Q. What records do I need to keep to claim travelling expenses? Do I also need to keep receipts for petrol?A. You should record the date, destination and distance of each business journey you drive in your own car. It is good practice to record the total on your car's milometer at the start and end of each journey. Your employer can pay you up t...

If your business is registered for VAT in the UK and you sell to VAT registered customers in other EU countries you are required to submit an EC sales list (known as ECSL or form VAT 101), to HMRC. If you move your own goods to a branch or subsidiary of your business in another EU country, you may also have to complete an ECSL for that period....

The Taxman is currently writing to taxpayers who are suspected of tax fraud, asking them to make a full disclosure of their wrong-doing under the contractual disclosure facility (CDF). If you receive a letter offering the CDF, it is a very serious matter. The Taxman has taken a view that he could launch a criminal investigation into your tax af...

PAYE and other payroll deductions need to clear Taxman's bank account by 19th of the month, if paid by cheque. Electronic payments can arrive by 22nd of the month, or the last banking day before that date. If you use the faster payments service (FPS) to make your PAYE payment, the amount transferred will clear the Taxman's bank account on a Sa...

If you are in the process of closing down your company, or are thinking of doing so, you need to know about the change in the tax law from 1 March 2012. If your company contains significant value, you will want to extract the cash and assets in the most tax efficient manner. Until now you could ask the Taxman to apply concession C16 to the paym...