Practice News

News | Saul Fairholm

Corporation tax take up 26% to record £84.7bn

The record tax revenue was largely driven by a strong post-pandemic recovery in the economy, a sharp increase in offshore receipts, and the introduction of the energy profits levy, which raised £2.3bn in the first year of operation, HMRC said. These figures are likely to rise over the next few years with the hike in… See more

Scammers try to dupe Companies House users

The scam email is sent from a fake email address and tagged as being sent from Companies House Info Alert. It has hijacked the Companies House logo and asks recipients to ‘identify’ themselves online, threatening that they ‘will no longer be able to use the services of Companies House as of September 23. You need… See more

How to reclaim emergency tax on pension drawdowns

At the moment withdrawals through pension drawdown are taxed at an emergency rate, resulting in millions of pounds in overpaid tax. In the first six months 2023, £104m was refunded in overpaid tax affecting over 30,000 people who had drawn down funds from pension pots, HMRC figures showed. The average refund was £3,551. It is… See more

Plumber jailed for £20k bounce back fraud

Aleksander Staskiewicz, 35, from Southampton, was sentenced to eight months’ imprisonment at Southampton Crown Court on 17 August 2023 after claiming a £20,000 bounce back loan and then almost immediately applying to dissolve his company. In May 2020 Staskiewicz applied for a £20,000 loan when the country was in lockdown. However, his company Think Gas… See more

R&D claims to come under greater scrutiny

From 8 August 2023, all businesses – or their R&D advisers – will have to fill in an Additional Information Form before they submit their company’s corporation tax return when submitting claims for R&D tax relief. There is a new HMRC online portal to submit claims. The new process is designed to allow HMRC to… See more

Owner managers will have to give HMRC dividend breakdown

From April 2025, there will be new rules on dividend disclosure. Anyone involved with an owner managed business will need to use their self assessment tax return to split out the amount of dividend income received from their own companies from other dividend income, and the percentage share they hold in their own companies. HMRC… See more