While company directors are generally protected by limited liability, recovery powers granted to HMRC in the Finance Act 2020 mean directors can face greater personal liability for tax debts held by the company in the event of insolvency…
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Tag: hmrc
Closing your company: Strike off versus Voluntary Liquidation
The impact of the last two years
It goes without saying that many thousands of Companies have struggled since the beginning of the Covid crisis. Many of those Companies would have utilised the various schemes and assistance put in place by the government, banks and HMRC.
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Concerned about Bounce Back Loan Repayment and Furlough Fraud?
When the government was giving out Coronavirus business support in 2020 like free sweets in Santa’s Grotto – most businesses were both grateful and relieved. Few will have given much thought to the future at a time of such crisis and deep uncertainty…
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What happens if I can’t pay my VAT bill on time?
We can all wax lyrical about the need to budget for VAT and not treat the VAT we collect as our own, but sometimes business isn’t that straightforward. Things happen and, on occasions, it simply might not be possible to pay across the VAT when it falls due, which is normally the 10th working day of the month after the return is submitted…
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Tax-saving ideas for small business owners…
If you want to stay on the right side of HMRC, which we strongly advise, as a small business owner or sole trader you have to pay tax. However, there is no reason to pay more tax than you need to. You can do various things to minimise your tax bill but, if you run a profitable business, there will always be tax to pay. And though tax avoidance is smart business practice, tax evasion is a crime and knowing the difference is important.
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Major changes in taxation for owners of buy to let properties…
Major changes in taxation for owners of buy to let properties started being phased in over four years from April 2017. If you own buy to let properties, it’s important to take a look at how these gradual changes may affect you in order to avoid any nasty surprises…Of course, every individual situation is different, so be sure to consult a professional tax adviser regarding your particular position.
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Making Tax Digital – Are You Ready?
In 2015, HMRC proposed to move the recording of all tax to fully digital system which will affect all businesses no matter how large or small. The scheme known as ‘Making Tax Digital’ will change the way that all businesses and landlords liaise with HMRC.
Making Tax Digital
Update on HMRC’s plans for Making Tax Digital, Benefits of Private Pension Contributions and Class 2 NIC’s.
Have you heard of it? If not, that’s no surprise! It’s the accountancy equivalent of the snow leopard, confirmed to exist but rarely seen…
Act Now To Keep HMRC Off Your Back
Most of us who are required to submit a tax return will be well aware of the impending due date of 31st January getting closer and closer. A mandatory £100 fine is given to all those who fail to meet it as soon as you cross midnight on 31st January, and further delays and the penalties can increase up to £1600.