The inaccuracy penalty system is intended to make penalties simpler to understand and more consistent across many taxes. HMRC has the power to significantly reduce the amount of penalties due. The largest reductions are for unprompted disclosures (as
HMRC’s guidance lists the following useful examples about a change of accounting date: If your accounting date in 2016 to 2017 is more than 12 months after the end of the basis period for 2015 to 2016, your basis period is the period between
The definition of a connected person for tax purposes includes certain relatives, trustees, partners and companies. A person is connected with an individual if that person is the individual’s spouse or civil partner a relative of the
With the Conservative Party having won a majority in the General Election 2019, this has the following implications for employment law reform: Manifesto commitments The Conservative Party’s manifesto promised various measures,
As the election upheavals are now completed, the Government has issued a timely news release to help people shop safely for children's presents this Christmas. The Office for Product Safety & Standards (OPSS) is a part of the Department for
The Charity Commission is the non-ministerial department responsible for registering and regulating charities in England and Wales, to ensure that the public can support charities with confidence. The Commission has published an alert after receiving
We thought it would be useful to remind our readers of the IHT implications of making cash gifts this Christmas. You can give away up to £3,000 worth of gifts each tax year. This is known as your annual exemption. Any unused part of the annual
If you are entitled to the marriage allowance and have not yet applied, then you could receive a well-timed Christmas bonus of up to £1,150 from HMRC. The marriage allowance is available to qualifying married couples and those in a civil
Here is a reminder of your duty and tax free allowances if travelling abroad this Christmas. Travelling to an EU country Where tobacco or alcohol is brought in from another EU country, no duties or tax will be payable as long as you can demonstrate
When a VAT registered business issues an invoice to their customer, they must seek to ensure that they charge the correct rate of VAT. Whilst most businesses in the UK charge VAT at the standard rate of 20%, there are a number of different VAT rates
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