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Major changes to the VAT Flat Rate Scheme

If you currently charge 20% VAT on your sales to customers but pay a much lower VAT rate as a percentage of your Gross sales (between 12-14%)  please read on! From the 1st April 2017, the Flat Rate VAT Scheme is changing.  HMRC is introducing a new 16.5% rate which is likely to be less…Read More

How to stay on top of your taxes

Staying on top of your tax obligations can be a challenge, particularly when you’re trying to run a busy business. Doing so really does make life much easier when it comes to submitting your self assessment however and it also helps you maintain control of your accounts and in the rare event that you do…Read More

What to do if you miss the tax return deadline

As always, the deadline for submitting and paying self return tax returns is the 31st January. If for whatever reason you haven’t managed to complete yours, what happens now? The first thing to remember is not to panic. Missing a payment to HMRC can feel incredibly daunting and although it’s highly advisable to keep up…Read More

Every year HMRC receives some genuine, some silly and some downright bizarre excuses for why people couldn’t submit their tax return on time. As the 2015 deadline quickly approaches the tax authority has released its annual list of the 10 worst excuses they heard last year for people filing or paying their return late. Unsurprisingly,…Read More

Young men are the biggest culprits for missing the tax return deadline

With the January 31st deadline approaching very quickly, accountants and business owners across the country are racing to get their self assessments completed in time. The instant £100 fine for missing the cut off date tends to be motivation enough for most people but inevitably, every year there are thousands who don’t quite manage it.…Read More

Getting yourself prepared for the self-assessment tax deadline

As soon as the Christmas break is over it’s back to reality and nothing reminds us of this more than the self-assessment tax deadline. The 31st of January is dreaded by companies and the self-employed all over the country but if you’re well prepared, believe it or not, it really doesn’t have to be that…Read More

The most common mistakes people make on their tax return

Completing a tax return can be daunting, confusing and easy to get wrong if you don’t know what you’re doing. In order to help you avoid making any mistakes, below are some of the most common errors people make on their self assessment forms. Typos The most common mistake that business owners make is not…Read More

Top Tax Tips for Year End Planning

The 5th April 2014 sees the end of the 2013/2014 tax year which means that this is the last day you can use up your annual exemptions for capital gains tax, inheritance tax and ISAs. Although it is highly recommended that you utilise the skills of your accountant during this time, there are a number…Read More

The strangest excuses used for submitting a late tax return

It’s that dreaded time of year once again where the tax return deadline is fast approaching. Whether you complete yours yourself or enlist the help of an accountant, it can still be a stressful time. Every year thousands of people miss the deadline and whilst this isn’t unusual, HMRC has just released some of the…Read More

The implications of submitting a late tax return

Completing your tax return can be a daunting process especially if it’s the first time you’ve done it. It’s difficult for beginners to know where to start and even those who have been doing them for years can find them frustrating and time consuming. Unfortunately, this is no excuse for failing to get yours in…Read More

The Uk’s Tax Waste Mountain

The infographic below demonstrates how much tax is lost in the UK due to people being unaware of the benefits they are entitled to, filing late tax returns and failing to make the most of perfectly legal tax reduction schemes. If you are worried that you are paying too much tax or want to find…Read More

Should you do your own tax return or hire an accountant?

Regardless of whether this is your first year in business or you have been running your own company for many years, unfortunately, very few people enjoy doing their own self assessment tax returns at the end of the year. A question many business owners often find themselves asking is whether they should do their own…Read More

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