by Admin | Aug 30, 2024 | HMRC, Personal and Inheritance Tax, Self assessment
HMRC Cracks Down on Unreported Income from Animal Breeding and Sales HMRC is contacting those involved in animal breeding or selling animals like dogs and cats. The tax authority is currently sending letters to individuals it believes might have underreported or...
by Angela Taffs | Aug 20, 2024 | General news, Making Tax Digital, Personal and Inheritance Tax, Property Taxes, Self assessment
Making Tax Digital for Income Tax What You Need to Know if You Have a Combined Business and Property Income Over £50,000 Starting in 2026 The UK tax system is undergoing significant changes with the introduction of Making Tax Digital for income tax. This initiative...
by Admin | Jun 7, 2024 | General news, HMRC, Self assessment, Starting a Business
The Risks of Tax Evasion When Self-Employed Within the self-employment sector in the UK, some individuals are tempted to underreport their profits for tax evasion purposes. This practice may appear attractive for short-term gains but can have significant long-term...
by Admin | Jan 4, 2024 | Business Advice and Tax, HMRC, Personal and Inheritance Tax, Self assessment, Starting a Business
Have you paid your tax liability for the year ended 5 April 2023? This a reminder that any unpaid Self-Assessment tax for the year ended 5 April 2023 is due by 31 January 2024. If your total liability was over £1,000, the amount due will also include a payment on...
by Admin | Aug 4, 2023 | General news, HMRC, Self assessment
Do you have fee protection insurance in place? If not, read on so you are prepared. Did you know every year HMRC undertake a reported 300,000 compliance checks on self-assessment tax returns? And did you know they can do checks over the past six years of assessments?...
by Admin | May 10, 2023 | Bookkeeping, HMRC, Personal and Inheritance Tax, Self assessment
Don’t fall into the trap of paying your simple assessment tax bill twice. Small business owners aim to keep their tax bills as low as possible but this year, many using simple assessment are ending up paying twice! The reason for this is due to HMRC issuing paper...
