Keep private bank accounts private

Many small businesses, including landlords, use personal bank accounts to lodge business receipts and make business payments. If traders in this situation are subject to a HMRC enquiry into their business affairs, HMRC would be entitled to request sight of all bank accounts that record business transactions even if those Read more…

Brexit, the outlook for business

The political upheavals of the last week have done little to resolve the Brexit issue, the underlying political manoeuvrings or settle a growing list of issues for small businesses across the UK. Leaving aside the political considerations we now seem to be at a point where there will be a Read more…

Are you looking for export opportunities?

In a recent press release, the Department for International Trade promoted its enhanced Export Opportunities service for UK companies. In a nut-shell, this lists overseas governments and companies that are looking to buy UK goods and services. On the face of it, if you are looking for a source of Read more…

Tax Diary November/December 2018

1 November 2018 – Due date for Corporation Tax due for the year ended 31 January 2018. 19 November 2018 – PAYE and NIC deductions due for month ended 5 November 2018. (If you pay your tax electronically the due date is 22 November 2018.) 19 November 2018 – Filing Read more…

Fifty pound note gets new lease of life

The Treasury has confirmed that the £50 note will continue to be part of the UK’s currency, and further, that the Bank of England will reissue it as a new modern polymer note. According to Treasury sources this will help clamp down on crime. The announcement follows a public consultation Read more…

Childcare scheme update

The childcare voucher and directly contracted childcare schemes closed 4 October 2018. In time, these schemes will be replaced by the roll-out of the new Tax-Free Childcare: this offers parents £2,000 per year per child towards approved childcare costs. (This is extended to £4,000 for disabled children.) In a recent Read more…

Reporting tips for building contractors

HMRC recently published a list of helpful reminders regarding the submission of monthly returns to HMRC. This article lists some of the points highlighted. Each month contractors must send HMRC a complete return of all payments made to subcontractors within the scheme in the preceding tax month. This is regardless Read more…

Making Tax Digital timeline

As many readers of our newsletter will be aware, HMRC is moving forwards with their digitisation of taxpayer VAT and Income Tax reporting requirements under their much publicised Making Tax Digital (MTD) initiative. We have reproduced below recent announcements made by HMRC on this issue. Mandatory filing of VAT returns Read more…

Saving the High Street

In his Autumn Budget delivered 29 October 2018, Philip Hammond made a number of promises including measures to improve the lack-lustre retail sector in our High Streets. There is no doubt that the major online retailers have caused a major shift in the way we shop. As faster broadband has Read more…