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Explore insightful articles, tips, and industry updates from RMT. Stay informed on the latest trends, innovations, and best practices in accounting and business services.

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Top tax tips to help your business save money

Whether you are setting up a new business, or already have a successful, well-established company, there are many ways that you can save money through tax reliefs and allowances. Certain tax initiatives even allow business owners to save money that can be invested in their company. Enhanced Capital Allowance (ECA) Enhanced Capital Allowance (ECA) schemes

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Brexit: UK launches “world-leading” data council to help seize global data sharing opportunities

The world’s biggest businesses – including Google, Mastercard, and Microsoft – will come together for the first time this week to help Britain “seize the opportunities of better global data sharing” now that it has left the EU. The announcement comes after the European Commission formally agreed to recognise Britain’s high levels of data protection

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New guidance to help businesses navigate VAT second-hand margin scheme

New guidance will help businesses navigate the VAT second-hand margin scheme, HM Revenue & Customs (HMRC) has said. The tax authority replaced VAT notices 718, 718/1, and 718/2 with 12 new guides earlier this month. VAT margin schemes tax the difference between what you paid for an item and what you sold it for, rather

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Claim up to £5,000 towards the cost of cloud accounting software under new Help to Grow: Digital scheme

Small businesses could get up to £5,000 to pay for cloud accounting software under the Help to Grow: Digital scheme, it has been announced. The initiative – which forms part of the Government’s flagship support programme for small businesses – launched on 20 January 2022. Here’s what you need to know. What is the Help

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New rules to end second home tax loophole

Multiple homeowners who leave “holiday lets” empty will no longer be able to claim tax benefits, it has been announced. The move ends a loophole allowing owners of second homes to avoid paying their “fair share of tax”. Under the current system, owners of second homes in England can avoid paying council tax and access

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HMRC’s guidance on reasonable excuses for late tax payments updated

It should perhaps be no surprise given the circumstances of the pandemic that individuals and businesses might have incurred penalties for late tax payments. But the penalties charged by HM Revenue & Customs can be mitigated if the taxman accepts what is a ‘reasonable excuse’ for failing to meet a payment deadline. HMRC guidelines have

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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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