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Blog: Business Tax

Charging an electric company car: what you need to know

Charging an electric company car: what you need to know

With the important focus on achieving Net Zero goals and targeting personal emissions, more and more company cars seem to be following the electric car trend. This also comes with the added benefit of avoiding the extra costs associated with volatile fuel prices. Whilst having an electric company car can be a great perk for

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I can’t pay my tax bill – what should I do?

With fluctuating incomes and the costs of living hitting businesses and individuals alike, people who have never previously had any issue with paying tax bills on time may have found themselves passing the 31 July payment on account deadline without being able to pay what they owe. If this is the position you find yourself

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Are you prepared for changes to the income tax basis?

Unincorporated businesses, including sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April each year from 2024/25. This is a significant change to taxation, which removes the basis period rules and prevents the creation of further overlap relief in a new system known as the

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Tax bill warning as HMRC names avoidance schemes

Anyone involved with questionable tax avoidance schemes have been warned by H M Revenue & Customs (HMRC) to withdraw from them as soon as possible. HMRC issued the warning after naming Absolute Outsourcing’s or Purple Pay Limited’s Equity Participation Scheme and said people should withdraw to avoid building up a hefty tax bill. This is

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HMRC gives Self Assessment taxpayers more time to ease COVID-19 pressures

Late filing and late payment penalties are to be waived for one month for Self Assessment taxpayers. HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for Self Assessment taxpayers for one month – giving them extra time, if they need it, to complete their 2020 to 2021 tax return and

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Income tax basis periods – What unincorporated businesses need to know

All unincorporated businesses, including sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April (or 31 March) each year from 2024-25. Here is what you need to know: The Government has proposed changes that will move the tax basis period for all unincorporated businesses This

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Give yourself Time to Pay

Give yourself Time to Pay Taxpayers who are unable to pay their Self-Assessment (SA) bill can use the option of paying by instalments with a Time to Pay arrangement with HM Revenue & Customs (HMRC). If you cannot pay a Self-Assessment tax bill you can make your own Time to Pay arrangement using your Government Gateway account,

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The advantages of electric vehicle salary sacrifice schemes

Businesses looking to reward and retain staff members may wish to consider offering an electric vehicle (EV) salary sacrifice scheme. Not only are many EVs better for the environment, but they could also offer businesses considerable savings. Businesses can use employee salary sacrifice – similar to schemes offered for pension contributions, cycle to work schemes

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Chris Moir

Staying Onside with the Taxman over Offshore Disclosures

By Chris Moir, head of trusts & estates at RMT Accountants & Business Advisors One of the recurring themes of the campaigning in the lead up to the recent General Election was the focus that all political parties promised they would have on maximising tax revenues if they were returned to office, especially where illegal

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