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Practice News

Prepare your payroll for the National Insurance changes in July 2022

From 6 July 2022, some National Insurance Contributions (NICs) thresholds will increase. The primary threshold for 6 July 2022 to 5 April 2023 will rise to: £242 per week £1,048 per month £12,570 per year To accommodate this change, payroll software, including HMRC’s Basic PAYE Tools, will need to be updated. This may happen automatically,…Read More

HMRC urges businesses to move to new customs IT platform to continue trading

Posted 06/06/2022 HMRC is urging businesses to move to its new customs IT platform now to continue trading and is writing to businesses to support them with the changes. The letters and emails include further information about making the move to the UK’s single customs platform – the Customs Declaration Service – and sets out the…Read More

Check if a letter you have received from HMRC is genuine

Posted 25/05/2022 The following is a list of letters that have recently been sent out by HMRC: Letter OCA300 — repayment of Student Loan deductions Overpaid Self-Employment Income Support Scheme (SEISS) grants Research about employee experience of the Coronavirus Job Retention Scheme Research about the digitisation of Child Benefit Refund of Income Tax from changes…Read More

Don’t forget to claim the Employment Allowance

Posted 23/05/2022 The Employment Allowance (EA) is a £5,000 allowance set against employers National Insurance Contributions (NICs) and has to be claimed each tax year if the employer qualifies. This allowance was introduced in 2014/15 and was increased to £5,000 from 2022/23. Employers make a claim for the Employment Allowance through their payroll software. They…Read More

Sage Version 26.2 & Below for Desktop & Cloud to Cease Working

Posted 20/05/2022 Do you use Sage Version 26.2 or below, whether it is the Desktop or Cloud version? From 30/09/2022, you will no longer be able to access your software. Sage are updating their services so that clients using Version 26.2 or below will no longer be able to access their software/data after the update…Read More

Invest in your business with Super-deduction and Annual Investment Allowance  

Posted 09/05/2022   Introduced on 1st April 2021, the super-deduction allows companies to cut their tax bill by 25 pence for every £1 they invest in any qualifying machinery and equipment. This can include the purchase of computers, most commercial vehicles and office furniture. Qualifying purchases must be new & not bought 2nd hand. The temporary…Read More

Pub is the Hub 2022 – Community Grants

Posted 06/05/2022 Grants of up to £3,000 are available to enable rural pub owners, licensees, and local communities to work together to help support and sustain local services in Wales, Scotland and England. Pub is the Hub’s Community Services Fund will assist projects which support the needs of local communities by using pubs to offer…Read More

HMRC guidance on electronic payment of tips

Posted 04/05/2022 HMRC has updated its guidance on tax treatment of tips, gratuities, service charges and troncs to include details on how to handle electronic payments. The payment of tips is commonplace for employees in the catering and service industries. As the pandemic has accelerated a move away from payment in cash, there has also…Read More

Employee travel and subsistence

Posted 03/05/2022 With employees’ and directors’ P11d’s for 2021/22 due by 6 July 2022 it is timely to remind employers of the rules for travel and subsistence, particularly as HMRC have recently issued some updated guidance and useful examples of their interpretation of the law. Tax relief for employee travel costs is available provided the…Read More

Do You or Your Partner Earn over £50,000 & Receive Child Benefit?

Posted 28/04/2022 If you or your partner earned over £50,000 and received Child Benefit, you should consider the ‘High Income Child Benefit Charge.’ The charge applies if you have an individual income over £50,000 and either: you or your partner get Child Benefit someone else gets Child Benefit for a child living with you and…Read More

Hospitality VAT rate returns to 20%

Posted 01/04/2022 The reduced rate VAT for hospitality venues ends today with the VAT rate increasing from 12.5% back to the original 20% The VAT reduction was introduced for businesses trading in the hospitality sector in July 2020 with the rate originally dropped to 5%, increasing to 12.5% in October 2021. The reduction in VAT…Read More

Help to Grow: Digital scheme

Posted 29/03/2022 ‘Help to Grow: Digital’ is a UK-wide scheme to help small and medium-sized businesses adopt digital technologies that are proven to increase productivity. The scheme offers: free, impartial advice and guidance about what digital technology is best suited to your business and how it can boost your business’ performance  targeted financial support, if your business…Read More

HMRC gives Self-Assessment taxpayers more time to ease COVID-19 pressures

Posted 10/01/2022 Late filing and late payment penalties are to be waived for one month for Self-Assessment taxpayers. HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for Self-Assessment taxpayers for one month – giving them extra time, if they need it, to complete their 2020 to 2021 tax return and…Read More

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