SJB & Co Chartered Accountants
Fiscal drag – freezing tax allowances As announced in the Autumn Statement 2022, most of the personal tax and NIC rates and allowances are to be frozen at current levels for a further two years until April 2028. This does mean that most pay increases in the next six years will be taxable. If these […]
Tax Planning for Individuals 2022-23 Read More »
When the High Income Child Benefit Charge applies You are able to claim child benefit if you are responsible for bringing up a child under the age of 16, or under the age of 20 where the child stays in approved education or training. However, some or all of the child benefit that you receive
The tax code is fundamental to the operation of PAYE. It indicates how much ‘free pay’ an employee is able to receive each time they are paid and, depending on the code, the rate at which tax should be deducted. HMRC operate a system of dynamic coding whereby they update your tax code during the
Update your tax code – what to do if your tax code is incorrect Read More »
HMRC have wide ranging powers to charge penalties for late and incorrect returns. Where errors are made on returns and other paperwork which understate the tax or misrepresent the tax liability, whether a penalty is charged and the amount of the penalty depends on the taxpayer’s behaviour. Key dates If a penalty has been charged
Impact of taxpayer behaviour on tax geared penalties Read More »
A little bit of pre-Christmas cheer for you today. In parliament today, the treasury announced a delay to the rollout of MTD (Making Tax Digital) for sole traders, partnerships and landlords. Before today’s announcement, any sole trader or landlord with a total gross income of over £10,000 would have needed to keep their financial records
MTD for sole traders, partnerships and landlords is delayed Read More »
Now that everyone has had time to start absorbing the details of last month’s announcements, we can begin to consider what the impact will be and what if any actions are required to minimise the effect on businesses and families.The overall impact of the proposals will be an increase in the tax burden as a
Autumn Statement Commentary Read More »
Pay your January tax bill in instalments The rising cost of living and high energy bills may mean that you are struggling to pay your January self-assessment tax bill. However, help is at hand and you may be able to set up a Time to Pay Arrangement to allow you to pay what you owe
Time to Pay Arrangements Read More »
No business owner wants to be the subject of a routine tax audit or investigation by Her Majesty’s Revenue and Customs (HMRC). There are some routine practices that, if followed, will lessen the likelihood of an audit or investigation. Here are five key actions to take: 1. Keep accurate and up-to-date financial records One of
Avoiding Tax Investigations – 5 Actions you must take Read More »
The Chancellor, Jeremy Hunt, presented his first Autumn Statement against a challenging UK and global economic backdrop. He set out three priorities for the Government, namely stability, growth and public services, and outlined the steps to the achieve these, including a number of tax measures designed to contribute to repair of public finances. Key dates
Autumn Statement -17 November 2022 Read More »
The VAT default surcharge will be replaced with new penalties, which will apply to everyone who submits a VAT return. Penalties will be charged for late submission once the relevant penalty points threshold is reached. Penalties for late payment will depend on the extent to which the payment is late. The way in which interest
Changes to VAT Penalties from 1 January 2023 Read More »
