It seems that nowadays most people are using ‘the cloud’ to improve their digital world. For those of you wondering what that means, ‘cloud computing’ is defined as; the delivery of hosted services over the internet. This includes storage, backup, social media and software services.

Many of us have read these words in passing, but what does this actually mean to SME’s and self employed people?

The Self Assessment Tax Return deadline was the 31st January but there are still 746,000 people who are yet to submit. You will have received a £100 penalty already but what now?

We have broken down the penalty fees for you below. Firstly, the late submission fees:

Once again the deadline for registering existing trusts for TRS has been moved. Trusts now have until the 5th March 2018 to register after complaints by registering bodies regarding the delay in opening the TRS to agents. 

From the 13th January 2018 you will no longer be able to pay your self-assessment tax return with a personal credit card. The payment will be rejected after this date and instead will need to be made with a business credit card or another of the available methods. 

The HMRC has said

The buy-to-let world has been bombarded with change this year with the removal of the 45% relief on mortgage interest costs and removal of the 10% allowance for ‘wear and tear’ on furnished properties being just a few examples. 

In August this year a Hampshire landlord, Richard Fuller, was jailed for two years and three months after evading £158,000 in Capital Gains Tax.

If you’re considering retiring from your company and wish to pass it down to the next generation whilst making profit on your shares, just how should you go about this?