As a VAT-registered business, managing your tax obligations efficiently is crucial. It’s not always easy to pay your VAT bill in full and on time, especially if you are facing financial constraints. However, there’s good news for taxpayers like you! The HMRC has introduced a self-serve Time to Pay arrangement specifically for VAT-registered businesses. In this blog post, we will explore the benefits and eligibility criteria for this convenient online service. What is Self-Serve Time to Pay for VAT? The self-serve Time to Pay arrangement allows VAT-registered businesses to set up a payment plan online, ensuring that you can pay […]
Monthly Archives: September 2023
Filing tax returns can feel overwhelming, especially when faced with the looming deadline. However, did you know that filing your tax return early offers numerous advantages? In this blog post, we will explore the benefits of filing your tax return early and why it is crucial for effective financial management. Discover how being proactive with your tax returns can lead to peace of mind, better budgeting, and easier access to assistance. Benefits of Filing Your Tax Return Early 1. Claiming a Tax Refund Sooner: By filing your tax return early, you can expedite the process of claiming a tax refund. […]
In a move to enhance tax compliance and tackle tax evasion, HM Revenue and Customs (HMRC) is set to implement new regulations on data collection. These changes, effective from April 2025, will have a significant impact on owner managed businesses and individual employees. In this blog post, we will delve into the details of the HMRC data collection requirements and explore the implications for businesses and employees. Understanding the New Rules Under the new regulations, owner managed business directors will be subject to increased scrutiny regarding dividend payments. Employers will also be obligated to report individual employees’ working hours. These […]