by Gary Woosey | May 7, 2024 | Blog, HMRC, Scams, SMEs, VAT
HM Revenue & Customs (HMRC) has issued a warning to businesses over fraudulent attempts to access VAT repayments via postal form VAT484. What’s happening? The form, used by business owners to change VAT registration details with HMRC if unable to do so online, has...
by Gary Woosey | Apr 30, 2024 | Blog, HMRC, SME, SMEs, Tax
If your business has a turnover of £90,000 or more and sells products or services subject to VAT, then you must register to pay it and file a return to HM Revenue & Customs (HMRC) – at least once every three months. Your VAT return is a critical component of...
by Gary Woosey | Apr 23, 2024 | Blog, Finance, HMRC, SME, SMEs
If you choose to offer certain benefits to your employees, then you may incur additional Class 1 National Insurance (NI) liabilities which must be reported to HM Revenue & Customs (HMRC). This applies to benefits known as ‘benefits in kind’ (BIKs), as they are...
by Gary Woosey | Apr 9, 2024 | Blog, Finance, SME, SMEs, Tax
In a new initiative designed to reduce paper use and unnecessary confusion, HM Revenue & Customs (HMRC) has announced a significant change to the way that taxpayers are notified of a repayment. From 8 April 2024, HMRC will no longer send out a letter notifying...
by Gary Woosey | Mar 19, 2024 | Blog, Finance, SMEs, Tax
With 5 April fast approaching, the pressure is on to make sure that you’ve used all capital allowances available to you in this tax year to reduce your tax bill. For business owners, there are a number of tax reliefs you can use to make your capital expenditure as...
by Gary Woosey | Mar 12, 2024 | Blog, Finance, Pension, SMEs, Tax
Are you ready for the end of the 2023/24 tax year? 5 April 2024 marks the end of the current financial year, so the deadline to use several important annual reliefs and allowances is fast approaching. Pension contributions represent a significant tax saving for a...
