HMRC must be informed when a non-trading or dormant company starts trading again and thus becomes active for Corporation Tax purposes. Companies can use HMRC Online Services to supply the relevant information.  When a company has previously traded and then ceases to trade it would normally be considered as dormant. A company can stay dormant indefinitely,

A company tax return must be submitted using HMRC’s Company Tax Return Form (CT600) or another approved method. HMRC’s guidance titled ‘The Company Tax Return guide’, has recently been updated and explains: how to complete the Company Tax Return form (CT600); and what other information you need to include in your return. Two sections of

Your eligible deposits with all High Street bank are covered by the Financial Services Compensation Scheme (FSCS). The present limit of this FSCS guarantee is £85,000 and this applies to total deposits held at a bank, not per account with a bank. This will be of interest to Metro Bank account holders as they witness

The VAT DIY Housebuilders scheme is a special scheme that enables homeowner building a home to benefit from the special VAT rules that allow the qualifying construction costs of new homes and certain conversion works to be zero-rated. The scheme has been designed to effectively place homeowners in a similar position to a property developer.

Most smaller businesses will have spent time chasing customers for payment beyond their agreed payment terms. These demands take entrepreneurs away from their core tasks of business building and place unnecessary pressures on cashflow. To assist, government is stepping in with new regulatory powers. The new measures will include: Extending the Reporting on Payment Practices

Organisations across the country will be able to demonstrate that their new artificial intelligence and digital innovations meet regulatory requirements so they can quickly bring them to market. In their press release published 19 September 2023, the Department for Science, Innovation and Technology said: A new pilot scheme set to launch next year will see

Employees with more than one job may be able to defer or delay paying Class 1 National Insurance in certain circumstances. This deferment can be considered when any of the following apply: You pay Class 1 National Insurance with more than one employer. You earn £967 or more per week from one job over the

The term 'capital allowances' is used to describe the allowances available to businesses to secure tax relief for certain capital expenditure. The rules that govern the purchase of capital equipment such as computer equipment, vehicles and machinery by businesses are different to those for day to day business expenses that can be deducted from business

A government backed loan scheme created to help entrepreneurs start and scale up their business has now provided over £1 billion of funding to over 100,000 businesses. From an activewear firm in Northern Ireland, to a drum manufacturer in Wales, a whisky firm in Scotland to a climbing centre in the southwest of England –

Taxpayers may find themselves in a position where they need to make a complaint about HMRC’s service. Complaints can relate to many different issues such as unreasonable delays, mistakes and poor treatment by HMRC’s staff. Note, that there is a separate procedure to be followed by taxpayers that disagree with a decision of HMRC or