Despite pledges to bring an end to austerity in the UK, Weybridge accountancy firm TWP has said that the Chancellor’s latest Budget has failed to deliver enough for small businesses. Rising to address the House of Commons, Philip Hammond said the Autumn Budget would be for the “strivers, the grafters and the carers who are […]
The sun was already edging behind the London skyline by the time Chancellor Philip Hammond rose to the despatch box to deliver the first Monday Budget since 1962 – pushed back to 3.30pm because of later Parliamentary sitting times on Mondays. Officially, the traditional Wednesday slot was dispensed with this year to allow as much […]
When you set up a limited company and start on your own, you may think that you’re now free from a boss telling you what to do taking your money away from you. Another way of looking at it is that you’ve said goodbye to your old boss and said hello to a far bigger […]
Late payment has, for many years, been a major problem affecting both the cash flow and viability of particularly smaller businesses, It’s one of the perils that few people seem to warn you about before you make the leap into the world of the self-employed. Particularly for very small businesses, waiting for payment from customers […]
From April 2016, the rules relating to the taxation of dividends have changed radically with the removal of the 10 per cent notional tax credit. This was replaced instead by a new £5,000 dividend allowance, which has since been reduced to just £2,000 at the beginning of this tax year – bringing many more owners […]
Tax investigations into people and into businesses are lengthy, stressful, and tiring affairs. Sometimes, there’s no other reason than random chance for why you have been chosen to be placed under scrutiny. That’s why we always recommend to clients that they take out insurance to cover the costs involved with an HMRC investigation – call […]
Earlier this week, we wrote an article about the impending migration of the reporting and collection systems for VAT over to Making Tax Digital. That sparked a lively debate here at TWP Accounting’s office about how HMRC used to be over the whole issue of VAT visits. Way back when, the HMRC used to visit […]
Making Tax Digital is part of a multi-year scheme from both the Government and HMRC to digitise all accounting and tax records for individuals and businesses across the UK. It’s been in the planning for years and, given its complexity, it has suffered many setbacks to date and its launch details have been rescheduled and […]
There are over 4 million businesses in the UK and well over two thirds of them aren’t registered for VAT. In fact, many businesses go out of their way to avoid registering for VAT – so much so that the Tax Simplification Committee has recommended severely reducing the limit at which businesses must register to […]
For the last few years, contractors have been, possibly, HMRC’s most targeted and under-suspicion set of professionals – and the strain is starting to show. From the draconian change of rules on IR35 on public sector contracts in 2017 (expected to be extended to the private sector in 2019 or 2020) to the continuing diminishing […]
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