Accounting, Business and Tax News Stories and Updates

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23-05-2018
Beware sting in VAT Annual Accounting Scheme
The VAT annual accounting scheme is open to most businesses with a turnover of up to £1.35m per year. The main benefits of the scheme include the requirement to file one VAT return per year. This can Read more..

23-05-2018
Give now pay later – what are the settlement rules?
The settlement rules are intended to prevent an individual from gaining a tax advantage by making arrangements that divert his or her income to another person who may be liable at a lower rate of tax Read more..

23-05-2018
Company van use – the tax consequences
There are a number of tax consequences to be aware when employees are provided with company vans and fuel. A company van can be defined as a van made available to an employee by reason of their Read more..

23-05-2018
CGT base cost uplift on death
Special rules apply to assets when they are passed to a beneficiary after the death of the benefactor. In some cases Inheritance Tax may be due on the transfer. However, there can also be a hidden Read more..

23-05-2018
Tax exempt gifts paid out of income
Many taxpayers are aware that there is an annual Inheritance Tax exemption of £3,000 for gifts and this can be carried forward to the following tax year if not used to make a maximum gift of £6,000. Read more..

23-05-2018
Can’t afford to pay your tax bill?
HMRC understands that taxpayers will sometimes experience difficulties with paying their tax bill and stress that taxpayers should make contact with them as soon as they realise that there is a Read more..

23-05-2018
New advisory fuel rates published
Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or Read more..

16-05-2018
Responding to a County Court claim
It is important that any correspondence received from the County Court is dealt with promptly. This should include taking proper legal advice when appropriate. Usually, a creditor asks the County Read more..

16-05-2018
When might you be due a tax refund?
HMRC has issued helpful guidance that explains when you might be due a tax refund and how to make a claim. According to HMRC you may be able to claim a refund if you:are employed and had too Read more..

16-05-2018
NMW and LW enforcement measures
A new press release has revealed that in 2017-18, HMRC investigators identified £15.6 million in back pay that is owed to over 200,000 of the UK’s lowest paid workers. This was an increase from £10.9 Read more..