Across the major taxes, HM Revenue & Customs (HMRC) issues penalties when tax is not filed or paid on time.
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Can nearshoring solve the economic confusion?
It is no secret that the ongoing trade wars, tariffs, and tense negotiations have left the world in a perilous place from an economic standpoint.
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Making Tax Digital is expanding – here’s what sole traders need to know
A significant change is on its way for sole traders, with new rules set to reshape how income is reported and managed.
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Too many businesses falling into VAT traps
VAT is complex, and too many businesses are making costly, avoidable mistakes. Even a simple oversight or misunderstanding can lead to penalties, cash flow problems, and disputes with HM Revenue & Customs (HMRC). Here are some of the most common VAT mistakes to avoid: Charging the wrong VAT rate – Some goods and services have…
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900,000 sole traders pulled into MTD for ITSA
The Government has confirmed that Making Tax Digital (MTD) for Income Tax will apply to sole traders and landlords earning over £20,000 a year. This latest extension means that an additional 900,000 sole traders must adopt digital record-keeping and quarterly tax submissions by this deadline. Who is affected and when? Mandating digital record-keeping allows HMRC…
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Labour introduces harsher penalties for late taxpayers
The Chancellor’s Spring Statement introduced harsher penalties for late taxpayers under Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). With the Government confirming an extension to sole traders and landlords earning more than £20,000 from April 2028, a lot more taxpayers – an estimated 900,000 – will need to pay tax via…
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An overview of filing and payment penalties for businesses
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