‘Tis the season for trivial benefits
With the season of goodwill upon us our tax team look at a little known and little utilised tax saving, known as trivial benefits. Trivial benefits is a mechanism whereby employees and/or directors can be given trivial benefits such as vouchers or maybe even office...
HMRC issues tax return scam warning
Taxpayers who have yet to submit their 2018/19 tax return through self-assessment are being warned about fraudulent scams. HMRC has warned millions of taxpayers to be on their guard ahead of the deadline at midnight on 31 January 2020. Over the last year, the Revenue...
To VAT or not to VAT, that is the question
For smaller businesses and sole traders, VAT can be complicated issue. Knowing when is right, or required, to register can be difficult. When does a business need to register for VAT? A business must register for VAT when its taxable turnover exceeds the VAT...
Small business owners hold on to cash for Brexit
Small businesses across the UK have increased the amount of cash they hold in current accounts by over 78% over the past two years in anticipation of a Brexit fueled credit crunch. The hoarding reflects growing fears over the economy and a desire to have cash assets...