HMRC has warned taxpayers not to sign up to a Birmingham based 1st Choice Umbrella as the agency is paying contractors some of their earnings tax-free. Tamworth based 1st Choice Umbrella operates the tax avoidance schemes and the business is run by director Carl...

Poorly thought-out changes to R&D relief are causing confusion for accountants, tax software providers and companies, warns Blick Rothenberg The government plans to merge the existing research and development (R&D) schemes into a single relief for all sizes of...

HMRC has updated guidance on how close companies can reclaim tax on directors loans Close companies can make loans to directors but the funds must be paid in full within nine months of the accounting period. A director’s loan is defined as when a director or other...

Financial publisher Euromoney has won a case at the Court of Appeal over a £10.5m disputed tax bill about whether the proceeds from a stake in a company were stock or taxable cash At the appeal from the Upper Tribunal, HMRC claimed that Euromoney Institutional...

Financial gifts can make a huge difference for children and grandchildren but make sure they are tax-efficient, warns Investec Wealth & Investment The best ways to give financially this Christmas include gifting from surplus income, Junior ISAs and bare trusts. In...

The government is going ahead with plans to tighten up the accounts filing framework for small companies with mandatory profit and loss figures but has not set out implementation timetable  Under the new rules in the Economic Crime and Corporate Transparency Act 2023,...

The owners of a care home have lost an appeal at the Upper Tribunal over the amount of capital gains tax due on the sale of the business The appellants, Michelle McEnroe and Miranda Newman, were sole shareholders in Kingly Care Partnership Limited, holding one...

Total property income declared by unincorporated landlords in 2021-22 was £48.8bn, up from £46.3bn the previous year HMRC figures showed that 2.79m landlords filed self assessment tax returns, with the overwhelming majority operating as individual buy to let...

Accountants are struggling to work with HMRC at even the most basic level and are calling for urgent improvements. The overwhelming majority (93%) of respondents to an ACCA survey said that HMRC needed to make drastic improvements across at least three key areas...

Apostle Accounting has gone into liquidation after hundreds of clients faced tax bills for claiming HMRC refunds they were not entitled to Administrators at DFW Associates have been appointed to handle the liquidation proceedings for the Stowmarket firm. The...