NI Trader Support Service extended

NI Trader Support Service extended

by | Oct 13, 2022 | HMRC notices

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 Northern Ireland businesses continue to have access to the whole UK...
HMRC’s shared workspace

HMRC’s shared workspace

by | Sep 15, 2022 | HMRC notices

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 members to ‘share’ information in a...
Goods sent from abroad

Goods sent from abroad

by | Sep 15, 2022 | HMRC notices

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 free imports. This includes goods that are new or used and...
Overdrawn director’s loan account

Overdrawn director’s loan account

by | Sep 1, 2022 | HMRC notices

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 personal expenses of directors using company funds....
Retaining tax return records

Retaining tax return records

by | Aug 25, 2022 | HMRC notices

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 a personal (non-business) self-assessment tax return, you must keep...
Miscellaneous income

Miscellaneous income

by | Aug 4, 2022 | HMRC notices

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 otherwise be charged under specific provisions to Income...