Month: August 2021

Corporation Tax Return changes…

A Corporation Tax Return is filed with HMRC each year to report a company’s tax liability. We prepare them for our clients once we’ve prepared the annual accounts, and submit them to HMRC once they’ve been approved by the Directors. The format of the Corporation Tax Return has changed recently, and those changes could have […]

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Companies House Late Filing Penalties are back!

Companies House Late Filing Penalties are back! Companies House has updated its Covid-19 guidance and has ended payment breaks for late filing penalties. UK registered private companies, public companies, and limited liability partnerships (LLP) will once again be given an automatic penalty if they file their accounts after the deadline. Over the last 18 months, […]

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A cloudy outlook for businesses…

Two of our primary reporting sources have revealed less-than-rosy economic reports recently: 1. The Office of National Statistics (ONS) The ONS has reported that the number of UK businesses closing in the second quarter of 2021 was the highest since 2017. The closures reported were 105,455, compared to 98,880 in Q2 of 2017. The largest […]

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HMRC updates Salary Sacrifice guidance

HMRC has updated their guidance on salary sacrifice schemes. The primary change is the removal of the guidance on ‘Salary sacrifice arrangements set up before 6th April 2017’ which are no longer applicable. What is a Salary Sacrifice Scheme? A salary sacrifice arrangement is an agreement to reduce an employee’s entitlement to cash pay, usually in […]

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Pension Scams average losses double

According to the latest figures from Action Fraud the average loss from pension scams has reached £50,949 this year. That figure is more than double that of £23, 689, reported last year. Action Fraud said the losses in each case ranged from less than £1,000 up to £500,000, and the real figures could be higher as […]

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‘HMRC should receive bank data’ says OTS

The Office of Tax Simplification (OTS) is recommending that banks and financial institutions should share client information, such as account interest, with HMRC. This is in a bid to speed up data provision to the new Single Customer Account. The OTS says the reporting of data from these third party organisations will make reporting easier […]

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