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HMRC used text strings as evidence that late filing penalties had been electronically served but the first tier tribunal found it “difficult to comprehend”, allowing the taxpayer to have their penalties cancelled. Claire Marie Walker submitted tax returns each year to HMRC. In September 2022, to her surprise, she received a letter from HMRC stating […]

Despite affecting a comparative few, inheritance tax has become a topic of much debate as a general election approaches. For a tax that only affects a small proportion of the public – and makes a modest contribution to UK tax receipts – inheritance tax (IHT) is perhaps an odd choice of political football. But earlier

Hot on the heels of Making Tax Digital changes announced at the Autumn Statement, a committee of MPs has highlighted concerns about the costs, delays and deliverability of the programme, stating HMRC has lost sight of needing to put taxpayers at the heart of changes to the tax system and risks ‘making tax difficult’. After

The Chancellor has announced that cash basis is to replace accruals for the self-employed as standard accounting process for 2024/25 (first year of tax year accounting). Promising to make it “easier for small businesses as they set up and grow” the Chancellor has announced the expansion of the cash basis of accounting to replace the

Tax season often looms as a source of stress and financial strain for many individuals and businesses. However, with proactive tax planning, you can transform tax time from a dreaded annual event into a strategic opportunity to optimise your financial situation. In this guide, we’ll explore how proactive tax planning with MS accounts can alleviate

There are various reasons why HMRC may issue a tax penalty. You may receive a penalty if you file your tax return late, your tax return is inaccurate, you are late paying tax that you owe or you fail to keep accurate records.  If you do not agree with the penalty, you can appeal against

Ever found yourself lying awake at night, wondering how to keep more of your hard-earned revenue amidst rising operational costs and unpredictable market shifts? If so, you’re not alone.  The financial maze of tax deductions and credits can be a beacon of hope in such times. But how can you effectively use this to help

A tax planning scheme for landlords promoted by Property118 has been shown to double the tax payable and could lead to mortgage default.   Dan Neidle of Tax Policy Associates has dubbed a tax planning scheme for landlords: “the worst tax avoidance scheme ever”, as using it would double the tax payable and lead to mortgage

A miscalculation of student loan repayments has led HMRC to apologise for overpayments affecting around 16,000 taxpayers.  HMRC has apologised for an error in the calculation of student loan repayments leading to over-repayments of the outstanding student loan for around 16,000 taxpayers.  The mistake occurs where payrolled benefits in kind (BIKs) that are not subject

If you are a business owner, at some point, you must have thought about closing up your business or going through Insolvency. Mostly, Insolvency led to the liquidation of the company. Also, it is noticed that business insolvencies are expected to jump significantly in 2023. The number of CVLs (creditors’ voluntary liquidation) was at record