Story by: Kat Wellum-Kent, director at MHA Monahans I knew I wanted to be an accountant from the young age of 13. Growing up in a household of businesspeople, accounting was part of everyday life. I used to help my dad with the books for his dental practice and loved it when everything reconciled, I […]

LATEST figures released by Her Majesty’s Revenue and Customs show that overdue debt has risen to a record breaking £58 billion. And Sheffield expert Adrian Graham warns that with the support measures put in place throughout the COVID-19 pandemic now coming to an end, HMRC is going to start getting much tougher on repayments. During the […]

Suicides linked to HMRC cash demands in ‘loan charge’ tax bills Ministers are facing renewed calls to rethink the controversial “loan charge” imposed on tens of thousands of workers, after it emerged that there had been eight cases of suicide among those facing demands for payments under the scheme. A cross-party group of MPs has […]

A south Cumbria accountant has warned that people who accessed the Government’s Self Employment Income Support Scheme may be hit with five-figure bills when they file their January tax return. Almost three million individuals who were either self-employed sole traders or partners in a partnership had registered for 9.9 million grants by mid-August. But Paul […]

The question accountants are asked most is, ‘What expenses can claim tax back on in our business?’ Here’s what you can claim for, says Zad Butt of Hillier Hopkin As an accountant, the question I get asked the most is, “What expenses can we put down when it comes to claiming back tax on our […]

HMRC has delayed its switchover to a digital format for income tax self-assessment returns by a year, pushing the start date back to 2024. The pause has come as a result of the challenges associated with the pandemic and their impact on UK businesses and their representatives, according to HMRC. The new Making Tax Digital […]

Digital tax changes have been delayed to allow more time for customers taking part in the pilot and for the government to enhance the service   HM Revenue and Customs (HMRC) has announced that its initiative Making Tax Digital (MTD) will be introduced a year later than planned, in 2024. MTD, an umbrella term for […]

Around 720,000 of the 6.3m registered Child Trust Fund accounts have now matured.   More than 114,000 teenagers in the UK could be missing out on the opportunity to unlock their share of £171.4 million worth of savings in Child Trust Fund accounts, according to new research by NerdWallet. The first Child Trust Fund accounts were launched in […]

Small business owners are feeling upbeat about the prospect of trading getting back to normal but are still struggling with their mental health and finding financial support, according to a survey from ACCA UK (the Association of Chartered Certified Accountants) and The Corporate Finance Network (CFN). All owners reported that business trading is at the […]

Business owners reported an 11% rise in trading this month, however are continuing to report on the struggle to find suitable financial backing now that government-backed loans are winding down.   Small business owners have witnessed an 11% jump in trading over the past month, however they are struggling to find suitable financial backing from […]