HMRC gives some drivers some more money

Those of us who drive conventionally-fuelled cars will have noticed that it costs significantly more to fill them up with petrol or diesel than it used to in years gone by. Over the course of this year, we’ve seen increases to as much as £2 a litre in some areas and although the average forecourt […]

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The early bird catches the (HMRC) fine…

We are occasionally asked by clients what are the advantages of paying tax early.  The answer is relatively simple.  You avoid the late payment penalty. …  You won’t be tempted to spend the money. …  You’ll receive any tax refunds sooner. …  And you won’t start the new calendar year with a (large) bill. If you […]

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Trust us when it comes to your Trust

In 2017, the government adopted EU money laundering legislation and, as a result, the Trust Registration Service (TRS) was created. At that time, only those Trusts with a tax liability had to register. From 6th October 2020, the registration requirement was extended to cover the vast majority of Trusts and then on 1stSeptember 2021 HMRC announced they would […]

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HMRC plays the man, not the ball…

HMRC are, as we know, the subject of regular letters of complaint in the press and justified criticism from professional bodies all add to the pressure.  However, scoring an own goal like this simply makes things worse… As reported in the press recently, former Polish international goalkeeper, Łukasz Załuska and his wife Magda have spent the […]

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To err may be human, but it can still result in an HMRC fine…

Let’s face it, we are all human and make mistakes. To err is human, to forgive divine, and all that jazz.  Unless, of course, you are HMRC, in which case that forgiveness malarkey goes out of the window… Just in case you didn’t know, HMRC’s tests for non-compliance (i.e. whether your tax return is right or […]

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Why there is an extra inheritance tax exemption for family homes?

This is the final post in my series looking at some of the strange quirks of the tax system.  Following on from the last one, which dealt with the introduction of the seven-year rule for IHT gifts to children, this one too is about inheritance tax – in this case, why we have an additional exemption […]

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National Insurance increases from April 2022

In September 2021, Boris Johnston announced that as of April 2022, National Insurance contribution (NICs) rates will increase by 1.25%. From April 2023, the 1.25% increase will be separated and known as the Health and Social Care levy, which will be visible on employees’ payslips. Dividend tax rates will also be increased by the same […]

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New Address as DH&Co expand their Hawick Presence

We are delighted to have officially opened our new office in Hawick office. Having been in the town for many years, it was time to expand. Moving from North Bridge Street to a more central and larger location on Oliver Place. Our new space underwent substantial refurbishment. As the building was in a state of disrepair, it […]

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Vast majority of businesses unaware of impeding MTD deadline

There is now less than a month before Making Tax Digital (MTD) compliance starts to be mandatory for VAT returns, it is, to put it mildly, concerning.  If you are a VAT-registered business with an annual turnover less than £85,000 you must implement MTD from 1st April 2022.  A study by QuickBooks (other accounting software providers are […]

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Important changes to filing your tax returns for small businesses

Small and Micro Companies are going to have to file their accounts at Companies House in the near future. Are you a Limited company small business owner?  Do you currently file your accounts at Companies House or are you glad that this is one requirement that doesn’t apply to you? Well, whether you want to or […]

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Vast majority of businesses unaware of impeding MTD deadline

There is now less than a month before Making Tax Digital (MTD) compliance starts to be mandatory for VAT returns, it is, to put it mildly, concerning.  If you are a VAT-registered business with an annual turnover less than £85,000 you must implement MTD from 1st April 2022.  A study by QuickBooks (other accounting software providers are […]

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Strange days and late refunds in tax-return land…

According to the government website, more than 10,200,000 people filed their 2020-21 tax return by the usual deadline of 31st January 2022. However, this year, due to the pandemic, there was a month’s leeway and so many others have been busy catching up in February.  This led to a slightly different month as far as M&S […]

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