For some time now, unincorporated businesses have been able to submit simplified accounts in order to settle their tax liabilities. The main advantage of using this system is that income and expenditure is based on money received from customers and... read more

Budget changes you may not realise have happened ... As is usual when a general election is called, the government had to decide, with the approval of the opposition, what legislation can be passed into law before parliament was dissolved. The... read more

The current tax year, 2017-18, is the last year we have to prepare for the advent of the new reporting system, Making Tax Digital for Business (MTDfB). Following the recent budget, it is now clear which businesses are going to... read more

Abolition of Class 2 NICs from April 2018 is one small step towards simplifying the system for the self-employed. Class 4 NICs will also be reformed to include a new threshold, the small profits limit (SPL). The amount of the... read more

We don't often blow our own trumpet but we are delighted to be recognised as one of the 100 Top Tax Blogs worldwide. And we are in some very illustrious company in the list of Best Tax Blogs on the... read more

Just at the time we in the UK are getting ready to pay our annual tax bill, the story has just come out of a US man, Nick Stafford, who paid his $3,000 tax payment using only coins. It took... read more

Tax return errors happen even when care is taken to do things properly. HMRC will then seek to claim penalties. If the tax return error means you have underpaid tax, HMRC will ask whether the error was careless or deliberate.... read more