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.…

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…

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…

Disguised Remuneration Schemes

Legislation comes into force in April 2019 that will force those who have used a disguised remuneration scheme to pay or receive wages to pay back the tax that they avoided, and thus owe to HMRC. But what does this mean and who is affected? What…

Death of buy to let

The number of buy to let mortgages fell drastically in 2016 and 2017, from 117,500 in 2015 to 74,900 in 2017, a two year drop of 38%, which has prompted many news outlets to herald the ‘death of buy to let’. A number of factors have…
Limited Company VS Sole Trader

Benefits of a limited company vs sole trader

Self employment isn’t as simple as finding clients and starting to work. Before you can start working for yourself you need to carefully weigh the pros and cons of the legal form your business is going to take. There are two ways in which…
Why Use An Accountant

Why use an accountant, and the benefits of using an accountant

If you are starting a small business, or working as a sole trader, it might be worth looking into hiring an accountant instead of trying to handle your accounts yourself. When you are first getting started, it might be fairly easy to stay on…
Marriage allowance versus family shareholders

Marriage allowance versus family shareholders

Two million married couples and civil partners are missing out on the Marriage Allowance. Because so many of us have not taken up the allowance, it’s saving HMRC a massive £1.3bn every year. For Accounting Gem clients who are married or…

Is someone undercutting your prices?

Is someone undercutting your prices? Has a new competitor opened up and you can see from your takings that your customers are leaving you for them? It’s a scary situation. Price is surely only one consideration when it comes to people parting…

IR35 coming to the private sector

IR35 is coming to the private sector. If you manage or own a business, you may well have noticed that your use of flexible workers, contractors or freelancers has grown substantially over the course of the last few years. You aren’t alone…