The government wants businesses to make more use of electronic invoicing to combat VAT fraud and enhance tax collection. E-invoicing is where invoices are created, sent, received and processed in a digital format, with the…
HMRC launches VAT registration estimator
HMRC has launched a new digital tool to help businesses estimate the potential impact of their VAT registration. This will be useful for established business owners and those planning to start a business. VAT registration…
New tax plans target private schools and social care
In her first detailed tax announcements as Chancellor, Rachel Reeves targeted both those starting off in life and those approaching the end of their lives. School fees From 1 January 2025, private school fees will…
Sales suppression one-to-many letter
HMRC has launched a campaign of one-to-many letters given its increasing concern surrounding the electronic suppression of sales (ESS). The campaign targets businesses that might have unpaid taxes due to misuse of their till systems.…
Welcoming Simon Newsham to the Nexa Law Tax Team
As some of you will recall, a few months ago, following an increase in the number of insolvency-related inquiries, I reached out to my LinkedIn contacts for help in finding professionals to join my team…
Election tax stories…………………
It’s early days yet, but some pointers on tax have emerged from both the main parties. Within one week of the surprise firing of the general election starting gun, both the Conservatives and Labour have…
VAT registration goes online only
HMRC is moving ahead with its ‘digital by default’ ambition by pushing VAT registration to online only. Any business unable to use the online registration service will have to call HMRC’s VAT helpline to obtain…
Don’t get caught in the VAT penalties net
The 50th anniversary of the UK’s introduction of VAT was earlier this year, but despite being around for a while, many VAT-registered businesses still find VAT too complex and confusing. No surprise then that more…
Government’s tax take on growth trajectory
Analysis of the projected outcomes of the government’s tax policies show an expected increase to the number of higher rate personal taxpayers, with the corporate tax yield expected to grow substantially. Income tax The default…
Cash basis reform: potential turnover threshold changes
With basis period reform now underway, HMRC is looking at further tax simplification for sole traders and partnerships by increasing the cash basis turnover threshold. The cash basis scheme removes complexities such as accruals and…