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Penalties for late tax returns
HMRC Issue record number of fines HMRC issued a record number of fines last year to taxpayers who made mistakes on their personal tax returns. The Revenue imposed 143,000 penalties on people who filed inaccurate information because it deemed them not to have taken “reasonable care” – nearly three times the 55,000 fines levied in…
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Small Business Finance – Access to Alternate Funding
Banks obliged to show SMEs other potential funding sources Towards the end of last year, and following significant lobbying by the Federation of Small Business (FSB), the government announced a new ‘Matchmaking Service for Small Business‘ Under the initiative UK Banks will pass on the details of small businesses they have rejected for finance to…
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VAT implications of BREXIT
What does it mean for my business? Mrs. May said this week that we cannot possibly stay in the Single Market, so what does this mean on a practical level to businesses in the Midlands? Although VAT is a European tax, in the short term it is very unlikely there will be any changes in…
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Auto Enrolment Penalties on the rise
If I’m ill can I avoid auto enrolment penalties? According to the Pension Regulator, “being ill or short-staffed isn’t a good enough excuse for employers failing to comply with their legal duties on time.” The regulator’s latest compliance and enforcement report shows that the number of small and micro employers receiving fines has risen after tribunal…
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A New Year, a new tax award!
Two more Tax Awards for the team! Firstly the team at Burgis & Bullock would like to wish all of our friends and clients a Happy New Year. As 2016 came to a close we were delighted to hear that Burgis & Bullock had been recognised in the Acquisition International 2016 Global Excellence Awards being given the…
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Should Tax and National Insurance be merged?
Earlier in 2016 the Office for Tax Simplification (OTS) published a report to government regarding the possibility of aligning income tax and National Insurance contributions. The executive summary sets out seven key steps towards closer alignment: moving to an annual, cumulative and aggregate basis for NICs basing employers NICs on whole payroll costs and renaming…
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Grant Funds for Warwickshire Businesses
Warwickshire County Council have recently launched a further round of Grant Funding, as part of their “Small Grants Programme” there is up to £600,000 available to small enterprises across Warwickshire over the next 2 years. The funding is part of a £2 million package of business loans and grants agreed by the County Council to…
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Can Christmas Parties & Gifts be Tax Free?
Christmas Party Provision of a Christmas party is a non-taxable benefit for employees so long as the total cost of the function is no more than £150 per head. If the cost exceeds £150 the whole cost is taxable, not just the excess above £150. Where there is more than one annual event, there is…
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Are you aware of the Bribery Act?
A recent report about the awareness and impact of the Bribery Act 2010 among smaller firms published by the Ministry of Justice (MoJ) and the Department for Business (BIS) reveals that a third of smaller firms have either not heard of the Bribery Act or are unaware of their liability for the failure to prevent…
Understanding your business finances is about far more than meeting your statutory obligations. While many business owners focus on sales and turnover, a deeper understanding of profitability, cash flow and overall financial performance can lead to better decision-making and long-term business success. The financial statements produced by your accountant can …
August 14, 2026
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