Phone scams

It would seem that fraudsters, keen to relieve you of your hard earned cash, are switching to phone calls now that email scams are becoming less effective. HMRC recently issued the following instructions to UK taxpayers and requested that we all assume a new level of vigilance. They said: If you know someone who has a landline, particularly those who may need...

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HMRC\’s drive towards digitisation

Digitisation is simply the conversion of text, pictures, numbers and sound into a form that can be processed by a computer. Add to this the replacement of feet on the ground with algorithms and programs that respond to certain criteria and we can start to see where the management of our tax system is drifting. To aid this process, taxpayers (business owners...

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What is TSP?

HMRC have issued a letter to VAT registered traders that either export or import goods to and from the EU. They are introducing new Transitional Simplified Procedures (TSPs) for customs purposes. For importers the text says: HMRC is introducing new Transitional Simplified Procedures (TSP) for customs, to make importing easier for the initial period after the UK leaves the EU, should there...

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How lean is your business?

There are obvious benefits to your personal wellbeing if you sweat it out at the gym three times a week: improved stamina, enviable muscle tone, endorphin buzz and unwanted pounds shed. But could your business benefit from a similar process? We are not suggesting that business owners and their staff leap to their feet and jog on the spot, beneficial as...

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Parliament eases through Finance Act 2019

According to a recent government announcement, 32 million people will be better off as the Finance Bill 2018-19 receives Royal Assent.   Treasury pundits who wrote the announcement said: A basic rate taxpayer will payat least £1,200 less income tax than they did in 2010, thanks to the government’s changes, giving people more help with the cost of living. As well as cutting taxes for...

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Goodbye 2017-18 and hello to 2018-19

The deadline for filing 2017-18 self-assessment tax returns without paying a penalty for late submission has passed (31 January 2019). But a new and pressing deadline now presents itself: 5 April 2019. As we have outlined in previous posts, most tax planning needs to be considered and actioned before the end of the tax year to be effective. For example, have you...

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Goodbye 2017-18 and hello to 2018-19

The deadline for filing 2017-18 self-assessment tax returns without paying a penalty for late submission has passed (31 January 2019). But a new and pressing deadline now presents itself: 5 April 2019. As we have outlined in previous posts, most tax planning needs to be considered and actioned before the end of the tax year to be effective. For example, have you...

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What was all the fuss about?

Last year, the 23 May 2018 to be precise, the UK adapted the General Data Protection Regulations (GDPR). The deadline created a rush of publicity and activity as businesses across the UK pored over their data processing systems, making changes to accommodate the new rules. After the deadline, its as if the curtain came down on GDPR and we moved on...

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Happy days

In what amounts to a single-issue mini-budget the Treasury posted a welcome announcement for the manufacturers and consumers of alcoholic products last week. They said: The Chancellor announces that alcohol duties are frozen From today, (1 February 2019) taxes on beer, cider and spirits are frozen for another year, keeping costs down for industry and consumers alike. alcohol duty cuts and freezes...

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How to cope with recession

Recession literally means “the act of going back, of receding…” Economic pundits have hijacked the word to mean “a period of temporary economic decline during which trade and industrial activity are reduced…”. It is usually heralded by a fall in Gross Domestic Product (GDP). According to many commentators on the state of the UK economy we are about to revisit recession. The cause...

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