Entries by catfi5h

CIS scheme explained

What is the CIS? The Construction Industry Scheme (CIS) was brought in by HMRC in 1971 to help minimise evasion in the construction industry, as well as to protect construction workers from being employed illegally and taken advantage of. The scheme works by contractors taking money from their subcontractor’s wages in order to cover their […]

Benefits of Using an Umbrella Company

Working as a contractor or a freelancer has its benefits. For one, you have the ability to work around your own schedule without having management to answer to. Your focus is your clients and they are the only ones who you need to please. The tricky part sets in, however, when it comes to managing […]

Benefits of advertising on social media

As accountants we regularly field questions from our clients on a vast range of topics. We are always gratified that they place their trust in us to advise them in a sensible and straight forward way about the myriad of topics faced by business today. A common question is “how do we get more business?”. […]

What is a members voluntary liquidation?

If you are thinking of closing your limited company, there are a number of steps that need to be taken to ensure that you have followed the correct procedures as set down by the law and your Articles of Association. Please note that it is recommended that you seek professional advice as soon as possible […]

Why are business plans so important for your business?

Anyone can start a business with a vague idea of what they want to do and a few marketable skills. However, to truly make it in business, you need to know what you’re doing. How you are going to not only create, but also develop your business and make it a success. This is where […]

What’s the latest on making tax digital?

As the years go by, government across the world are going digital in order to deliver services more efficiently. This goes for all areas of our lives, even how we pay our taxes. This year, HMRC are implementing Making Tax Digital, an initiative that intends to make all tax processes fully automated in the next […]

The Profit Diversion Compliance Facility

2019 looks to be the year that HMRC crackdown on tax avoidance once and for all, making sure that larger companies who have been hoarding wealth and avoiding tax by diverting profits finally get their comeuppance. One of the ways in which tax avoidance is being tackled is with the profit diversion compliance facility. What […]

Tax Return Penalty Appeals

If you are self-employed or a business owner, you’ll need to complete and file a tax return for each tax year. You need to be as clear and accurate as possible on your tax return so that you ensure that you are paying exactly the right amount. You also need to file your return on […]

Requirement to Correct

The Requirement to Correct, or RTC, is a piece of legislation which demands that all UK taxpayers to get in touch with HMRC and notify them if they have offshore tax liabilities that had so far gone undeclared. This includes Capital Gains Tax, Income Tax, and Inheritance Tax.  The final date for RTC was 30th […]

History of Self Assessment

The self-assessment has been with us since its introduction in the tax year 1995/1996. Before the age of “tax doesn’t have to be taxing,” the responsibility of calculating what someone’s tax liability was belonged to HMRC. It will come as little surprise to anyone who has dealt with them that this frequently meant they were […]