HMRC enquiries: Cash businesses – Challenging HMRC assessments of additional profits.

HMRC enquiries: Cash businesses – Challenging HMRC assessments of additional profits.

Owners of cash-based businesses are, on the face of it, a ‘soft target’ for enquiry by HM Revenue and Customs (HMRC). This is particularly the case if the trader has not kept full business records. A lack of business records can, for example, open the way for HMRC to conduct business economics exercises. The results. Read more

Penalties for late payment – Allocating PAYE payments to reduce penalties.

Penalties for late payment – Allocating PAYE payments to reduce penalties.

[Note – this article refers to legislation in the Finance Bill 2013, which is subject to possible amendment] The penalty regime for failing to make payments on time is contained in Finance Act 2009, Sch 56. It was introduced for PAYE and various other purposes from 6 April 2010. Employers will generally be aware that. Read more

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