If your company accounts for its last financial year has been prepared in draft, and they show you and your director shareholders have received more dividends than permitted by company law. This has tax consequences and needs advice on the most tax-efficient way to manage. If you need advice or help contact [email protected]

The Chancellor would normally have the OBR run the numbers, even the SNP offered to check the numbers at a high level because of the tight timeline for the announcement. The analogy is “ a room with ranging fire and on the opposite wall an air-conditioner at full blast”. We will leave the markets and the politicians to sort this one way out one way or another. Markets never like uncertainty this will impact all tax payers in differencing degrees. Hopefully only a few short words in history! The concept of reducing tax burden is logical to increase choice and demand but cannot be taken in isolation,...

The head of HMRC has written to accountancy firms informing them that the soft landing penalty waiver for Making Tax Digital for VAT will be removed from November HMRC chief executive Jim Harra said: ‘I’m writing to let you know that from Tuesday 1 November 2022, your clients will no longer be able to use their existing VAT online account to file their quarterly or monthly VAT returns. ‘Businesses that file annual VAT returns will still be able to use their VAT online account until 15 May 2023. ‘By law, VAT-registered businesses must now sign up to Making Tax Digital (MTD) and use MTD-compatible...

More than a quarter of small and medium-sized enterprise (SME) business owners cited compliance with MTD as one of the biggest issues impacting their day-to-day operations, while a growing number of businesses said they had problems dealing with HMRC in general. The research was conducted on behalf of digital marketing agency PracticeWeb and highlighted the value accountants can provide their clients by demystifying regulatory compliance as well as the importance of using effective communication to keep businesses informed about the latest changes to tax rules. Over 80% of respondents said that...

As businesses get back to some form of normality, Help to Grow: Digital is one of a number of government initiatives, along with the Help to Grow: Management Course, aimed at enabling small and medium-sized enterprises (SMEs) to become more resilient and to take more advantage of digital technology. Help to Grow started in January 2022 and offers you as a business leader free and impartial advice on how technology can help your company. Eligible businesses are also able to take advantage of a discount of up to 50% on the costs of approved software, worth up to £5,000. What is Help to Grow: Digital? Help...

A judgement in a recent case means you may need to review your companies:Is one Director enough?“Model Form” articles are in a standard format (prescribed by the Companies Act) and that Model Form will apply if the company does not choose to have a set of articles specifically prepared for it. There are a number of reasons why the Model Form articles may not be suitable, and a recent Court case has highlighted on such issue, the number of directors needed to form a quorate meeting. Model Article 11 (2) says that the quorum for directors’ meetings may be fixed, from time to time, by a decision...

Overseas entities who want to buy, sell or transfer property or land in the UK, must register with Companies House and tell them who their registrable beneficial owners or managing officers are. This will also apply retrospectively to overseas entities who bought property or land on or after: 1 January 1999 in England and Wales 8 December 2014 in Scotland These overseas entities will need to register with Companies House and tell them who their registrable beneficial owners or managing officers are by 31 January 2023. Entities that disposed of property or land after 28 February 2022 will also...

The data challenge Getting all the data you need from clients is always a challenge. Spending the time trying to decipher missing, incomplete or unexplained expenses and invoices creates a lot of back and forth, and a significant overhead. Even for those clients we are doing the bookkeeping or VAT for this challenge doesn’t just disappear. Making Tax Digital for Income Tax (MTD ITSA) will see all self employed and landlord clients earning £10,000 or more in revenue, being required to keep digital record and file quarterly updates. Many of these clients may not necessarily be keeping a regular...

HMRC also confirmed that it has been extending employer PAYE for the agent online service on a rolling basis and that the expansion is ‘progressing well’. This service allows agents to see employer liabilities and payments records held by HMRC. If you need assistance, contact us via our contact form or call 01582 761121 to arrange for a face to face meeting where we can discuss your needs and provide a package just for you.