Unauthorised issue of a VAT invoice
Issuing a VAT invoice without registration or authorisation can lead to HMRC penalties, even if it is done by mistake.
A penalty may be charged by HMRC when an individual or
Don’t rush to judgement over pending tribunal claims
Mr. Aslam, a former Metroline employee, applied to another bus company on 13 April 2019, disclosing that he suffered from partial hearing loss, depression, anxiety, insomnia and
Understanding working capital and why it matters
Working capital is a simple but powerful measure of a business’s financial health. It is the difference between current assets and current liabilities. In other words, it shows
Why you should maintain a tax reserve
Every business has a duty to pay tax, whether that is Corporation Tax, VAT, PAYE, or personal tax liabilities for the owners. While these payments are predictable, many businesses
How to pay corporation tax online
Paying Corporation Tax? Always use the correct reference or risk delays and penalties.
To pay Corporation Tax via online or telephone bank transfer, you can use either a UK or
When you cannot charge VAT
Not all goods and services carry a 20% VAT, knowing the right rate can save costly mistakes.
When a VAT-registered business issues an invoice to their customer, they must ensure
Using your own car for work purposes
Using your own car or bike for work travel? You may be able to claim tax relief for business mileage.
If you are employed and spend your own money on items needed for your job,
How do HMRC define “wholly and exclusively” for tax purposes
Not sure if a business cost is deductible? HMRC’s ‘wholly and exclusively’ rule is the key test.
When deciding whether an expense is deductible or not it is important to bear in
What is the settlement legislation?
Thinking of gifting income to a spouse or partner? HMRC’s settlements rules may still tax it as your own.
The settlements legislation is contained in s.624 ITTOIA 2005. The
16 years old – the minimum age for a company director
Thinking of starting a company at 16? Know the rules, risks and responsibilities before you take the leap.
The Companies Act 2006 does not set a minimum age for shareholders,
Budget date announced
The Chancellor of the Exchequer, Rachel Reeves has confirmed, in a video message, that the next UK Budget will take place on Wednesday, 26 November 2025.
Details of all the Budget
Tax Diary October/November 2025
1 October 2025 - Due date for Corporation Tax due for the year ended 31 December 2024.
19 October 2025 - PAYE and NIC deductions due for month ended 5 October 2025. (If you pay