UHY Ross Brooke Chartered Accountants
All too often HMRC will point to a minor point of law, which seems to fly in the face of common sense, in order to penalise the poor taxpayer. Consequently, it was with a wry smile that I read a recent tribunal case where HMRC got a dose of their
Whilst it is doubtful Mr Spock was ever an expert on the UK tax system, if he had been, he may have uttered that phrase in the context of the pension changes introduced by the Coalition government. Some would argue that the amendments to the tax treatment of pension funds on
Many small business owners will be feeling dejected in the wake of the 2016 Budget, particularly as we approach tax year end and the sun begins to set on the opportunity for low tax profit extraction. Yes, for many, things are about to become more expensive. But I am the
Business owners and shareholders need to reassess their position on dividends ahead of changes to the way they are taxed next month. At present there are considerable savings to be made in National Insurance contributions if a minimal amount is paid as salary and any balance of a remuneration package
There is just a month left before the new National Living Wage is introduced. From 1 April 2016 employees over the age of 25 who are currently earning the minimum wage rate of £6.70 per hour will see a 50p increase in their pay, bringing it to £7.20 per hour.
As 5th April approaches, now is a good time to minimise your tax liabilities by making sure make sure that you use all the tax reliefs and allowances available to you before the current tax year ends. For example, if you have adult children who are planning to buy a
Advanced Payment Notices were introduced in 2014 to recover disputed tax and HMRC can issue notices to demand tax that it believes it is owed. Ignoring an APN and hoping it will go away is simply not an option. Failing to pay within the 90 days will only lead to
New data shows that businesses in the UK have already been fined more than £65 million since April last year for failure to submit their accounts on time. The figures released by Companies House show that between April and December 2015 more than 140,000 penalties were issued to businesses. In
The SEIS was created to encourage individuals and other businesses to invest in new enterprise and entrepreneurship in return for tax incentives. Under the scheme, individuals can invest a maximum of £100,000 in a single tax year, which can be spread over a number of companies. In return they
In this update we go back to basics and look at how HMRC chooses individuals and businesses for enquiry once it has received the finalised returns. Tax gap by type of tax: The current tax gap is estimated to stand at just shy of £34bn: Income Tax, National Insurance Contributions