Tribunal criticises HMRC for delay in issuing penalties

In a recent case, HMRC have been criticised for deliberately issuing penalties for late forms P35 (Payroll end of year forms) several months late, generating higher penalties than were necessary. A summary of the case is reported below. This case has potentially wide...

Tax administration is the biggest burden for small businesses say FPB

Administering tax has become the top regulatory burden for small business owners, according to research conducted by the Forum of Private Business. ‘Tax-related regulation was deemed to be the most costly area of red tape, leaving smaller employers with a bill of £5.1...

HMRC announce VAT disclosure opportunity

H M Revenue & Customs (HMRC) is launching a new disclosure opportunity, this time aimed specifically at businesses evading VAT. The initiative is aimed at businesses not registered for VAT but who are in fact been trading above the turnover threshold, currently...

Putting your kids on the property ladder

Many people worry that their children will never be able to afford to buy a home, not without some help from Mum and Dad. So, what are the tax implications of giving them a helping hand? If they are aged 18 and above, the simple option is to make a gift of the...

When does a hobby become a business?

HMRC are actively searching the internet for evidence of eBay traders that are consistently selling goods on eBay. They are known to be exploring the use of ‘internet robots’ to scour cyberspace! And this activity is not necessarily restricted to eBay...