Directors jailed for contempt of court

Two Directors and a Company Secretary have been jailed for contempt of court relating to a £7.7m VAT fraud, following an investigation by HM Revenue and Customs (HMRC). A court order appointing a Provisional Liquidator was made by the High Court in March 2014 against Parkwell Investments Ltd, based in Read more…

Business investment 2015

Is this a good time to invest if you are in business? Actual business investment in the UK fell in the last quarter of 2014. This was largely driven by the reduction of investment in North Sea oil and gas exploration as global energy prices continued to fall. Additionally, smaller Read more…

More of the same

So now we know. For the next five years we will have a Conservative government, albeit, with a slim majority in the House of Commons. From a tax point of view George Osborne is continuing as Chancellor and we can probably expect more of the same as he struggles to Read more…

New business start ups

 This posting lists a few (but not necessarily all) of the tax issues you will need to consider when you are planning a new business: Get you business registered with HMRC, failure to do this can lead to penalties. If you are incorporating your business, HMRC generally pick up your Read more…

Tax Diary May/June 2015

19 May 2015 – PAYE and NIC deductions due for month ended 5 May 2015. (If you pay your tax electronically the due date is 22 May 2015.)  19 May 2015 – Filing deadline for the CIS300 monthly return for the month ended 5 May 2015.  19 May 2015 – Read more…

HMRC scores hat-trick

HM Revenue and Customs has secured three tribunal wins against tax avoidance schemes, protecting over £260 million in tax. All three rulings uphold earlier judgments in HMRC’s favour at the First-tier Tribunal. The Upper Tribunal dismissed an appeal brought by users of a scheme that sought to create artificial losses Read more…

Reclaim VAT from mileage payments

If you pay your employees a mileage rate for the business use of their personal vehicles, as long as you do not exceed the approved rates per mile, there is no necessity to report these payments to HMRC and the payment will not be treated as a taxable benefit. Employers Read more…

Personal tax changes from 6 April 2015

 HMRC has kindly published a list of the tax changes that affect individuals from 6th April 2015. We have reproduced the list below. Individuals over the age of 55 have flexible access to their defined contribution pension savings The Income Tax Personal Allowance increases to £10,600 The higher rate Income Read more…