Latest Blogs

The flat rate VAT scheme is available to any business with taxable annual sales of £150,000 or below, excluding VAT. It was introduced in 2003 to ease the administration needed for small businesses by simplifying the VAT return process. Once you have joined the scheme you can remain until your total VAT-Inclusive business income exceeds…

We are extremely proud to have been headline sponsors for this years’ Fenland Business Awards which was hosted at the Braza Club in March. The event was a celebration of the successes of individuals and businesses operating in the Fenland region, ranging from apprentices and charitable organisations through to large and well established companies.  …

What is blocked input tax?  Blocked input tax is VAT that cannot usually be recovered.   The most common type of blocked input tax is VAT on business entertaining. There are usually two types of entertainment expense incurred by a business and it is very important to distinguish between the two because the VAT treatment…

On 1st April 2023, VAT celebrates its 50th anniversary since it was first introduced in 1973. VAT is a tax placed on a product or service at each stage of its production and distribution. VAT is an important source of revenue for the Government.   The History of VAT VAT was first introduced in France,…

As I am sure we are all aware HMRC are able to open investigations into the accuracy of tax returns, VAT returns, payroll, etc via targeted, or random, tax enquiries. With an ever increasing budget deficit I fully expect HMRC to raise more enquiries this year to increase tax revenues. You will want to be…

From 6th April 2023, HMRC will no longer accept paper P11D and P11D(b) forms. All submissions, for the 2022-23 tax year onwards, will have to be made through HMRC’s PAYE Online Services or commercial payroll software.    This change also affects how amended P11D and P11D(b) submissions must be made. Historically, amendments could only be…

What is the Annual Allowance (AA) The AA is the maximum that can be saved into all of your pension pots in any one tax year before incurring a tax charge. For the current 2022/23 tax year the annual allowance is set at £40,000. Every tax year your annual allowance is compared to your pension…

The ever-changing farming industry is one that provides a multitude of complexities for accountants and tax advisers, not only from the day to day aspects of the business, but also with the historical family arrangements to the issues of ownership and succession.   With the forthcoming changes to subsidies both in terms of the conditions…

In Jeremy Hunt’s first budget speech he provided a great deal of headline support to UK businesses and concentrated on the letter E with Enterprise, Everywhere, Employment and Education.   It was confirmed that the Corporation Tax rate will rise as previously announced to increase from 1 April 2023 from a rate of 19% to…

During the Spring Budget earlier today, Jeremy Hunt didn’t dish out lots of tax cuts, but focussed heavily on some ‘back to work’ initiatives.  This included taking steps to make it easier for those who wish to work longer after the age of 50 to do so, without risking being penalised for tax reasons.  …