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VAT Registration Error & Personal Penalty
We recently supported a client in a case that highlights how quickly issues can escalate and the importance of obtaining the right advice from the outset.
Following the acquisition of a restaurant as a Transfer of a Going Concern (TOGC), the new owner was incorrectly advised to delay VAT registration. HMRC treated this as a late notification and imposed a £34,000 deliberate inaccuracy penalty. When the business subsequently entered liquidation, HMRC sought to recover the penalty personally from the director.
Our VAT specialists carried out a detailed review of the circumstances, challenged HMRC’s assessment, and successfully appealed the penalty. The full £34,000 was withdrawn and no personal liability attached to the director.
Read the case study in full by clicking below. | | 2025/26 Year End Tax Planning Guide
The run up to the end of the tax year on 5 April 2026 is an important opportunity to review your family and business finances to ensure they are structured as tax-efficiently as possible.
Taking action before the year end can help you make full use of available allowances, reliefs and planning opportunities. This guide highlights practical steps and key considerations for business owners, companies, families and individuals, helping you plan ahead with confidence in an evolving tax landscape. It is divided into sections covering matters relevant to families, couples and individuals, followed by planning points for companies and business owners.
Download our full 2025/26 Year End Tax Planning Guide below. | | | |
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| Quarterly Economic Survey | |
We are proud to be lead sponsors of the Thames Valley Chamber of Commerce Quarterly Economic survey. The latest report, Q4 2025, reflected responses from a broad cross-section of local businesses, capturing trends across key indicators including sales, employment, cash flow, investment and price pressures. To download a copy of the report, please click here.
The survey for Q1 2026 is now open and will be available until 9 March, offering businesses the opportunity to provide feedback on a wide range of issues. We encourage you to have your say - click below to take part in the survey. | | | |
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Making Tax Digital for income tax is the biggest tax change since self assessment | |
The introduction of Making Tax Digital (MTD) for Income Tax this April will be the biggest change to the UK’s tax system since self assessment, says the Low Incomes Tax Reform Group (LITRG).
From 6th April 2026, taxpayers with more than £50,000 of gross income from self-employment and/or rental income in the 2024/25 tax year will need to comply with the new rules from that date. | | | |
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Is your business running as efficiently and strategically as it could be? | |
Being a business owner can feel lonely, constantly wondering what you might have missed, or whether hidden opportunities could help unlock even more potential. With recent and upcoming regulatory changes, it's crucial for business owners to stay informed and prepared.
The UK government's significant reforms underscores the need for proactive planning and compliance to ensure your business's financial health and resilience.
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Take our Strategic Business Health Check today to see how you can maximise your potential. | |
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UK–India Double Contributions Convention: key points for employers | |
The UK Government, alongside the UK-India Comprehensive and Economic Trade Agreement (CETA) has agreed to negotiate and publish a reciprocal Double Contributions Convention (DCC) Agreement, between the UK and India.
The long-awaited agreement is designed to prevent double social security contributions and provide certainty for cross-border employment arrangements and is a major development for organisations with mobile employees between the two countries.
Read our article in full by clicking below. | | | |
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R3 report: Over 28,000 corporate insolvencies last year underline pressure on UK businesses | |
The Business Health report from R3, the UK’s trade body for restructuring, turnaround and insolvency professionals, provides an overview of the financial pressures facing UK businesses. Using data from CreditSafe, the report examines levels of insolvency and start-up activity, identifies sectors under ongoing financial strain, and explores the economic and operational challenges affecting businesses across the UK.
Read our full article by clicking below.
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James Cowper Kreston is a leading firm of accountants and business advisers with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential.
If you have any questions about the topics covered in this newsletter or want to explore how we can help you please contact us here:
Email: info@jamescowperkreston.co.uk
Call: 01635 35255
James Cowper Kreston
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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