Femi O. Ogunshakin – Solicitor & Tax Advisor

Femi O. Ogunshakin – Solicitor & Tax Advisor

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Femi O. Ogunshakin – Solicitor & Tax Advisor

Femi O. Ogunshakin – Solicitor & Tax Advisor

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Income Tax

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Pay attention to tax codes

March 22, 2023benefit-in-Kind, Benefits, Budget, Employment Tax, Income Tax, self-assessmentLeave a commentadmin

Most directors and employees will already have been issued a tax code for the 2023/24 tax year, and it is important to check the figures as a very large proportion of codes will be incorrect.…

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HMRC sets its sights on hidden electronic sales

March 16, 2023Budget, Income Tax, TaxLeave a commentadmin

It wasn’t that long ago that HMRC was paying particular attention to businesses understating large cash sales. Now, the decline of cash, especially since Covid-19, has led to a proliferation of software used to suppress…

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21st century Revenue – HMRC’s app and new texting service

March 1, 2023Income Tax, Making Tax Digital, self-assessmentLeave a commentadmin

HMRC’s app was launched a year ago and is gaining in popularity as it is being used to pay self-assessment tax bills. A more recent HMRC innovation is a new service for texting replies to…

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Tax warnings for online sellers, influencers and content creators

February 22, 2023Income Tax, self-assessment, Self-EmployedLeave a commentadmin

HMRC’s latest wave of ‘nudge letters’ ­– used to prompt a response from the recipient – has been targeted at online sellers, influencers and content creators warning them that they may not have paid enough…

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Cohabitation law reforms rejected

December 29, 2022Income Tax, Inheritance TaxLeave a commentadmin

The government has rejected proposals to modernise cohabitation laws in England and Wales, leaving it up to individuals to arrange their financial affairs for partners and dependents. In August, the House of Commons Women and…

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Tackling rising employment costs

December 19, 2022Budget, Employment Tax, Income Tax, National Insurance Contributions, PAYELeave a commentadmin

The 9.7% uplift to the National Living Wage from April 2023 should be welcome news for lower-paid workers, but could present problems if their employer simply cannot afford the increased cost of employing them. The…

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The effects of fiscal drag on your tax position

December 10, 2022High Income Child Benefit Charge, Income Tax, Inheritance Tax, self-assessmentLeave a commentadmin

Fiscal drag is the stealthy way in which governments pull more and more taxpayers into higher tax brackets without the backlash that comes with increased tax rates. This is something taxpayers can probably live with…

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Dividends vs remuneration: the corporation tax quandary

November 4, 2022Income Tax, IR35, National Insurance Contributions, PAYE, self-assessmentLeave a commentadmin

For owner-managed companies, bonuses, dividends and remuneration will become yet more complex in the new tax year. With the corporation tax increase and dividend rates now confirmed by the Government, the dividend vs remuneration decision…

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The rise of mini umbrella company fraud

October 3, 2022Employment Tax, Income Tax, National Insurance Contributions, PAYE, TaxLeave a commentadmin

The rise of mini umbrella company fraud continues to concern HRMC which has recently updated its guidance for businesses that either place or use temporary labour. Mini umbrella companies can be used to abuse the…

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Six-fold increase on late payment interest rates

September 20, 2022Income Tax, self-assessment, TaxLeave a commentadmin

HMRC late payment interest rates have now been raised six times during 2022 – from 2.6% at the start of the year to a current rate of 4.25%. However, at least there’s some good news,…

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Recent Posts

  • New points-based penalties for late VAT returns
  • Pay attention to tax codes
  • HMRC sets its sights on hidden electronic sales
  • Annual inflation in 2022 was 10.5%, but not all components rose by double digits.
  • 21st century Revenue – HMRC’s app and new texting service

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