Most people operating a business in the UK, together with other specific taxpayers, are obliged to file tax returns with HMRC. While it can be tempting to put off completing a tax return until the last second, this is not good practice. Taxpayers should ideally complete and submit their tax return early. Below is a guide to the deadlines you need to be aware of and the benefits offered by filing your tax return early.

An uncertainty in the treatment of staff costs in claims for tax relief on Research & Development (R&D) expenditure has recently been clarified, which means that HMRC are allowing certain claims to be amended outside the normal deadlines. However, the window is closing soon, so action should be taken now.

It wasn’t all that long ago that investment in buy-to-let property was seen as a straightforward way to generate an income for yourself. However, recent changes made by the government mean that turning a profit through buy-to-let in today’s property market is set to become much more difficult.

It’s been an interesting week here at BHP. We are coming to the end of the audit season for many of our charity clients and as a trustee of Leeds Community Foundation I have been on both sides of that audit line.

Introduction The Academies Financial Handbook 2017 (AFH 2017) has recently been published and it is available here.  In his Forward, Lord Nash notes that good financial stewardship depends on everyone involved in the oversight, governance and management of trusts understanding their roles, promoting the right principles and acting when they recognise circumstances where things go… Read more »

Increasingly I see situations where decent sized family and SME companies appear to take little regard for depreciation rates charged, which often neither reflects the use and economic life of the asset nor the appropriate net book value of the asset at the period end.

HMRC yesterday announced that there would be a much-welcomed delay to their Making Tax Digital (MTD) project which had been previously been expected to start affecting income tax returns from April 2018.

Many of the region’s small to medium sized businesses (SMEs) are still failing to take advantage of the generous tax breaks that are available when it comes to Research and Development (R&D), and we regularly see companies only claiming back a fraction of what’s actually available to them. Sometimes businesses have preconceptions that they ‘don’t… Read more »

In the past 12 months we have seen a referendum vote to leave the European Union, a change of Prime Minister, a challenge to the opposition leader, a new President of the US (arriving straight from his reality TV show!) and Leeds United making a meteoric rise up the championship table but excruciatingly fall out… Read more »

A recurring theme of the Budgets presented by the previous Chancellor of the Exchequer, George Osborne, over the last few years has been the need to build a resilient UK economy. In presenting his first (and last) Spring Budget last week Philip Hammond continued this theme using highly emotive words such as “foundation” “underpinned” and… Read more »