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HMRC is changing the late payment penalty regime (LPPR). There have always been penalties for late, or non-payment, of taxes, but these have varied between different taxes. The proposed changes are intended to make the penalties “fairer and more consistent” across the tax regime. The changes are being implemented over the next few years, with … Continue Reading

Scams have existed throughout human history, but with the internet and the popularity of smartphones, they have become more and more common. Now, scammers can target hundreds of thousands of people at once. They only need a few people to be unwittingly caught out to make it worth their while. Scams are constantly evolving and … Continue Reading

Businesses and the self employed should start preparing for the next stage of digital tax before its introduction in 2023. HMRC’s ‘Making Tax Digital’ will already be familiar for VAT-registered businesses who now must keep and submit their records to HMRC using complaint software. Next Stage of Digital Tax expands the scheme to hundreds of … Continue Reading

Xero is one of the world’s leading accounting platforms. Like any powerful software; you need to know how to use it to get all the benefits it can offer. While it can provide benefits even if you only use one part of it, and many people do only use a small part of its functionality, … Continue Reading

Payroll is one of those words whose meaning can depend on context. The formal definition of a payroll is the list of people that are paid by a company for their work; basically a list of the employees. The word is often used in different ways. People might get in touch with payroll with a … Continue Reading

If you are running a business, then, sooner or later, you are going to need an accountant. Unless your business is exceptionally straightforward, it’s very likely that you could improve your financial situation by gaining professional help. And when you use an accountant, the benefits quickly pay for themselves. 1. They save you time and … Continue Reading

The P45 is one of those forms that is so common people not only know it’s reference number, it’s the main way people refer to it. It’s actual name — ‘Details of employee leaving work’ — is, to be fair, a bit more of a mouthful than P45. Does that accurately describe what it is … Continue Reading

The P60 is one of the most important documents you will get during the tax year. Or, more accurately, after the end of the tax year. In short, it is a statement of your earnings and your tax paid during the preceding tax year. However, the document holds a special status, meaning that unlike other … Continue Reading

The Recovery Loan Scheme was launched on 6 April 2021. It is the latest government drive to help businesses recover from the effects of the Covid-19 pandemic. What is the scheme? The aim of the scheme is to help businesses with their liquidity following the pandemic. It recognises that, for many businesses, their trade has … Continue Reading

The transformation of working from home has been one of the biggest impacts of the coronavirus pandemic. A practice that was often seen with suspicion before. How many have heard accusations of ‘shirking from home’? It has now become the norm for many people. Even previously reluctant businesses have now been converted – they are … Continue Reading