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What happens to a late tax return? It’s no surprise that HMRC doesn’t take to kindly to failure to submit your tax return, or even a late tax return. Submitting your return even a day late can be met with harsh penalties, but those penalties become significantly more serious the later you leave it. InRead more

Company Voluntary Arrangement (CVA) Since the 2002 Enterprise Act there are two main ways of saving all or part of a company that is suffering financial difficulties. These are either Administration or a Company Voluntary Arrangement. Under a Company Voluntary Arrangement, the directors can make a proposal to the company’s creditors to allow the companyRead more

Administration Since the 2002 Enterprise Act there are two main ways of saving all or part of a company that is suffering financial difficulties. These are either Administration or CVA. The main purposes of administration are: To rescue the company as a going concern (this describes a company that can continue operation without the threatRead more

STAMP DUTY LAND TAX Are you a first-time property buyer or have no idea about stamp duty land tax? This is a fact of life for any property buyer and this article will unearth everything about stamp duty and make it known to you. What is stamp duty? Stamp duty land tax (SDLT) is theRead more

What are the responsibilities of a Director? When you decide to incorporate your company, you may be interested in becoming a director of that company. If you do then you will take on a number of new responsibilities in your new role. Legally, the responsibilities of a director are framed in three ways. These are:Read more

HM Revenue and Custom (HMRC) has recently released some disturbing news about its plans to radically change the way contractors work for the public sector. Changes to Public Sector The government’s proposal aims to come into effect from April 2017 and proposes to change the way the IR35 will work for public sector engagements. InRead more

Inheritance Tax rules in the UK It is important to stay abreast of the recent changes in laws, but the mechanics of the new tax law by the UK government could be slightly complicated for the typical citizen to understand. In an attempt to simplify these rules, we are going to take a close lookRead more

The whole idea of Umbrella Company has been in existence since middle 2000. Before then most contractors and freelancers used to work under recruitment agencies or their own limited company. So, what is an umbrella company? An umbrella company is a standardised UK limited company operated by an employer (third party) on behalf of freelancerRead more

There is an old saying that goes “there are two things that are inevitable in life- death and taxes.” However, what you may not know is that there are some methods of tax relief available to you that are perfectly legal and don’t require relocation or anything like that. In this article, we are goingRead more

IR35 (The Intermediaries Legislation) was introduced in 2000 to fight against tax avoidance by making use of personal service companies. This tax law had the target to bring an end to the differences in the treatment of tax for the workers who were included in the payroll. The real picture made it clear that theRead more