Our Accountancy Blog

120,000 businesses miss 7 August Making Tax Digital deadline

120,000 businesses miss 7 August Making Tax Digital deadline

Latest figures from Her Majesty’s Revenue & Customs (HMRC) have revealed that 120,000 businesses with a turnover of over £85,000 have failed to meet the first Making Tax Digital quarterly filing deadline of 7 August 2019. Equivalent to one in four firms, the net...

HMRC Digital Records Update; What you Need to Know

HMRC Digital Records Update; What you Need to Know

HM Revenue & Customs (HMRC) are forcing businesses to keep digital records with a computerised bookkeeping system. This will soon be becoming compulsory. There is a background to this, with information here. Making Tax Digital is a key part of the government’s...

Inheritance Tax Update. What is the main residence nil-rate band?

Inheritance Tax Update. What is the main residence nil-rate band?

Introduced in April 2017, the main residence nil-rate band is an extra property allowance that allows people to leave their homes to family tax-free. Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died; There’s normally...

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