Penalties for careless and deliberate errors

As well as charging interest on tax paid late, HMRC may also levy a penalty where there is an error in a tax return. These penalties may be judged as careless or deliberate and the level of penalty will also depend upon whether or not; the taxpayer has been upfront,...

What should I do to save tax in 2023?

At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs and see where you can save tax in 2023 before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA...

Input tax reclaims on Road Fuel

Through our VAT review services we come across many common errors. One in particular relates to input tax reclaims on road fuel. We have put together the following guidance to help clear up common misconceptions and errors. Reclaiming VAT on business fuel costs There...

Making Tax Digital Update – Income Tax

Making Tax Digital (MTD) for VAT has been with us since April 2019, with the extension to all VAT registered businesses from April 2022. The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2024. The obligation to keep...

Making Tax Digital – What’s the new guidance for VAT

HMRC have issued new guidance on the penalties that they impose for non-compliance with the Making Tax Digital (MTD) for VAT rules. In particular, there is a penalty of up to £400 for every VAT return a business files without using ‘functional compatible software’. ...