There are various reasons why HMRC may issue a tax penalty. You may receive a penalty if you file your tax return late, your tax return is inaccurate, you are late paying tax that you owe or you fail to keep accurate records. If you do not agree with the penalty, you can appeal against […]
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HMRC have sent out nudge โOne to Manyโ letters to taxpayers who they believe may have claimed Business Asset Disposal Relief (BADR) in excess of the ยฃ1 million lifetime limit. Nature of the relief Formerly known as Entrepreneursโ Relief, BADR reduces the amount of capital gains tax that is payable where a person sells all
If you have employees who use either their own car or a company car for business mileage, you can pay mileage allowances tax-free up to certain limit. However, if you pay more than the permitted amount, the excess is taxable and liable to Class 1 National Insurance. The amount that you can pay tax-free depends
The number of businesses closing down is steadily increasing. Many of those businesses will have staff, therefore the legal and tax position of any termination payment must be considered. Many assume that any amount up to ยฃ30,000 is tax free. However, this may not apply to all redundancy payments not least because termination payments will
