Accountants are struggling to work with HMRC
November 19, 2023
Accountants are struggling to work with HMRC at even the most basic level and are calling for urgent improvements
Accountants are struggling to work with HMRC at even the most basic level and are calling for urgent improvements
There still seems a lot of confusion over what constitutes a business for tax purposes and what will qualify for Incorporation relief. Many qualified accountants are still giving wrong tax advice!
A ‘company’ includes any body corporate, unincorporated association or unit trust scheme but does not include a partnership or a limited liability partnership.
Over the years of JMS Accounting operation, we have dealt with many data issues in relation to HMRC. When HMRC get things wrong they cause stress and waste large amounts of time for both our practice and our clients. Clients will often not understand that HMRC are at fault and our practice wastes many man-hours resolving mistakes by HMRC.
It was some comfort to our practice to read this article in the Spectator that highlighted the extensive data problems problems at HMRC. It doesn’t solve the issues, but it helps to understand the issues that our practice has to deal with were not just experienced by us but many businesses.
Rent controls as currently in force in Scotland and under consideration in Wales will not be put into effect in England, the government has made clear.
There have been a number of cases in recent years where various tax payers and advisers have claimed purchase of land and buildings as non-residential or mixed use property, and unfortunately all have failed.
In recent years, the rise of social media has given birth to a new breed of celebrities known as social media influencers. These individuals have amassed large followings on platforms like Instagram, YouTube, and TikTok, and they often collaborate with brands to promote products and services. However, what many influencers may overlook amidst their newfound fame is the tax implications associated with their earnings.
The tax office is writing to persons with significant control registered at Companies House who declared income of less than £100,000 on their last tax return, or who haven’t submitted a tax return.
There are many myths that have been generated about incorporation of a property portfolio.
A shareholder’s agreement is a set of rules and conditions that affect a running of a company. Basically if you have a company with more than one shareholder, then this document is absolutely necessary to preserve the company and its relationships with the shareholder and directors, where you have external stewards running the company for you.
On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages.