If you buy and use cars in your business, you can claim capital allowances on their value, allowing you to deduct part of the value from your pre-tax profits using writing down allowances. The amount that you can deduct depends
HM Revenue & Customs (HMRC) has been accused of using small and medium-sized businesses to plug the UK’s tax gap, following a report which showed an additional £468 million was generated in tax revenue by SMEs in 2016. The figure,
The UK’s large army of small businesses will soon be able to switch their accounts between banks more easily, following changes to bank competition rules. The Bacs Payment Scheme, the organisation responsible for the majority of the UK’s automated payments,
The Government’s long-awaited responses to six consultations about Making Tax Digital (MTD) which were originally opened in August 2016 were published at the end of January. Despite ongoing criticisms regarding the proposed short MTD timescale, HM Revenue & Customs (HMRC)
We have changed the way we now deal with the transfer of data. We have a McPhersons Dropbox account which allows data to be uploaded into a shared folder to which only you and ourselves have access. When your data
What is ‘Making Tax Digital’? In 2015, HMRC issued a paper, ‘Making Tax Digital’, which proposes that by 2020 they will have moved to a fully digital tax system. This is not just about software, it signals the end of
Pants and pet food were amongst items claimed as expenses of tax returns. However, our favourite is the “Luxury watches for staff” from a business with no employees! Read.