Beware of ‘careless mistakes’
Penalties for careless mistakes in tax returns? Recently, some departments have calculated the 2021/22 year HMRC fines for taxpayers in tax returns. The 80% penalty for “careless mistakes” by taxpayers has nearly tripled by 40,000 from the previous year....
Being or Set up as a Sole Trader
Nowadays, more and more people want to start their own businesses or become their own bosses. Although the business model is not so complicated, they also face a series of problems such as taxation. Three quarters of businesses in the UK are currently self-employed...
Upcoming changes to VAT penalties and interest charges！
HMRC has released an important update today (more detailed guidance will be released in December 2022), and this update will concern every taxpayer. From 1 January 2023 the default surcharge will be replaced by a new penalty if you delay filing your VAT return or...
“Should the self-employed be registered for VAT?”
As a self-employed person, managing your tax liability can be especially tricky. You don’t have the support of an in-house finance team. It’s hard to navigate all these complex regulations on your own. Value added tax (VAT) is a particularly complex issue....
