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Practice News

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

Extension of Making Tax Digital for VAT

Posted 30/11/2021 Currently VAT registered businesses with a turnover above the VAT registration threshold of £85,000 need to keep their records digitally & provide their VAT return information to HMRC through Making Tax Digital (MTD) compatible software. However, from the first VAT period starting on or after 1 April 2022, any businesses that are VAT…Read More

Agents Gain Access to Clients PAYE data

Posted 24/11/2021 Tax agents have been given access to their clients’ PAYE accounts in order to view their clients payments and liability figures in real time. To be able to view the information, the agent must be enrolled for PAYE online and either: HMRC has received an FBI2 and a 64-8 authorisation form; or The agent has…Read More

Report CJRS Furlough grants and overpayments on Corporation Tax Return CT600

Posted 23/11/2021 The latest version of the CT600 Corporation Tax Return updated on 15 November 2021 requires companies to report CJRS furlough payments received and the amounts that the company was entitled to during the period in boxes 471 and 472. Where any overpayments have already been disclosed to HMRC that amount should be reported…Read More

Self-Employment Income Support Scheme – Return to Your Claim

Posted 08/11/2021 A Section has been added with links to guidance for the fifth grant and previous grants. A link to guidance on how to pay back a grant has also been added. You can use the online service to check the status of your payment, update your details, see how much you were paid…Read More

Working in Europe?

Posted 26/10/2021 As travel returns to a more normal environment, the UK government has started a campaign to remind business travellers of the rules for travel to an EU country, Switzerland, Norway, Iceland or Liechtenstein. As well as the actions all travellers need to take, there are extra actions if you are travelling for business. Business travel includes…Read More

What do we expect from the Budget?

Posted 25/10/2021 More tax rises on Wednesday? Over the last year we have learnt that corporation tax will increase in 2023 and that there will be a 1.25% rise in National Insurance Contributions (NICs) from April 2022 paid by employers, employees, self-employed and for those with share dividend income.  Personal allowances have been frozen at…Read More

Changes to Statutory Sick Pay Rebate Paid to Employers Due to COVID-19

Posted 18/10/2021 Please be aware that the Coronavirus Statutory Sick Pay Rebate Scheme only applies to employees who were off work due to COVID-19 on or before 30/09/2021. In line with the Coronavirus Job Retention Scheme, both ceased to provide support as of 30/09/2021. However, employers may not be aware of their continuing financial support…Read More

Time to Get Ready for Self-Assessment

Posted 15/10/2021 The deadline to complete a tax return for the 2020 to 2021 tax year is approaching. The tax return deadline for the 2020 to 2021 tax year is 31/10/2021 for those completed on paper forms and 31/01/2022 for online returns. This year, you will also have to declare if you received any grants…Read More

Plastic Packaging Tax Starts 1 April 2022

Posted 24/09/2021 If you are a business that manufactures or imports 10 or more tonnes of plastic packaging over a 12-month period you will need to register for the tax. This is regardless of whether you will have to pay any tax. This includes importers of packaging which already contains goods, such as plastic bottles…Read More

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