Paying tax by direct debit

Posted on 2nd Nov 2023

One of the many ways that payments can be made to HMRC is by using a direct debit. The direct debit can be set up online. You can pay your tax bill using direct debit if you have an online account with HMRC for: Self-assessment...[more]

Cash flow v supplier credit limits

Posted on 1st Nov 2023

In a recent article we explained how granting lengthy credit limits to customers was as good as letting them keep your money in their bank account. In this post we describe the opposite situation, where you are granted longer terms to pay bills from your...[more]

Back of an envelope

Posted on 1st Nov 2023

If you run a business and manage your planning by scribbling notes on the back of an envelope, you might be advised to read the contents of this article. When the economy is vibrant, effectively when there are an abundance of buyers in your marketplace,...[more]

Loss of personal tax allowance

Posted on 25th Oct 2023

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that takes your income over £100,000 will result in a...[more]

Replacement of domestic items relief

Posted on 25th Oct 2023

The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances and kitchenware in a rental property. The allowance is available for the cost of domestic items such as free- standing wardrobes, curtains, carpets, televisions, fridges...[more]

Tax free annual party

Posted on 25th Oct 2023

The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the various criteria outlined below, then there is no requirement to report anything to HMRC or pay tax and National Insurance. There will...[more]

Self-Assessment scam warning

Posted on 25th Oct 2023

Fraudsters are continuing to target taxpayers with scam emails in advance of the deadline for the submission of Self-Assessment returns for the 2022-23 tax year. In the 12 months to September 2023, HMRC received more than 130,000 reports of suspicious contact of which almost 58,000 related...[more]

Scottish council tax frozen

Posted on 25th Oct 2023

Humza Yousaf, Scotland's First Minister, has announced that council tax rates will be frozen in the next financial year to support people struggling with the effects of high inflation.  First Minister Humza Yousaf said that the: “Announcement will bring much needed financial relief to those...[more]

Countdown to Self-Assessment filing deadline

Posted on 25th Oct 2023

There are now less than 100 days to file your 2022-23 Self-Assessment tax return online. The deadline is 31 January 2024. The deadline for paper returns ended on 31 October 2023. You should also be aware that payment of any tax due should also be made by...[more]

Cash flow v customer credit limits

Posted on 23rd Oct 2023

If your business grants a customer time to pay – say 30 days – after the services or goods supplied have been delivered, effectively, your money stays in their bank account for 30 days. Further, if you have incurred costs regarding a sale, that have...[more]

Please wait...