“The final Coronavirus Job Retention Scheme (CJRS) claim must be submitted by 14 October 2021 and you have until 11:59pm on 28 October 2021 to make any amendments.
Failure to manage an error appropriately could be deemed as a ‘deliberate and concealed’ activity, resulting in a penalty of up to 100% of the amount you have to repay and having your details published along with other deliberate tax defaulters.”
“With the temporary VAT reduction of 5% coming to an end on 30 September 2021, and replaced with a transitional rate of 12.5% until 31 March 2022, it is important that your booking and till systems are set up correctly.
You need to also be mindful of the additional accounting challenges if you receive payments or issue invoices that straddle the change in VAT rates.”
“Despite the obvious risks, it never ceases to amaze us the number of landlords who have failed to declare rental income on their tax returns.
Take the weight off your shoulders and let us help you remove all the worries, you’d be surprised how much better you’ll feel.”
“If your business is selected for a VAT inspection, remember to follow these simple tips: communicate to control the time and place, put your cards on the table, act promptly to HMRC requests and learn from the experience to avoid a follow up.
Our VAT Taxperts are on hand to offer you advice, and can help you prepare your business before an inspection occurs.”
“It is important that employers know the correct advisory fuel rates to correctly reimburse company car drivers for their business travel.
Paying above the rates published by HMRC may lead to additional tax liabilities for both the employer and employee.”
“Business owners who are looking for a tax effective way to exit their business should consider look at an Employee Ownership Trust (EOT).
EOTs offer some attractive benefits for the original shareholders and the employees and our Taxperts can help you understand those benefits and the process when using an EOT as a succession solution.”
“The current differentials between income tax and corporation tax rates, together with other benefits of trading through a limited company, can still make a corporate structure highly attractive.
Is your current trading structure fit for purpose?”
“Businesses should be careful that they are not taxed both in the UK and overseas. The UK has double taxation agreements with most countries to mitigate double taxation, and to ensure that tax is paid in the correct country.
Our International Tax Team can help ensure your business pays the correct amount of tax, and that double taxation relief is claimed where necessary.”
“Good investment advice typically considers balance in your portfolio of investments. With diversity comes complexity in terms of inheritance tax, asset protection etc.
Remember to consider the future family wealth as your portfolio grows.”
“Stock markets have thankfully recovered from the lows of last year.
Have you considered the Inheritance and Capital Gains Tax implications for your portfolio?”
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Chartered Accountants
