A taxpayer may have grounds for appealing a penalty if they have a reasonable excuse for missing a filing or payment deadline. However, it is important to realise that the appeal will only succeed if HMRC accept that the excuse is indeed reasonable. In this regard, the bar is set high. The first point to note is that there is no statutory definition of ‘reasonable excuse’. Whether a person has a reasonable excuse depends on the circumstances in which the failure to meet the o

Legislation has been published in draft for inclusion in the Finance Bill which will bring unused pension pots within the charge to inheritance tax from 6 April 2027. In light of this change, pension savers may be considering withdrawing pension funds to prevent such a charge. Is this a good idea? The first point to note is that this is not yet law and, assuming it does come into effect, it will not do so until 6 April 2027. Therefore, there is no need to be hasty. There is a

With relatively low interest rates on cash deposits, some companies are looking to invest their spare cash elsewhere, especially if...

Having the company pay for all your fuel might seem like a major perk. However, whether it is truly a valuable benefit depends on a...

Today's business world is increasingly competitive. In order to survive and grow, a business needs to retain talented personnel. While...

If you are new to Self Assessment and need to submit a tax return for 2024/25, you will need to register for Self Assessment. This should...

An umbrella company is a business which may be used by a recruitment agency to pay temporary workers. However, many umbrella companies...

A Simple Assessment is used for taxpayers with very straightforward tax affairs. A taxpayer may receive a Simple Assessment letter from...

Businesses must register for VAT when their turnover exceeds the registration threshold (currently £90,000). This must be done if, at the...

Individuals who claim higher or additional rate relief for personal pension contributions through their tax code may now need to provide...

The rate of SDLT payable on the purchase of a property depends on whether it is a residential property or not, and if so, whether the...

Having tenants who refuse to leave despite being given a valid Section 21 or Section 8 notice is a nightmare for a landlord and places...

When renting out a property it is usual to take a deposit from the tenant to cover the cost of any damage to the property by the tenant....

From 6 April 2027, inheritance tax will be payable where someone’s estate at death includes unused pension funds or death benefits. The...

The liability for self-employed earners to pay Class 2 National Insurance contributions was abolished with effect from 6 April 2024. Now...

A VAT invoice is an invoice that contains information required by the VAT regulations. A VAT invoice can only be issued by a business...

There are various ways in which profits can be extracted from a personal or family company. A popular and tax-efficient extraction...

The tax code is fundamental to the operation of PAYE. An employee’s tax code provides the employer with the information needed to deduct...

As the cost of living rises, you may consider letting a room in your home to bring in some much-needed additional income. This can be tax...

Currently, there is no limit on the amount of qualifying agricultural and business property that can benefit from the 100% rates of...