Business Mileage Rates
From 2011-12 onwards, businesses may use a fixed rate per business mile to compute their vehicle expenses under the new simplified expenses rules. They can
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Hiring Contractor Accountants Can Benefit Your Business
Hiring contractor accountants is an excellent way for freelancers and contractors to manage their finances efficiently while ensuring tax compliance. These professionals specialize in handling
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Cash Basis for Landlords – When Does It Apply?
For landlords managing rental income, understanding the best accounting method can make a big difference in tax efficiency and financial clarity. One option, the Cash
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Family Businesses and the Settlements Anti-avoidance Rules
The ‘settlements’ income tax anti-avoidance rules found in ITTOIA 2005. The principal sets of rules are the ‘revocable, or settlor interested’ settlement rules (ITTOIA 2005,
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Inheritance Tax – Tax Free Gifts
There are various exemptions and potential exemptions, which make it possible to make gifts free of inheritance tax. Making tax free gifts is a useful
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What are Self-assessment Penalties?
As HMRC can issue millions of late filing self-assessment penalties, you need to be aware of what self-assessment penalties are to avoid any unfavourable circumstances
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HMRC or Tax Scam
You must beware of tax scams. The HMRC regularly warns taxpayers to be alert to fraudsters purporting to be from HMRC. Recently, they announced that
Allocation of Partnership Profits to Corporate Partners
Partnership profit allocation refers to the equal distribution of profits. Partnership income is computed for the whole partnership by reference to the various sources of
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Tax Investigtion Accountants HMRC Facts
A tax investigation costs you money even if you’ve done nothing wrong. HMRC Facts £33 Billion is the estimated tax gap between what HMRC should
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Director’s Guide From Accountants
After several recent tribunal cases on the subject, HMRC has amended its guidance about whether a director has to file a tax return. The guidance
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