Posted in
All children in the UK have their own personal allowance, currently £12,570. There are special rules if a parent gifts significant amounts of money to their children which results in them receiving bank interest of more than £100 (before tax)
Continue readingPosted in
Where an error on a past VAT return is uncovered businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a current VAT return. To do this, the errors must be below the reporting
Continue readingPosted in
HMRC can enquire into any statutory return (or amendment of that return) or statutory claim to check if the return / claim has been prepared correctly or if further information is required.
HMRC’s internal manuals state that there is no statutory
Continue readingPosted in
The following notes are reproduced from a Treasury statement issued 21 May 2024.
Lower inflation supports people by maintaining the purchasing power of their money.
If prices only rise slowly, people can plan their budgets more effectively –
Continue reading