HMRC warning on undeclared dividends

HMRC warning on undeclared dividends

HMRC warning on undeclared dividends Introduction The HM Revenue & Customs (HMRC) has initiated a campaign targeting company directors suspected of earning dividends without declaring their taxable income. This concerted effort aims to ensure compliance with tax obligations and address potential instances of dividend income underreporting, based on depleted reserves shown in accounts submitted to…

R&D Tax Relief: What's changing from 1st April 2024

R&D Tax Relief: What’s changing from 1st April 2024

R&D Tax Relief: What’s changing from 1st April 2024 Let’s delve into the forthcoming alterations in the pipeline, shedding light on the intricacies of the restructured and amalgamated research and development (R&D) tax framework.   Research and development (R&D) tax relief has emerged as a significant driver of innovation within UK businesses, with HMRC reporting…

HMRC targets crypto traders

HMRC targets crypto traders

HMRC targets crypto traders Increased Scrutiny on Crypto Traders The HM Revenue & Customs (HMRC) has escalated its efforts to regulate cryptocurrency transactions, with a surge in tax investigations targeting crypto traders and investors. Individuals are receiving letters from HMRC, alerting them to ongoing investigations into potential non-payment of taxes. Enquiry Letters and Information Requests…

Autumn Statement 2023

Autumn statement 2023 – All you need to know

On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits. Income tax Income tax rates…

HMRC Advisory Fuel Rates AFR for company cars

HMRC Advisory Fuel rates AFR from 1 September 2023

Advisory Fuel Rates (AFR) for company car users from 1st September 2023 Table of Contents Overview of Advisory Fuel Rates (AFR) HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 September 2023, increasing the rate for electric cars The advisory fuel rates that apply from 1 September 2023…

Tax filing deadline

Tax filing deadline September to December 2023

Tax filing deadline: September to December 2023 In our handy guide to tax filing deadlines, we provide an at-a-glance guide of filing/submission obligations and payment deadlines.      September 2023  1 September Corporation tax due for accounting periods ended 30 November 2022 where not payable by instalments HMRC reviews advisory fuel rates for company cars 7…

Best Business Bank Account

Best business bank accounts comparison and overview

Best Business Bank AccountsOverview & comparison Table of Contents How to Open a Business Bank Account in the UK A business bank account is an essential requirement for any company operating in the United Kingdom. It separates personal and business finances, facilitates smooth financial transactions, and enables businesses to build a positive credit history. It…

gaps in national insurance for state pension

gaps in national insurance for state pension

Gaps in national insurance for state pension What’s the fuss about gaps in national insurance for state pension? The government has announced that taxpayers now have an additional period of nearly 2 years, until 5 April 2025, to rectify gaps in their National Insurance record for state pension starting from April 2006. This extension allows…

Tax filing deadline

Tax filing deadline July to December 2023

Tax filing deadline: July to December 2023 In our handy guide to tax filing deadlines, we provide an at-a-glance guide of filing/submission obligations and payment deadlines.     July 2023 1 July    Corporation tax due for accounting periods ended 30 September 2022 where not payable by instalments 5 July    Deadline for applying for a PAYE Settlement…

Property tax questions answered

Property tax questions answered (Part 1 of 10)

1. What expenses can I offset against rental income? Question: I have just purchased my first buy-to-let property and have managed to successfully let it out. However, I am unsure as to what expenses I can offset against my rental income. Answer: Remember the golden rule: If you have incurred a revenue expense for the…

Convictions & sentences

Fraud Convictions and sentences June 2023

Fraud: Convictions and sentences June 2023 £50k bounce back fraud: 6 years disqualification Mr Ahmed, from Essex, was the sole director of a limited company, trading as a bookkeeper. In July 2020, he applied for a £50,000 bounce-back loan for the company, after claiming that its previous year’s turnover had been £200,000, whereas the actual…