Another deferral to the mandatory implementation of Making Tax Digital for Income Tax Self Assessment (MTD ITSA)

Making Tax Digital for Income Tax Self Assessment

Understanding that self-employed individuals and landlords are currently facing a challenging economic environment, and the transition to Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) represents a significant change to taxpayers and HMRC for how self-employment and property income is reported, the government is giving a longer period to prepare for MTD. The mandatory use of […]

The Case For Keeping Corporation Tax Low

View of the city of London from inside another building

We have so far seen the majority of candidates for the leadership of the Conservative Party and the next Prime Minister of the UK offering to cut taxes. Talk about tax cuts is inevitable when there is a leadership contest or a General Election. High on the list of taxes talked about currently by candidates […]

HMRC Tax Receipts 2021/22 – A quick breakdown and summary

HMRC Tax Receipts 2021/22

Latest HMRC tax receipts show that the UK Government has collected £718.2bn in the fiscal year 2021-22. This is an increase of 23% compared to 2020-21 where tax receipts collected was £584.5bn and an increase of 13% compared to 2019-20 (pre-pandemic) levels where tax receipts were £633.4bn. These are staggering figures, so soon after lockdown […]

The Inheritance Tax residence nil rate band – are you sure you qualify?

Inheritance Tax Planning

From 6 April 2017, the standard inheritance tax nil rate band, which is currently £325,000, was enhanced by an additional “residence nil rate band” (RNRB). This was designed to be fulfilment of the Conservative party’s promise to increase the inheritance tax nil rate band to £500,000 per individual or £1 million per couple. The RNRB […]

What HMRC giveth, HMRC taketh away…

HM Revenue & Customs

HMRC enquiries into R&D claims are on the increase. In March this year, HMRC proudly announced the creation of their R&D task force. Its job is to undertake enquiries into R&D claims that companies have made to ensure that they are not fraudulent or incorrect. Sure enough, in recent months we have noticed a marked […]

HMRC targets freelancers and personal service companies


HMRC is pursuing freelance workers and contractors for substantial tax bills, as Friend Partnership explain. As discussed in my recent post on tax avoidance, it is not just footballers and high net worth individuals who are locked in battle with HMRC over failed tax planning arrangements and substantial tax liabilities. Hundreds of freelance workers and contractors, […]

Miscalculations & inconsistent advice: tips for dealing with HMRC

HM Revenue & Customs

If you deal directly with HMRC for your tax affairs it can be a frustrating business, with technical errors, poor communications and inconsistent advice. Here are some tips on how to minimise stress-levels when dealing with HMRC, and ensure the advice – and calculations – are correct… Recently, HMRC has been under scrutiny regarding their […]

HMRC’s going digital


Birmingham based chartered accountants and business advisers Friend Partnership discuss the recent developments in digital tax. The IT boffins at HMRC have announced that by 2020 all businesses and individuals will be able to manage their tax affairs online. This is being heralded as a great move for taxpayers which will enable them to manage their […]