When it comes to VAT, even the biggest brands aren’t immune from scrutiny. Marks & Spencer (M&S) is currently at the centre of a legal battle with HMRC over the classification – and therefore the VAT treatment – of one of its food items: a strawberry sandwich. It might sound trivial, but the implications reach […]
HMRC takes M&S to court over its strawberry sandwich: What small businesses can learn Read More »
If you’re a small business owner or contractor, you may have noticed a change in your tax code recently. Whether this appeared on your latest payslip, pension payment, or a notification from HMRC, it’s important to understand what your tax code means, and what actions to take if you believe something’s not quite right. In
Has your tax code changed? Here’s what to do Read More »
When running a business, finding efficient and tax-effective ways to reward your team can be a challenge. That’s where trivial benefits come in. These are of course different from allowable benefits, which follow a different set of rules and thresholds. Introduced in April 2016, these small perks are exempt from tax and reporting, provided they
What are trivial benefits? A guide for small business owners and contractors Read More »
As technologies evolve, tax compliance is shifting, and HMRC is tightening its grip on late payments. They’ve recently announced they’ll be hiking fines for paying VAT and self-assessment taxes late. If you’re a small business owner or contractor, this could have a significant impact on your cash flow and financial health. With these late payment
HMRC is set to increase fines in the next 5 years – here’s how to avoid them Read More »
