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 »
On 24 October, HMRC issued a news release reminding taxpayers within self-assessment that they had 100 days left in which to complete their 2021/22 self-assessment tax return. However, earlier deadlines apply to taxpayers who want to file a paper return or who want any tax that they owe for 2021/22 to be collected through an
Self assessment tax return deadlines Read More »
The new Chancellor, Kwasi Kwarteng, revealed his exceptional bid to regenerate the economy by cutting taxes today, 23rd September 2022. He is gambling that this will invigorate growth and this additional activity will provide the tax revenues to fund his tax cuts. Most pundits are reporting that this “mini” budget contains the biggest tax cuts
Mini Budget – 23 September 2022 Read More »
As accountants, a lot of our time is spent answering your queries and questions to help ensure you make the best financial decisions for your business. However, (after a while), the same questions inevitably start to crop up. So, in the hope that we can help out (and save you some time), we’ve answered your
Top 10 Accountancy Questions Read More »
As summer holidays are looming for many there are still a few tax and financial issues to consider. Self-assessment tax payments due by the end of the month and its time to send in tax return details soon if you have not already done so, please see below for more details. We also cover below
