NI Trader Support Service extended

NI Trader Support Service extended

The Trader Support Service was designed to help businesses moving goods under the Northern Ireland Protocol after the Brexit transition period came to an end. Under the Northern Ireland Protocol, all

Goods sent from abroad

Goods sent from abroad

There are special rules to help ensure that goods sent from abroad are taxed appropriately and do not disadvantage UK businesses supplying goods in the UK. For example, by having to compete with VAT

HMRC’s shared workspace

HMRC’s shared workspace

HMRC’s Shared Workspace is a service that allows businesses and tax agents to share sensitive data, for example, accounts or employee information, with HMRC.

According to HMRC, the service allows

Overdrawn director’s loan account

Overdrawn director’s loan account

An overdrawn director’s loan account is created when a director (or other close family member) ‘borrows’ money from their company. Many companies, particularly ‘close’ private companies, pay for

Retaining tax return records

Retaining tax return records

There are no set rules for the way in which you keep your tax records, but they are usually evidenced on paper, digitally or as part of a software program.

If you are keeping records used to complete

Miscellaneous income

Miscellaneous income

There are special rules known as the miscellaneous income sweep-up provisions that seek to charge tax on certain income. This unusual provision, which is broad in scope, catches income that would not

Tax gap remains at 5.1%

Tax gap remains at 5.1%

The tax gap for the 2020-21 tax year has been published and remains at 5.1%. This is the second lowest recorded percentage and remains unchanged from the previous 2019-20 tax year.

The tax gap is

Standards for tax agents

Standards for tax agents

HMRC last published guidance on the standard for agents in January 2018 (updating the first set of standards published in February 2016). The standard applies to all tax agents who transact with HMRC

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