Points based penalties

August 13th, 2018

In the recently published draft clauses that will form the basis of the Budget later this year, HMRC has outlined a significant change to the way they will be levying penalties for late filing breaches under the Making Tax Digital regulations. Rather than base penalties on each transgression, taxpayers will receive a penalty point per […]


Undeclared offshore assets

August 9th, 2018

From 1 October more than 100 countries, including the UK, will be able to exchange data on financial accounts under the Common Reporting Standard (CRS). CRS data will significantly enhance HMRC’s ability to detect offshore non-compliance and it is in taxpayers’ interests to correct any non-compliance before that data is received. The most common reasons […]


Work from home?

August 7th, 2018

We are often quizzed by clients who are contemplating working from home: what are the tax consequences? And in particular, will I have to pay capital gains tax? Capital gains tax Generally speaking, if your business use is limited to allocating space for a home office, then as long as there is duality of use, […]


Planning for early losses

August 2nd, 2018

If you are setting up a new business, you may discover that establishing a profitable base takes time. If your pre-trading planning discloses an initial loss making period, you may want to take advice about the business structure you adopt. For example, if you set up the business as a company, the early year’s losses […]


Are you missing out on tax credits?

July 31st, 2018

There has been much commentary in recent months reminding tax payers who claim tax credits to file their renewals application before the 31 July deadline. But apparently, many applications have been made incorrectly, and as a result, claimants are not collecting the full amount to which they are entitled. According to a recent announcement by […]


What is in a name?

July 26th, 2018

One of the first things a budding entrepreneur considers is what to call their business. If you intend to incorporate your business as a limited company, the registration process will filter out unacceptable names and names that are too similar to a company already registered at Companies House. However, this registration process can create situations […]


What if there is a hard Brexit?

July 24th, 2018

Although we strive to be non-political in this blog, it would seem that there is an increasing likelihood that when we leave the EU March next year the present free movement of goods will no longer apply. And so, putting aside our reaction to this possibility, what should we be doing to prepare for this […]


Penalties to be points based

July 19th, 2018

Drivers face disqualification from driving if they accumulate 12 or more penalty points for driving offences. The resulting ban can last from 4 to possibly 11 years depending on the gravity of the offence. HMRC seem to think that this point based system is a good idea and they now intend to include draft clauses […]


Tax security deposits to be extended

July 17th, 2018

Continuing the theme from last week’s blog post, we have listed details of a forthcoming change to the taxation of companies that were disclosed in the draft clauses published last week for the forthcoming budget. The change outlined expands the rights of HMRC to demand a security deposit from “at risk” tax payers. In their […]


Do not fall for spoof emails from the taxman

July 12th, 2018

New figures show that HM Revenue and Customs (HMRC) requested a record 20,750 malicious sites to be taken down in the past 12 months, an increase of 29% on the previous year. Despite a record number of malicious sites being removed, HMRC is warning the public to stay alert as millions of taxpayers remain at […]