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Gary Smith
  • November 28, 2022

VAT late filing penalties and other MTD non compliance being introduced

Under the MTD (Making Tax Digital) rules, using the wrong software for VAT returns could land you with a fine. There are also potential penalties for failing to use your software’s auto checking functions, record-keeping failures, as well as new rules for calculating penalties for late submissions and payment.  Here’s a closer look at what’s […]

Eoin Holohan
  • October 25, 2022

Making Tax Digital for Landlords: Everything you need to know

Landlords with an annual rental income of more than £10,000 will soon be faced with a big change in how they report for income tax. Here’s a closer look at Making Tax Digital (MTD) and what it means for your property business.  What is MTD and does it affect me?  The government describes its Making […]

Gary Smith
  • September 30, 2022

September 2022 Mini Budget: Here’s what it means…

Last week’s emergency mini budget included several significant new measures linked to personal, corporate and property tax rates, business investment initiatives and off-payroll working.  Here’s an outline of the changes and what they mean for individuals, businesses owners, landlords and contractors.  Personal taxation changes  National Insurance  The Health and Social Care Levy has been scrapped. […]

Gary Smith
  • July 12, 2022

Crypto Currency and Tax: New HMRC DeFi Guidelines Explained

It’s not for the faint-hearted, but a growing number of investors are starting to dabble in DeFi (Decentralised Finance): blockchain-based transactions using crypto currency to borrow, lend, buy assets (and more).   Earlier this year, HMRC released guidance on the taxation of crypto assets used in DeFi transactions. Here’s a closer look at what this guidance […]

Gary Smith
  • September 10, 2021

VAT Reverse Charge: Managing the Change

Introduced earlier this year, the reverse charge means that in much of construction, service suppliers no longer collect VAT. Instead, responsibility for VAT accounting shifts to main contractors. Especially for subcontractors, the new rules represent a massive change, both in terms of invoicing and cash flow management. Here’s a look at how small businesses can […]

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