Fee Protection

Following a recent routine compliance check by HMRC, a client who is a full-time farmer was asked for detailed breakdown and proof of expenditure on a range of large and small transactions across his business.  Upon submission, HMRC then sought receipts for the purchase of livestock and maintenance work carried out at the client’s farm in the previous six months.  As he had paid for both by cheque, he had to request copies of both cheques from his bank, which was still not deemed sufficient evidence of expenditure by HMRC.   By the end of the review, the client’s tax liability was only £180, yet the time spent on to-ing and fro-ing between HMRC and the client amounted to almost £2,000 in professional fees! This is not an unusual occurrence unfortunately and with the roll out of making tax digital, it is likely that additional intense scrutiny of small business accounts will only become more frequent.

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Making property investment work for you

There is no doubt that with the enduring popularity of TV shows like ‘Homes Under the Hammer’, property development still looks like an appealing career option. Purchasing properties at the right price, giving them some TLC and selling them on, or developing a portfolio of rental properties, can be a lucrative business move.

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Making Tax Digital

From April 1st this year, the UK moved into a new era for tax management and collection, called ‘making tax digital’, with the long term aim that all businesses, sole traders and households will eventually manage and file all their tax returns online.

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