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VAT and Making Tax Digital: FAQs (Part Three)

All VAT-registered businesses need to prepare for the upcoming changes demanded by the government’s Making Tax Digital scheme, which will apply from April 2019. Under the new rules, businesses will need to keep comprehensive digital records and file taxes online. This blog is part of a series covering common questions around VAT and Making Tax…Read More

Autumn Budget Review 2018: Individual Finances

Despite some speculation before the Budget was announced, there were no big surprises in store for UK-based individuals in Philip Hammond’s plans. However, there were a number of things to note with regard to individual finances, which we will explore in this budget review. Budget Review: Personal Allowance, CGT and Savings Income Whilst no changes…Read More

Autumn Budget 2018 Review: Corporation Tax, Incentives and More

On Monday 29th October at 15.30 pm, Chancellor Philip Hammond delivered the Autumn Budget. The announcement was a surprise for various reasons: earlier in the year than normal (due to Brexit); on a Monday instead of a Wednesday; and later in the day than is typical (because parliamentary matters commence at a later time on…Read More

Making Tax Digital for VAT: FAQs (Part Two)

Is your business ready for Making Tax Digital for VAT? If you are VAT-registered, from April 2019 you will need to adhere to the rules of MTD – which requires eligible business to keep proper digital records, as well as filing taxes online. Making Tax Digital for VAT: Is More Information Required? Though the new scheme…Read More

MTD for VAT: FAQs (Part One)

From April 2019, all VAT-registered businesses will be required to comply with the rules outlined in the government’s new scheme, Making Tax Digital (MTD). As the name suggests, the scheme will require businesses to file and pay taxes online, as well as keeping comprehensive digital records. In time, all businesses will be a part of…Read More

Requirement to Correct: Penalties and Appeals

The deadline for Requirement to Correct has passed. For many people who have overseas interests and issues with their historic tax position, the harsher Failure to Correct scheme will now apply (and the penalties that come with it). In this blog, we’ll look at the various charges that will be levied against taxpayers who have…Read More

Requirement to Correct Scheme: Deadline Approaches

The ‘Requirement to Correct’ scheme was introduced on the 6th April 2017: a new programme aimed at improving accuracy with regard to the reporting of foreign income. Over the summer, HMRC issued revised guidance relating to this requirement. Our blog sets out the key points to heed ahead of the 30th September deadline. If you’re a…Read More

Tax Myths Debunked: Self Assessment Returns

It feels as if the tax year has hardly begun, but the self assessment paper deadline is already looming – words that strike fear into the heart of many a self-employed person! Fortunately, IBISS & Co are here to help: in this blog, we’ll debunk some of the most prevalent tax myths surrounding self assessment…Read More

How to Claim R&D Credits

As discussed in last week’s blog, ‘Can I Save Tax Through R&D Relief’, research and development reliefs can offer a huge potential saving to eligible companies. But what kind of companies qualify for R&D credits – and how can you claim? What Makes A Company Eligible to Claim R&D Credits? In the words of HMRC,…Read More

Can I Save Tax Through R&D Relief?

Research and development credits – known as R&D relief – can offer attractive tax benefits for eligible companies. In this blog, we’ll cover the different types of reliefs that are available, depending on the scale of your organisation. What is R&D Relief? R&D-related reliefs were introduced with the aim of encouraging companies to invest in…Read More

How Much Can I Gift Without Being Taxed?

The summer may nearly be over – but wedding season isn’t! Recent research shows that September is the second most popular month to get married in; meaning that you might be perusing a gift list or two in weeks to come. But if you’re considering giving a cash present, how much can you give away…Read More

Top Tax Tips for Students: Part Two

If you’re about to embark on your next educational challenge, now might be the ideal time to get your finances in order. Clarifying your position with regard to tax will save you time and stress in the long run, and could also provide a helpful boost to your student finances! If you’ve not delved into…Read More

Top Tax Tips for Students: Part One

Results Day has been and gone, meaning that many budding students will soon be heading to university. If you’re one of them, it’s likely that your mind is occupied with thoughts of freshers’ week rather than finances, but trust us: it pays (literally) to start thinking about tax sooner than later. Keep reading for some…Read More

DOTAS: Your Questions Answered

In 2004, a new piece of legislation was introduced to help HMRC identify – and eliminate – tax avoidance schemes: ‘The Disclosure of Tax Avoidance Schemes’ (DOTAS).  In this overview, IBISS & Co answer the most common questions around DOTAS, to help you get to grips with your responsibilities and work towards compliance. What is…Read More

What is IR35?

IR35 – which was introduced in 2000 – has recently been a hot topic in the news, thanks to several high-profile lawsuits. One of these was Christa Ackroyd Media Ltd v HMRC, the adjudication of which determined that the former BBC presenter Christa Ackroyd was inside of IR35 – and as such owed HMRC income tax…Read More

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