Catherine Heinen

Norwich

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Articles

Income tax payments on account: what are they and how do they work?

Feb 27, 2025 | taxassist.co.uk | Catherine Heinen

Well done on getting your self-assessment tax return completed ahead of the deadline. Your tax return will include a tax calculation and how much tax you have to pay will determine if you need to make income tax payments on account. Payments on account (POAs) are where you have to pay some of your future income tax liability in advance.
UK VAT Rates on Food: Guide to standard rated and zero-rated items

Feb 12, 2025 | taxassist.co.uk | Catherine Heinen

If you are not a VAT registered business, then you do not need to worry about charging VAT. Food for human consumption is generally zero-rated for VAT, however there are various exceptions to be aware of. Read our guide to understand when there could be a discrepancy and when you should seek professional advice. VAT on confectionery There are specific cases where confectionery items have been treated differently for VAT, here are some examples and highlights from VAT tribunals.
What are property taxes in the UK?

Feb 7, 2025 | taxassist.co.uk | Catherine Heinen

Catherine is a Technical Content Writer at TaxAssist Accountants, and a qualified accountant. With experience working at two accountancy practices in the UK top 50 accountancy firms according to Accountancy Age, Catherine has significant experience in accounts, tax returns and advising clients. Catherine ensures businesses, business owners and individuals are kept up to date and informed by providing concise and informative technical material.
Starting a business? Here's why an accountant is key to your success

Feb 5, 2025 | taxassist.co.uk | Catherine Heinen

Here, we discuss what you should consider when starting a business and how an accountant can help you from day one. Starting your business A business plan gives you focus and gets you to think of all areas of your business, including financial, before you start trading. If you require any financial investment, a great business plan will be crucial in helping you achieve this. Our guide to writing a successful business plan will help you get the results you need.
The most common accounting mistakes and tax errors made

Jan 27, 2025 | taxassist.co.uk | Catherine Heinen

Submitting correct tax returns is crucial in avoiding fines and penalties, and having accurate accounts is essential for giving you the right picture of your finances. However, we appreciate that it’s a technical area and it’s not always easy to get it right first time. If you’re struggling to manage it all, let us help. Accountants offer you a proactive and experienced service to ensure your tax returns and accounts are correct and on time.
Capital Gains Tax receipts hit record high after Autumn Budget

Jan 27, 2025 | taxassist.co.uk | Catherine Heinen

HM Revenue & Customs’ (HMRC’S) latest receipts report, released on 22nd January, showed that December 2024 saw CGT receipts more than double year on year reaching £335m, an increase of £176m or 110% from the previous December. The last quarter of CGT receipts (October – December 2024) totalled a record £808m, an increase of 60% compared to the same period for 2023.
What are the penalties for tax return mistakes and errors

Jan 22, 2025 | taxassist.co.uk | Catherine Heinen

For many, the self-assessment tax return deadline comes around too soon, and mistakes and errors can be common. This is especially true in the last few weeks before the tax return deadline when there is not enough time to double check your tax return. Where taxpayers make mistakes on their tax returns, the penalties that HM Revenue & Customs (HMRC) will apply can range from 0% to 100% of the lost tax revenue. Lost revenue is the additional tax due as a result of correcting the inaccuracy.
Common accounting mistakes UK businesses should avoid

Jan 20, 2025 | taxassist.co.uk | Catherine Heinen

Small accounting errors can lead to costly penalties, cash flow problems and compliance issues. Our guide to the most common accounting mistakes what you should consider, offers you some tips so you can avoid these errors.
Companies House to provide option to hide residential addresses

Jan 17, 2025 | taxassist.co.uk | Catherine Heinen

From 27th January 2025, some directors will be able to apply to suppress their residential address from the public register at Companies House, where it has been used at the companies registered office address previously. To apply to suppress your residential address from the public register, use form SR01. The fee to apply for this will be £30 for each document that needs to be amended.
Essential updates for employers: Winter

Jan 17, 2025 | taxassist.co.uk | Catherine Heinen

In our Winter employer update, we cover the crucial updates affecting employers and employees in the UK. Whether you’re an experienced employer or just starting out, this guide will supply you with the knowledge and tools you need in the evolving world of UK employment. Autumn Budget The Autumn Budget was announced on 30th October, and a number of changes were made that will affect UK employers.