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Tag : tax

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Uber Decision: What are the tax implications?

It’s been all over the news (if you haven’t seen it, where have you been?!) since the tribunal agreed that Uber drivers are workers, meaning they should be entitled to basic worker rights. Uber have since suggested that they will appeal this decision.
Much of the media coverage regarding the recent

HMRC investigates small firms’ card records

  • Posted On September 14, 2016
  • Categorized In News
  • Written By

HM Revenue & Customs (HMRC) is monitoring credit card records in a £100m crackdown on small firms it suspects are failing to declare payments.

 

The Revenue has revealed that it is studying the number of card payments recorded by companies including newsagents, restaurants and garages to see if they match up

Taxing time for the company car

  • Posted On September 8, 2016
  • Categorized In News
  • Written By

News Feed From Norton Folgate

The Times’ Abigail Townsend talks to motor industry experts about the possible effects of a government clampdown on salary sacrifice schemes for company cars.

The scheme was introduced in 2002 to encourage the take-up of low-emission cars while the employee pays less income tax and both employee and employer

Offshore tax dodgers face harsh new penalties

  • Posted On September 6, 2016
  • Categorized In News
  • Written By

News Feed From Norton Folgate KPMG is warning that UK taxpayers with offshore holdings could soon be subject to new legal obligations after HMRC launched a new consultation to tackle offshore tax evasion and non-compliance. Proposals include a new “requirement to correct” obligation which would mean anyone with UK tax

The End of The Tax Return – Making Tax Digital before 2020

A quick update from Free Agent.
The government is on a drive in an attempt, in HM Revenue & Customs’ (HMRC’s) words, to “Making Tax Digital by 2020″
One of the biggest implications of Making Tax Digital for small businesses is the eradication of the traditional annual tax return.
This will mean that

VAT Crisis When Buying A Business?

According to Accounting Web here is information about avoiding a VAT crisis when buying a business.
The transaction of buying whole or part of a business may be treated as a “transfer of going concern” (TOGC) for VAT purposes, in which case the seller doesn’t charge VAT on the sale of the business.
Exempt

To Register Flat Rate VAT or Not To Register Flat Rate VAT

During registration with HMRC for the Flat rate scheme (FRS), VAT expected is calculated on a fixed percentage of sales – Simple! or is it?

The problem begins when the actual percentage used does not reflect the type of business activity.

Give us a call 01909512120 and we can advise you further.

It’s complicated.

In recent news, it has been found that some small medium enterprises and firms, are hit with costs of up to a £10bn  in tax compliance bills!

AAT members are experts at finding their way through the intricacies of tax compliance, and 80% of them are the ones who state that

Femi Ogunshakin Managing Director
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