Stewart McKinnon
Making Tax Digital – What Happens Next?
After multiple delays and postponements, the introduction of Making Tax Digital (MTD) for income tax finally looks set to go ahead, with sole traders, landlords and partnerships all to be impacted. This is despite continued warnings from professional institutes and professional advisers, including ourselves, that HMRC systems are not ready to deal with this yet.…
Misdeeds of Assignment
As reported on the BBC, there has been a significant increase in the number of people complaining to HMRC about companies claiming tax repayments on their behalf. In fact, this has more than tripled in two years and HMRC admits to having significant concerns about the repayment agencies which are doing this. Essentially, these complaints…
The early bird catches the (HMRC) fine…
We are occasionally asked by clients what are the advantages of paying tax early. The answer is relatively simple. You avoid the late payment penalty. … You won’t be tempted to spend the money. … You’ll receive any tax refunds sooner. … And you won’t start the new calendar year with a (large) bill. If you…
Trust us when it comes to your Trust
In 2017, the government adopted EU money laundering legislation and, as a result, the Trust Registration Service (TRS) was created. At that time, only those Trusts with a tax liability had to register. From 6th October 2020, the registration requirement was extended to cover the vast majority of Trusts and then on 1stSeptember 2021 HMRC announced they would…
To err may be human, but it can still result in an HMRC fine…
Let’s face it, we are all human and make mistakes. To err is human, to forgive divine, and all that jazz. Unless, of course, you are HMRC, in which case that forgiveness malarkey goes out of the window… Just in case you didn’t know, HMRC’s tests for non-compliance (i.e. whether your tax return is right or…
Why there is an extra inheritance tax exemption for family homes?
This is the final post in my series looking at some of the strange quirks of the tax system. Following on from the last one, which dealt with the introduction of the seven-year rule for IHT gifts to children, this one too is about inheritance tax – in this case, why we have an additional exemption…
Important changes to filing your tax returns for small businesses
Small and Micro Companies are going to have to file their accounts at Companies House in the near future. Are you a Limited company small business owner? Do you currently file your accounts at Companies House or are you glad that this is one requirement that doesn’t apply to you? Well, whether you want to or…
Vast majority of businesses unaware of impeding MTD deadline
There is now less than a month before Making Tax Digital (MTD) compliance starts to be mandatory for VAT returns, it is, to put it mildly, concerning. If you are a VAT-registered business with an annual turnover less than £85,000 you must implement MTD from 1st April 2022. A study by QuickBooks (other accounting software providers are…
Vast majority of businesses unaware of impeding MTD deadline
There is now less than a month before Making Tax Digital (MTD) compliance starts to be mandatory for VAT returns, it is, to put it mildly, concerning. If you are a VAT-registered business with an annual turnover less than £85,000 you must implement MTD from 1st April 2022. A study by QuickBooks (other accounting software providers are…
Strange days and late refunds in tax-return land…
According to the government website, more than 10,200,000 people filed their 2020-21 tax return by the usual deadline of 31st January 2022. However, this year, due to the pandemic, there was a month’s leeway and so many others have been busy catching up in February. This led to a slightly different month as far as M&S…
Is this woke capitalism or sound financial advice?
Apparently, some 75% of consumer banking customers would prefer to deal with institutions that put purpose ahead of profits. And some 58% would pay a premium to access services with strong environmental and social governance (ESG) credentials. A recent article in the accountancy trade press (admittedly from a firm with a vested interest in the subject),…
Meet our Heavy Metal Tax Specialist
This is the first of a series of 60 second interviews in which you can get to know better some of the key staff at M&S Accountancy and Taxation. We’re starting with Ashley, who has just been promoted to Tax Senior and whose interests outside her work vary from Indian food to Heavy Metal music…