LATEST NEWS

Update to refunds made by HMRC

On 1st April 2015, HMRC updated their system to change the way they allocate repayments of overpaid tax. HMRC will only process the refund using the details entered in boxes 4-14 on page 6 of the core return if there had not been any payment made by debit or credit card prior to this. Therefore, your request will be ignored and the repayment will be automatically... [FIND OUT MORE »]

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Business records checks to go

HMRC has decided to scrap its controversial business records checks. What implications might this have for your business? Just checking! In 2011 HMRC started its business records checks (BRCs) claiming it wanted to help businesses identify shortcomings in their bookkeeping. It suggested that this was the root cause of many incorrect tax returns and so wanted to help businesses get... [FIND OUT MORE »]

Family companies and auto-enrolment

You might be the only director of your company or perhaps your spouse and other family members help control it. Whatever the situation you need to consider if auto-enrolment applies. What’s the position for your family company? Not optional Where auto-enrolment applies, it’s not optional. An employer must enrol all eligible employees into its workplace pension. The only exception is... [FIND OUT MORE »]

New tax investigations threat

The Taxman will be targeting up to 30 new industry sectors for investigation by its tax task forces. Might you and your company be at risk? Previous task forces. In 2011 the Taxman created eleven task forces to investigate businesses in sectors as diverse as the food industry and scrap metal dealers. These proved very successful at bringing in extra... [FIND OUT MORE »]

All is lost – except for loss relief

A few years ago you invested in your son’s new business. It never really got off the ground. The company survives but your shares in it are worth nothing. You’ve been told you can claim tax relief for your investment. How does this work? Share loss relief If you sell shares in a company which becomes worthless you can claim... [FIND OUT MORE »]

Timing bad debt relief is important

Your company’s last financial year showed a large number of small bad debts. The amounts involved don’t warrant chasing the non-payers. Will HMRC allow a tax deduction for these or are further steps required? Company’s debtors Whatever accounting method your company uses its profits have to be calculated on a “true and fair” basis. That means including the value of... [FIND OUT MORE »]

Advisory fuel rates rise from 1st June 2015

New rates. HMRC has updated its advisory fuel rates (AFRs), which apply from 1 June 2015. As usual you can continue to apply the old rates until 30 June. The table below shows the new AFRs with the previous figures in brackets. Engine size - Up to 1,400cc Petrol p/mile - 12p (11p) LPG p/mile - 8p (8p) Diesel p/mile - n/a Engine... [FIND OUT MORE »]

Maximising VAT claims on equipment

When your business buys equipment that’s used both for work and personal purposes, you can’t usually reclaim all the VAT. But for some types of purchase HMRC allows it. When does this apply? Different tax = different rules While VAT and direct tax rules tend to follow each other fairly closely there are exceptions. For example, for income and corporation... [FIND OUT MORE »]

Directors’ loans – dodging a tax trap

Several years ago you injected your own cash into your company, but now you need some back. Your accountant says that where your company repays part of what it owes you it can trigger a tax charge. Why, and how can it be avoided? Company loans HMRC has always disliked director shareholders using their companies as a personal moneybox ,... [FIND OUT MORE »]

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