The government’s measures to prevent fraud in its bounce back loan scheme (BBL) have been labeled inadequate by National Audit Office (NAO) and were introduced too late. A report by the government’s spending watchdog estimated that £4.9bn of the £47bn that was given out as part of the Covid-19 small business support scheme was fraudulent […]
15
Dec
Dec
Reporting Covid-19 Support Payments on your tax return If you are self-employed and you received Covid-19 support payments during the pandemic, you may need to report these on your self-assessment tax return. If you are an employee and you were furloughed and received furlough grants under the Coronavirus Job Retention Scheme, these were liable to […]
25
Nov
Nov
Since 1995 I have been using Sage Line 50 and all other associated software manufactured by Sage. After twenty-six years, as a Sage user, my frustration as an Accounting Practitioner with Sage, is justified. A market leader, with multiple ranges of software, as the flagship and brilliant “telephone support”, Sage has enjoyed a “privileged” position […]
04
Nov
Nov
Diwali is the last day of the Hindu calendar. This year Diwali is on Thursday 04 November 2021. The next day, Friday 05 November is Hindu New Year. Diwali is a festival of light and colours. It is an auspicious Hindu festival of inspiration and hope. It reminds us of the duty of caring and […]
14
Oct
Oct
HRMC has issued an order to seize £26.5m worth of cash allegedly obtained fraudulently through the furlough scheme from ‘non-existent’ businesses run by an ‘entrepreneur’. On Monday, Cardiff Magistrates Court District Judge Shoman Khan granted HMRC a forfeiture order over five Nationwide building society accounts. Judge Khan described the amounts involved in the case as […]
23
Sep
Sep
MTD for pensioners whose pension is more than £10,000 Making Tax Digital for Business is a Government initiative also known as MTD. This is a legal requirement implemented and monitored by HMRC – Her Majesty’s Revenue and Customs. Now that we know the meaning of understanding Making Tax Digital – MTD in Part 1 to […]
23
Sep
Sep
MTD for an Employee with more than £10,000 untaxed income Making Tax Digital for Business is a Government initiative also known as MTD. This is a legal requirement implemented and monitored by HMRC – Her Majesty’s Revenue and Customs. Now that we know the meaning of understanding Making Tax Digital – MTD in Part 1 […]
23
Sep
Sep
MTD for Small Companies Making Tax Digital for Business is a Government initiative also known as MTD. This is a legal requirement implemented and monitored by HMRC – Her Majesty’s Revenue and Customs. Now that we know the meaning of understanding Making Tax Digital – MTD in Part 1 to 4, this is Part 5 […]
23
Sep
Sep
MTD for self-employed Making Tax Digital for Business is a Government initiative also known as MTD. This is a legal requirement implemented and monitored by HMRC – Her Majesty’s Revenue and Customs. Now that we know the meaning of understanding Making Tax Digital – MTD in Part 1 to 3, this is Part 4 of […]
23
Sep
Sep
VAT Record-Keeping and MTD Making Tax Digital for Business is a Government initiative also known as MTD. This is a legal requirement implemented and monitored by HMRC – Her Majesty’s Revenue and Customs. Now that we know the meaning of understanding Making Tax Digital – MTD in Part 1, and Part 2, this is Part […]