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The HMRC Points-Based Penalty Regime

The HMRC Points-Based Penalty regime is changing. They announced that they are introducing a points-based system of late filing penalties. So how will it affect you? The new points-based penalty regime will only apply to returns (including Making Tax Digital regular updates) with a regular filing frequency, e.g. monthly, quarterly or annually. A tax payer will […]

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Budget 2018: How much better off will I be?

We’ve had the announcement of the Budget 2018. But as ever the question on everyone’s lips is: how much better off will I be? Here we give you the main headlines of the Budget 2018. First, the Good News In the Budget 2018 announcement, the Chancellor increased from 6 April 2019 the tax-free personal allowance […]

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How does an HMRC discovery assessment work?

How do HMRC’s discovery assessments work? There is a window of time in which HMRC can begin an investigation. However HMRC has other powers to recover unpaid tax outside the enquiry window. It has the authority to issue an assessment, known as a discovery assessment, if it has good reason to believe a tax liability has […]

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The tax rules for Bitcoin

What are the tax rules for Bitcoin and other cryptocurrencies? We are often asked about the tax rules for Bitcoin and other cryptocurrencies. HMRC says that cryptocurrencies “have a unique identity and cannot be directly compared to any other form of investment activity of payment mechanism”. This means the tax position needs to be “looked […]

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Business entertainment tax rules: the mistakes to avoid

Are you making mistakes when it comes to applying business entertainment tax rules? As you (probably) know, both income and corporation tax rules block businesses from claiming a deduction from profits for expenses they incur on entertainment, such as taking customers or suppliers out for a meal. Corresponding business entertainment tax rules for directors and […]

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Tax dos and don’ts of employing casual workers

The important things to know when employing casual workers There are potential pitfalls to watch out for when employing casual workers. As an employer you probably know from experience that these days you must not only pay workers a fair wage for a fair day’s work, but provide workplace pensions, welfare and much more. You […]

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