HMRC allows grounds to appeal against a penalty if the taxpayer has a ‘reasonable excuse’ for why they filed a return late or paid their tax late. A ‘reasonable excuse’ is an event or happening that prevented a taxpayer from complying with a tax obligation despite the fact that they…
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The Spring Budget 2020 announced a significant restriction on future availability of entrepreneurs’ relief (ER) for individuals who dispose of all or part of their business, individuals who dispose of shares in their personal company, and trustees who dispose of business assets. Broadly, the lifetime limit of £10m is to…
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If you’ve agreed with your employer to work at home voluntarily, or you choose to work at home, HMRC has updated its guide on the expenses you can claim due to the COVID-19 outbreak. This could be a result of the workplace being closed or because of the government’s decision…
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You can change your company’s year end (also known as its ‘accounting reference date’) to make your company’s financial year run for more or less than 12 months. However, you can only do this for your company’s current financial year or the one immediately before it. Please note that changing…
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Whenever an employee leaves your organization, there are various procedures that are mandatorily required to be followed by the employer. These include informing HMRC that the employee has left your organization and issuing a P45. What you need to do? When an employee leaves, it is important to let HMRC…
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To help those businesses who are suffering as a result of the Covid-19 pandemic, the UK Government have announced that can delay making their second payment on account how and when self-assessment taxpayers can delay making your second payment on account for the 2019 to 2020 tax year. The payment…
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