Business News

Small tax allowances as of 6 April 2017

2 May 2017

The new tax year which began last month and brought with it a series of useful tax-free allowances that you may not currently be aware of, including the Government’s new trading and property allowances. Under the new trading allowance, anyone

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HMRC issuing hefty fines to eBay and Amazon traders who fail to pay tax

2 May 2017

Small-scale internet traders, including individuals and businesses who sell goods on websites such as eBay and Amazon, are being hit with ‘tougher penalties’ than larger businesses if they do not declare their income and pay the appropriate tax on their

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Online VAT fraud and error costing UK dear

2 May 2017

A report published by the National Audit Office (NAO) estimates that online VAT fraud and error cost the UK somewhere between £1bn and £1.5bn in lost tax revenue during the 2015/16 financial year. Under current UK tax rules, any traders

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P11D dispensations have been dispensed with

2 May 2017

Last year saw an important change to the way tax-deductible business expenses, which are paid to employees, are dealt with. Until the beginning of the 2016-17 tax year, employers who did not have a dispensation from HM Revenue & Customs

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A furnished holiday letting won’t just give your customers much needed relief

2 May 2017

Landlords should be aware of the different rules which apply to furnished holiday lets and private rented properties, as the tax implications can be enormous. Privately rented properties that are not a principal private residence, and therefore do not qualify

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