The Spring Statement, delivered by Chancellor Rachel Reeves, didn’t introduce new tax increases but focused on tighter HMRC enforcement, aiming to raise £2.2bn. Here’s what dentists need to know: 1. HMRC is Cracking Down on Tax Compliance Whilst we haven’t seen a massive number of HMRC enquiries into our dentist’s taxes in recent years, we…
Paying your taxes after the due date is possible by setting up an “Extra Time to Pay HMRC” arrangement for your next Self Assessment, Corporation Tax, VAT, or PAYE tax payment. HMRC supports individuals and businesses struggling to meet their tax obligations by encouraging the use of its online tool to set up an instalment…
This article will examine what happens if you pay your corporation tax early, which can be a win-win situation if the funds are available. Her Majesty’s Revenue and Customs (HMRC) will pay you interest on tax repayments when you overpay your taxes. This is known as “repayment interest.” HMRC also has a little-known policy regarding…
We have an Associate Dentist joining us as a new customer. This follows a rather stressful HMRC investigation into five years of their previous expenses. Unfortunately for the associate, they had failed to keep accounting receipts as evidence of their associate payments, and HMRC disallowed several expenses upon which they had claimed a tax deduction.…
Paying your personal taxes on account means that you will pay half your annual tax payment twice a year ‘on account’ in January and July rather than having to find a large lump sum all in one go every January. By understanding what payments on account are, you’ll make more informed decisions about your taxes.…