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Using Cash Basis to workout your income and expenses for your Self Assessment tax return

‘Cash basis’ is a way to work out your income and expenses for your Self Assessment tax return, if you’re a sole trader or partner. Why use cash basis If you…
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Grappling with SEISS 5 and the new turnover test

With the fifth in the series just days away, the Self-Employed Income Support Scheme (SEISS) seems intent on overtaking the Fast and Furious film franchise (which currently stands at nine).…
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Making Tax Digital rollout under the spotlight

The rollout of Making Tax Digital may have slowed due to the pandemic but there is low awareness about the next stage covering landlords, small business and partnerships, warns Kevin…
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New approach could narrow scope of R&D tax relief

R&D tax relief has been a valuable source of innovation funding for thousands of UK businesses since it was first introduced but HMRC’s approach to subsidised expenditure could soon see…
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Covid-19: HMRC issue briefing on collecting tax debts

HMRC have issued a briefing setting out their approach to collecting tax debts and customer support as the UK emerges from the Covid-19 pandemic. The briefing sets out: •what HMRC…
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Tax Filing deadlines: July 2021

1 July Corporation tax due for accounting periods ended 30 September 2020 (where not payable by instalments) 5 July Deadline for applying for a PAYE settlement agreement (PSA) to have…
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R&D Tax credits

Research & Development (R&D) Tax Credits are a progressive type of tax relief available to any UK company that is contributing to the UK economy through innovation and research; be…
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Over 500,000 businesses filed VAT returns late

A total of 519,120 VAT returns were filed late by businesses last year, up 13% from 459,190 the previous year, leaving many SMEs exposed to interest and penalties on their…
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5 Common Tax Deductions that Small Business Owners Often Overlook

They say that only two things are certain in life: death and taxes. Paying tax is inevitable but there are things you can do to reduce the percentage of your…
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More money for businesses than you know

Even with a little glowing light at the end this unimaginably long tunnel, it does feel like for 2021, things just managed to get worse. But we’re not here to…
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