Businesses that register for VAT may be able to reclaim VAT paid on certain goods and services purchased before VAT registration. There are specific time limits for claiming pre-registration VAT. VAT on goods can generally be reclaimed where the
Missing a tax deadline can result in penalties from HMRC, but a taxpayer may be able to appeal if they have a genuine reasonable excuse. Whether an excuse is accepted depends on the individual facts and whether the taxpayer took action to put things
Employers providing uniforms or protective clothing to employees need to understand the tax and National Insurance rules that apply. The treatment depends on whether the clothing is required for the employee’s job, is a uniform worn only at work, or
Businesses investing in qualifying assets may be able to claim the Annual Investment Allowance (AIA) and deduct the full cost of eligible purchases from their profits before tax. This can help by reducing the amount of taxable profit in the period
Businesses should regularly review whether individuals working for them are correctly classified as employees, workers or self-employed. Getting employment status wrong can result in unexpected tax liabilities, penalties and loss of employment
Self-employed individuals can deduct allowable business expenses from their income when calculating taxable profits. However, businesses must keep accurate records and evidence to support the costs being claimed. HMRC requires taxpayers to keep
Cybercrime is no longer a problem that only affects large organisations. Increasingly, small and medium-sized businesses are becoming targets because criminals often see them as having weaker security and fewer resources to recover from an attack. A
Employment law continues to evolve, and businesses should keep a close eye on forthcoming changes that may affect the way they recruit, manage and retain staff. Although many of the proposed reforms are still being developed, employers should not
Receiving tax relief on pension contributions into a workplace pension is a great way to help prepare for retirement. In addition, contributions from your employer can make the pension savings even greater. If you are automatically enrolled into a
If you become liable to pay a tax or register for a tax that HMRC has not already been informed about, you must notify HMRC within the relevant time limit. Failing to do so can result in a financial penalty in addition to the tax and any interest
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