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Grant Funding available in West Midlands
Does your business employ less than 250 full time staff; received public funding less than EUR 200,000 in the last 3 years; be creating jobs in the next 12 months; or has your business been refused a loan or other credit facility? If the answer to the above is YES then your business may qualify…
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Can my tax affairs be made public?
Well, if you’re on the Inland revenue naughty list they certainly can! In another interesting development HM Revenue and Customs (HMRC) have for the first time published a list of ‘deliberate defaulters’ who have been found to have underpaid at least £25,000 of tax during enquiries into their 2010 tax affairs. The list features nine…
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VAT Penalty on Incorporation?
Have you recently changed legal entity, for example by incorporating a sole proprietorship or partnership ? Or has a sole proprietor taken someone into partnership? If you have, be sure to advise H M Revenue & Customs (“HMRC”) within 30 days of the change! Why? Because if you don’t there is a growing likelihood that…
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Are PPI Claims Taxable?
If you’ve not seen the massive publicity about the misselling of PPI (Payment Protection Insurance) policies, or been contacted by a no-win no-fee claims handling bureau then you’ve either been very fortunate, or living on the Moon for the past couple of years (although I’m not sure even that would guarantee no phone calls…
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HMRC “wall of shame”
Photographs of over 30 individuals, who were sentenced last year to a total of almost 156 years, have been published online for the first time by HM Revenue & Customs. All but one of the thirty two named had evaded either VAT or excise duties rather than corporate or personal tax. This is interesting given…
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R&D Tax Credits, a warning
The current regime of claiming for enhanced credits against corporation tax is a generous one with up to 225% relief available for qualifying expenditure. In fact with HMRC tasked with approving these claims there has (rightly) been a rush of claims recently submitted by many different businesses. HMRC aims to make 95% of its R&D…
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Tax man gets tough!
VAT-registered taxpayers who are behind in submitting their returns and payments are being offered a time-limited opportunity to put their affairs in order. Businesses have until 28 February 2013 to submit their VAT returns and pay outstanding VAT. Those who do not make use of the opportunity will be targeted by HM Revenue and Customs…
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VAT fraud rife in the UK
A recent report prepared has revealed that tax fraud makes up 44% of all the fraud reported in the UK. At £603 million, tax fraud identified in 2012 is nearly twice the level reported in 2010 (£309m). VAT fraud made up over 90% of the reported tax fraud. The research underpinning the report examined all…
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New EU VAT invoicing rules from 1st January 2013
As of January 1st 2013, new EU wide rules came into effect with the aim of simplifying the invoicing process for business. Most importantly the legal obstacles to the use of electronic invoices will be removed from the UK VAT legislation. Electronic Invoicing Electronic invoices have been given parity with paper invoices. Following the…
Making Tax Digital (MTD) for Income Tax represents one of the biggest changes to the UK tax system in recent years. With the first quarterly submission deadline approaching on 7th August, now is the time for businesses to ensure they are prepared. MTD for Income is relevant to a wide …
July 22, 2026
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