Despite repeated calls for reform, the Government has shown little support for tackling chronic late payments, leaving businesses to fend for themselves. One effective solution is to tighten your credit control policies to manage the issue. Strengthening credit control A solid credit control system helps you keep payments on track. Here are some ideas on […]
If breeding and selling animals has turned into a source of income for you, you need to make sure your earnings are declared correctly to HM Revenue & Customs (HMRC). You can earn up to £1,000 annually from casual trading or self-employment without needing to report it. However, once your income exceeds this threshold, you […]
With the end of the tax year fast approaching on 5 April 2025, now is the time to take action (if you haven’t already) and get your finances in order. At TWP, we know how effective planning can be in helping businesses and individuals reduce their tax bills and maximise available allowances. Here’s how you […]
Surrey-based accountancy firm TWP is urging businesses and individuals to get ahead of the 5 April 2025 tax deadline to make the most of available tax-saving opportunities. With allowances resetting at the end of the tax year, failing to act now could mean missing out on valuable reliefs. Andrew Goddon, Partner and Head of Taxation […]
Have you ever considered buying a business to rapidly expand the size and profitability of your business? Perhaps you have thought about it as part of your growth strategy, but you were nervous about the risk or the process. As members of The Corporate Finance Network, we can support our clients through a buy & […]
HMRC has published new guidance regarding a change in the interpretation of how Double-Cab Pickup (DCPU) vehicles should be classified for car benefit, capital allowances and some deductions from business profits purposes. Previously, HMRC accepted that if the payload of a DCPU was 1 tonne or more, it was a goods vehicle, not a car, and […]
With the tax/financial year end approaching, now is a good time to check that you’re making the most of the available reliefs and allowances available to you. Please talk to us if you think any of the issues affect you. Savings If you have some spare cash, an obvious tax planning point might be to […]
It is possible to claim Income Tax relief on eligible employment expenses that have not been reimbursed by your employer. If you file a self assessment tax return, relief must be claimed on the employment pages, but for employees who do not file a self assessment, it is possible to claim tax relief using an […]
In 2024 we saw a lot of legal cases that examined the VAT rating of food and drink and it appears this trend is continuing into 2025! The VAT rating of food and drink has always been a contentious topic but in the case of Global By Nature Ltd v HMRC (TC09396) we can see […]
Date What’s Due 1 February Corporation Tax for year to 30/04/2024, unless quarterly instalments apply. 19 February PAYE & NIC deductions, and CIS return and tax, for month to 05/02/2025 (due 22/02 if you pay electronically). 1 March Corporation Tax for year to 31/05/2024, unless quarterly instalments apply. 19 March PAYE & NIC deductions, and […]
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