Electronic sales suppression (ESS) is the term for when a sales till is programmed to hide or reduce the value of individual sales. For example, the electronic point of sale (EPOS) software installed on the till may deliberately exclude certain… Read more
As an individual landlord you can‘t deduct finance costs, including interest, from your residential property rents for tax purposes. Instead, you get tax relief for those costs as a basic rate tax credit calculated as 20% of the lower of:… Read more
VAT registered businesses must now use MTD-compatible software to file VAT returns, as the old online form where you typed in your VAT figures has been closed. To encourage businesses to file on time under the MTD regime the late… Read more
Suppose that a business has been paying its suppliers’ invoices for many years without really giving too much thought to the VAT being applied. The business engages an accountant to assist with its VAT returns due to an increase in… Read more
Late tax returns On 7 January, HMRC announced that there would be no automatic late filing penalties provided that tax returns are filed by midnight on 28 February 2022. Anyone seeking to take advantage of the extra month should keep… Read more