Recent reports have shed light on some of the most unusual cases where self-assessment taxpayers have managed to successfully appeal late filing and late payment penalties issued by HM Revenue & Customs (HMRC). In one instance, a taxpayer named Magdalena Trzcińska successfully appealed a late filing penalty thanks to a well looked-after ‘signed for’ Post… Read more…

It would be fair to say that the last few months have been fairly tumultuous, what with the EU referendum, a Budget, the falling price of the pound, a general election; the list goes on and on… This has in many cases prevented business going ahead with their long-term plans and put others off seeking… Read more…

A new additional nil-rate band of £100,000 for Inheritance Tax (IHT) on main residences, when bequeathed to a direct descendent, came into effect at the start of the new tax year in April 2017. In 2018, 2019 and 2020, this will rise to £125,000, £150,000 and £175,000 respectively, before rising in line with Consumer Prices… Read more…

Last month more than 200,000 computers in 150 countries were infected during the WannaCry ransomware attack, including the systems of a number of NHS trusts. This cyber-attack caused mass hysteria and crippled a number of businesses and organisations – often highlighting the vulnerability of some of the world’s largest IT systems. Through their actions the… Read more…

With inflation hovering around 2.7 per cent, many businesses are facing a period of higher costs and reduced consumer spending – a trend which could see average pay rises this year hit just one per cent, according to the Chartered Institute of Personnel and Development (CIPD). In its latest report, the CIPD said that this… Read more…

Corporation Tax receipts reached a record high in the 2016-17 financial year, with a total of £56 billion collected, a 21 per cent year-on-year increase. These record figures come despite the main rate of Corporation Tax falling from 30 per cent 2008 to 19 per cent in 2017-18. The most obvious driver for this increased… Read more…

A new study from the Federation of Small Businesses (FSB) has indicated that the UK’s army of small firms will face a funding shortfall of around £3.6 billion by 2021 as a result of the UK’s withdrawal from the EU. According to the FSB’s data, around eight out of 10 SMEs have tried to access… Read more…

If you own your own business premises, you may be entitled to claim capital allowances on some of the costs associated with the ‘intrinsic fabrication’ of the building. The ‘intrinsic fabrication’ of a building includes items such as lighting, heating, plumbing, electrics and fire safety systems. It essentially covers the items that are necessary for… Read more…

From 31 May 2017, employees will be able to use dynamic PAYE coding to adjust their tax code throughout the year. In theory, this means they’ll be able to pay the right amount of tax on their income as they earn it. However, HM Revenue & Customs has warned employers to expect more tax code… Read more…