Monthly Archives: December 2020

Alexander Accountancy - management account experts Burton on Trent

HMRC crackdown on avoidance schemes

HMRC and the Advertising Standards Authority (ASA) have come together to jointly target misleading marketing by promoters of tax avoidance schemes. HMRC and the ASA can jointly issue an Enforcement Notice to companies irresponsibly advertising tax

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VAT Return specialists Burton, derby - Alexander Accountancy

Correcting errors on VAT returns

Where an error on a past VAT return is uncovered, businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a current VAT return. However, in order to be able to do so, there are three

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Alexander Accountancy Burton on Trent accountants

SDLT change for mixed use buildings

HMRC’s published guidance on the application of the 3% higher rate of Stamp Duty Land Tax (SDLT) has been updated. The higher rates of SDLT were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let

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Property tax experts, Alexander Accountancy Burton on Trent

Do you owe CGT on the sale of a residential property?

HMRC has issued a press release to remind taxpayers that have sold a residential property, which was not their main home, during the 2019-20 tax year that the payment date for any Capital Gains Tax (CGT) owed is 31 January 2021. Due to the impact of

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Beware requests from bogus charities

It has been estimated that almost £350,000 of charitable donations last year ended up in the pockets of criminals. Government recently issued advice to reduce this activity. They said: The vast majority of fundraising appeals and collections are

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Double entry demystified

Most business owners will know the difference between a profit statement and a balance sheet. Both are created from a process known as double-entry bookkeeping. If asked to consider two aspects of a £50 purchase from a stationery store, most would

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Pay January tax by instalments

The deadline for submitting your 2019-20 Self-Assessment tax returns online is 31 January 2021. You should also be aware that payment of any tax due should also be made by this date. This includes the payment of any balance of Self-Assessment

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HMRC’s Annual Tax Summary

The Annual Tax Summary is a document provided by HMRC that provides details on the tax you pay and how this is used by government. The Annual Tax Summary shows: your taxable income from all sources that HMRC knew about at the time that it was

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