Convictions & sentences

Fraud Convictions and sentences September 2022

Fraud: Convictions & sentences – September 2022 Table of Contents Takeaway owner spared jail for £50k VAT fraud – A takeaway owner based in Knaresborough has been spared jail after admitting to a £50,000 VAT fraud, which spanned more than three years – The Business was deregistered from VAT in 2015 after claiming that the…

Mini Budget September 2022

Mini Budget September 2022

Mini Budget September 2022 The week leading up to Chancellor Kwasi Kwarteng’s ‘Mini Budget’ may have been a short one due to the Queen’s funeral but the new government managed to fill it with a stream of policy announcements. Before Mr Kwarteng stood up to make his statement on ‘The Growth Plan’ much of what…

Energy bills for businesses to be halved this winter

Energy bills for businesses to be halved this winter

Businesses will be given financial support for six months to cover up to 50% of their energy bills in the latest move by government to mitigate soaring energy bills.   With bills increasing by up to 400% in some cases, businesses, charities and public sector organisations, including schools and hospitals, will be receive an automatic…

Tax tips- Different categories of shares

Tax tips- Different categories of shares

Tax tip: Different categories of shares One of the limitations of a limited company when it comes to setting an efficient profit extraction strategy is the need to pay dividends in proportion to shareholding; dividends are declared ‘per share’. To overcome this limitation, consider creating different classes of shares at the outset to allow the…

HMRC chases 4,000 taxi drivers

HMRC chases 4,000 taxi drivers

HMRC chases 4,000 taxi drivers Overview:   HMRC has written to more than 4,000 taxi and private hire vehicle drivers to claim back unpaid tax, following recent registration requirements   What is the new tax check for taxi drivers?   On 4 April 2022, HMRC introduced tax checks on licensed and private hire vehicles. These…

Compulsory liquidation costs to rise

Compulsory liquidation costs to rise

Compulsory liquidation costs to rise Table of Contents The up-front petition deposit fee paid by those initiating creditor bankruptcy and compulsory liquidation proceedings will increase substantially from 1 November 2022. The petition deposit, which must be paid beforehand to get an order, will be increased in all cases where a petition is submitted at court…

£1.1 billion Bounce Back loans flagged as fraud

£1.1 billion Bounce Back loans flagged as fraud

£1.1 billion Bounce Back loans flagged as fraud Around £1.1bn of small business loans made under the Bounce Back Loan Scheme (BBLS) have been flagged as suspected fraud, according to banks. Since the scheme was launched in 2020, over £46bn has been lent to businesses as part of the covid loan scheme. The latest figures show…

Tax filing deadline

Tax filing deadline September & October 2022

Tax filing deadline: September & October 2022 In our handy guide to tax filing deadlines, we provide an at-a-glance guide of filing/submission obligations and payment deadlines.     1 September Corporation tax due for accounting periods ended 30 November 2021 where not payable by instalments HMRC reviews advisory fuel rates for company cars 7 September VAT…

HMRC Advisory Fuel Rates AFR for company cars

HMRC Advisory Fuel rates AFR from 1 September 2022

Advisory Fuel Rates (AFR) for company car users from 1st September 2022 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 2022, increasing rates between 1p and 3p, due to soaring fuel prices.  The advisory fuel rates that…

Tax avoidance umbrella company bosses named

Tax avoidance umbrella company bosses named

Tax avoidance umbrella company bosses named Table of Contents HMRC has publicly named tax avoidance bosses for the first time, exposing 15 companies involved in promoting avoidance schemes  Today, HM Revenue and Customers (HMRC) used newly acquired authority to publicly identify the directors of many businesses that promote tax avoidance, issuing a warning to clients…

End of self assessment tax returns for B2L landlords

End of self assessment tax returns for B2L landlords

End of self assessment tax returns for B2L landlords HMRC has finally published  detailed guidance on how Making Tax Digital for Income Tax (MTD) will work for buy-to-let landlords and sole traders with qualifying income over £10,000 which will see the end of self assessment tax returns The new income tax framework for Making Tax…