Tax return Deadline
Tax return Deadline We are almost getting to the end of the 23/24 tax return season (deadline day is 31st January 2025 – midnight). The above deadline is for online submission only, paper submission was on 31st October 2023. well done if you have filed your accounts early. If you have not done so, time is ticking […]
Reducing Payment on accounts
Reducing Payment on accounts Payment on accounts can be reduced if estimated tax for the new tax year is lower than the previous tax year. You can also reduce Payment on Account by logging in to your online HMRC account and clicking ‘Reduce payments on account’ or, you can send form SA303 to your tax […]
Tax is changing – how will this affect your business?
Tax is changing – how will this affect your business? HMRC has been pushing to make tax digital for some time now. Claiming it will simplify the tax life for businesses and individuals, spelling the end of the annual tax return. So what is Making Tax Digital? Making Tax Digital (MTD) is an HMRC initiative […]
HMRC Publishes ridiculous excuses for not completing tax returns
HMRC Publishes ridiculous excuses for not completing tax returns Every year, following the 31 January Self-Assessment (SA) deadline, HM Revenue and Customs (HMRC) receives a number of imaginative and intriguing excuses for not completing tax returns on time. Each year also sees some wildly optimistic expense claims. Recent excuses include: As well as the excuses, […]
Christmas party entertainment
What entertainment is tax free? It’s that time of the year again when every business opens their wallet to show appreciation to their staff. Don’t be caught by the tax man! How much can you spend per employee for the Christmas party without being caught out? There is a tax exemption for employee entertaining if […]
A simple guide to the Mini-Budget 2022 (The Growth Plan)
Dec 07, 2022 The headline message from the Chancellor The Growth Plan 2022 makes growth the government’s central economic mission, setting a target of reaching a 2.5% trend rate. Sustainable growth will lead to higher wages, greater opportunities and provide sustainable funding for public services. The United Kingdom currently faces a period of high inflation. […]
Let’s Talk Director’s Loan Accounts: Your Handy Guide for Easy Peasy Finances!
Directors Loan Accounts (DLA) Hey there, fellow business owners! Running a limited company can be pretty exciting, but we all know that dealing with finances and tax stuff can be a bit daunting. Don’t worry; we’ve got your back! Today, we’re diving into the world of Director’s Loan Accounts (DLAs) in the friendliest way possible. […]
Should Trustees be paid for providing Goods and Services to their Charities?
Navigating Changes: Paying Trustees for Goods and Services in Charities Introduction: As a member of a charity, you understand the dedication and effort required to support its mission. However, the inability to compensate trustees for their services can pose challenges. Fortunately, recent changes to the Charity Act 2022 have provided charities with the statutory power to pay […]
Unlocking the Power of Gift Aid
Unlocking the Power of Gift Aid: A Comprehensive Guide for UK Charity Introduction: Gift Aid is a powerful tool for UK charities, providing a significant boost to their fundraising efforts. However, maximizing Gift Aid requires careful planning and execution. In this guide, we’ll delve into the intricacies of Gift Aid and provide actionable strategies for […]
When can a charity refuse donations ?
Accepting and Returning Donations: Insights from the Charity Commission At the heart of charity operations lies the acceptance and management of donations. However, not all donations are straightforward. The Charity Commission offers essential guidance on when charities may return donations, ensuring compliance and ethical decision-making. Trustees are reminded of their fiduciary duties, emphasizing the importance of prioritizing […]
