Press Releases

SMEs need to be prepared for 2015

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Weybridge-based chartered accountants and tax advisers TWP are advising SMEs to keep an eye out for sudden changes to the economic climate next year that could potentially damage their trading figures. The Office of National Statistics (ONS) has released new figures showing that retail sales volumes rose by 6.4 per cent in 2014; the highest […]

Press Releases

HMRC cuts its advisory fuel rate

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Weybridge-based chartered accountancy firm TWP Accounting wants to remind businesses that advisory fuel rates for company cars have changed. Each quarter H M Revenue & Customs (HMRC) posts a list of advisory fuel rates (AFR) on its website, basing its calculations on the latest trends in prices at the pump. The AFR is then used […]

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Tax diary of main events

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Date What’s Due 19 December   PAYE & NIC deductions, and CIS   return and tax, for month to 5/12/14 (due   22 December if you pay electronically) 1 January Corporation tax for year to 31/3/14 19 January   PAYE & NIC deductions, and CIS return      and tax, for month to 5/1/15 (due […]

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VAT “mini one stop shop” (MOSS)

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There is a very important change in the VAT place of supply rules for businesses supplying digital services to consumers (B2C). From 01 January 2015, the place of supply for digital services will be where the customer belongs, instead of the current rule (where the supplier belongs). Digital services include telecoms, satellite TV, the downloading […]

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HMRC credit card sales campaign

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HMRC’s latest disclosure campaign is aimed at traders who accept payments by debit and credit cards but who haven’t declared all transactions. The Credit Card Sales campaign provides an opportunity for individuals and companies accepting debit and credit cards (but have not reflected all transactions in their tax return) to bring their affairs up to […]

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New tax relief for investment in social enterprise

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The Social Investment Tax Relief scheme (SITR) introduced this year helps individuals support social enterprises, giving these enterprises access to new sources of finance. The new relief provides the investor with a deduction from their tax liability, equal to 30% of the amount invested. A £10,000 loan to a qualifying social enterprise would therefore allow […]

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No loss relief for business run as a “hobby”

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A recent case before the Tax Tribunal reminds us that in order to set a trading loss sideways against other income, the business must be carried out on a commercial basis with a view to making a profit. The case in question relates to Mrs Thorne, who ran an equestrian business and another business growing […]

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Collection of unpaid tax through your tax code

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Currently, HM Revenue and Customs can collect tax debts of up to £3,000 by adjusting your Pay As You Earn (PAYE) tax code. HMRC refers to this as ‘coding out’. The effect of this is to recover the debt from your income, by increasing the amount deducted from your income during the tax year. This […]