, while it is said that...
The Accounting Excellence Awards 2020 are targeted at recognising the ‘highs’ in the accounting and...
Following the increase in the Bank of England base rate to 1.25% earlier this week, HMRC has...
If you’ve made an R&D claim and are wondering where the payment is, HMRC has recently released this...
HMRC have issued guidance for VAT-registered businesses and their agents on how to avoid penalties...
Unbelievably there were very few changes to the HMRC advisory fuel rates from 1 March 2022, which...
New emails and letters appearing to be from employees of the Government Legal Department / Bona...
The Recovery Loan Scheme supports access to finance for UK businesses as they grow and recover from...
The Annual Tax on Enveloped Dwellings (ATED) is a tax on high-value residential properties that are...
The nature of a gift is that it is something that is given without receiving a payment in return....
While the intention is to make a profit from letting out a property, this is not a given, and a...
In a personal or family company the director will often borrow money from the company. This can be...
The age-old question for many directors is whether they should take a salary, dividends, or both....
The VAT is a simplified scheme that can save work. Instead of working out the VAT that you need to...
Where a property is let out, there are likely to be periods when the property is empty, either...
Director’s loans, under the right circumstances, can help in the planning of withdrawing funds from...
Tax policy is used to influence behaviour as well as to collect revenue. One example where this is...
If you operate your business through a personal or family company and extract profits in the form...
If you realise a chargeable gain on a UK residential property, you now have 60 days rather than 30...
The Chancellor of the Exchequer, Rishi Sunak, delivered his Spring Statement on Wednesday 23 March...
All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains...
There is a lot of preparation involved in setting up a business, and costs will be incurred, which...
You've probably heard the phrase Making Tax Digital (MTD) for VAT thrown around a lot over recent...
Transactions between a director and his or her personal or family company are common and a...
8 Mar 2022
Dividend 'traps'
A shareholder/ director is permitted to withdraw monies from the company’s bank account as salary,...
As we approach April 2022, a number of changes announced in the Chancellor’s latest Budget come...
To help meet the costs of health and adult social care, a new levy, the Health and Social Care...
New advisory fuel rates for company car drivers have been published by HMRC, which are to be...
New advisory fuel rates for company car drivers have been published by HMRC, which are to be...
As many of our clients know, and if it isn't clear enough on from our website, we LOVE Xero cloud...
Sometimes it can be difficult to find the most recent tax rates for any given type of tax. We've...
As part of the Government’s push to encourage drivers to ‘go electric’, the Transport Secretary,...
Where a chargeable gain arises in respect of a UK residential property, since April 2020, the gain...
Under the current rules for determining which profits of an unincorporated business are taxed in a...
Not all types of income are equal from a tax perspective, and savings income enjoys dedicated...
The self-assessment tax return for 2020/21 must be filed online by midnight on 31 January 2022 if a...
The January self-assessment payment deadline is not well timed, falling as it does in a month when...
HM Revenue and Customs (HMRC) is reminding Self-Assessment tax payers to declare any COVID-19 grant...
With crytocurrencies and other cryptoassets becoming more prevalent in the digital financial world,...
HMRC are currently writing to taxpayers who made a claim for one of the first three COVID-19 Self...
It is now a requirement that all UK trusts, whether taxable or non-taxable, must be registered with...
Over the last year we’ve learnt that corporation tax will increase in 2023, and that there will be...
The HMRC guidance has been recently updated to reflect the fact that employees can no longer be...
HM Revenue & Customs (HMRC) has confirmed that their new points-based penalty regime will come into...
The announcements by the Prime Minister of a 1.25% rise in National Insurance Contributions (NICs)...
Talking about money is never easy, especially when you’re a small business owner. But,...
Help to Grow: Digital is a new UK-wide scheme to help small and medium size businesses (SMEs) adopt...
As the result of recent increases in petrol and diesel prices HMRC have increased the advisory fuel...
Open until 31 March 2021, the Governments' Bounce Back Loan Scheme (BBLS) helped support businesses...
All business must start at some point, and a furnished holiday lettings (FHLs) business is no...
If you sell a property that has not been your main residence throughout the period that you have...
With everything that has been happening in the world over the last few months, and the shadow of...
As the country emerges from the Covid-19 pandemic, business travel is once again on the agenda....
Tax relief is available to encourage individuals to make contributions to registered private...
During the Covid-19 pandemic, HMRC paused much of their tax collection work, both to allow...
HMRC has confirmed that the applications platform for the fifth grant for Self Employment Income...
Under real time information (RTI), employers are required to report pay and deductions information...
For 2020/21 and later tax years, unincorporated property businesses are only able to obtain relief...
On 20 July 2021, the Treasury and HMRC issued a number of policy papers and consultations flagging...
Back in July 2020, the residential stamp duty land tax threshold in England and Northern Ireland...
It is not uncommon to realise a loss in the early years of a trade. However, traders who commenced...
The phrase ‘to walk a mile in someone else's shoes’ is often used as a passing idiom, a neat and...
With the fifth in the series just days away, the Self-Employed Income Support Scheme (SEISS) seems...
Family and personal companies are often ‘close’ companies. Broadly, this is one that is controlled...
A fifth SEISS grant was announced in the Budget on 3 March 2021, and will be made available over...
As the Coronavirus Job Retention Scheme comes to an end, employers with employees who are still on...
Are you a sole trader? Thinking about switching to a limited company? What about VAT registration?...
During the Covid-19 pandemic, the advice was ‘work from home if you can’. As a result, millions of...
For personal and family companies, a tax efficient strategy for extracting profits is to take a...
Multiple dwellings relief’ (MDR) allows a rate to be charged at the percentage payable on the...
Dividends can only be declared out of a company’s available undistributed profits, and if the...
30 Jun 2021
Dividend waivers
Dividends are paid at the same rate for each category of share according to the number of shares...
HMRC has the power to enquire into any return and request any information to establish whether that...
Running a property business through a limited company rather than as an unincorporated business may...
Furnished holiday lettings offer a number of tax advantages over longer lets. One of the key...
Every small business understands the importance of having the right financial information at the...
Special rules apply to company directors when it comes to calculating their Class 1 National...
A PAYE Settlement Agreement (PSA) enables an employer to meet the tax on certain benefits and...
If you operate through a limited company, for example as a personal or family company, you will...
Are you an eCommerce seller with retail sales in the US? Chances are you’re thinking about indirect...
It’s that time of year again when P11D’s are due to be submitted by 6 July for each employee you’ve...
Expenses and benefits returns P11D and P11D(b) for 2020/21 need to be filed by 6 July 2021. Meeting...
Most landlords will need some sort of finance in order to invest in property to let out. However,...
From financial benefits to planning benefits, there are countless reasons why you should want your...
For capital gains tax purposes, there is a tax-free uplift to the market value at the date of...
The Employment Allowance is a National Insurance allowance that enables eligible employers to...
A 'Directors Loan Account' (DLA) is an account in the company’s financial books that records all...
Making Tax Digital, or ‘MTD’ for short, is an initiative taken by HMRC to digitise the tax...
To help meet some of the costs incurred in dealing with the Covid-19 pandemic, the Chancellor...
On cessation many directors find that monies have accumulated over the years which need to be...
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