Posted 05/09/2022 Companies House will soon be introducing a new WebFiling account that will have more functionality with improved security features. It is the first step in creating a single sign-in across all Companies House services. The benefits of the new WebFiling account include: Multi-factor authentication. The ability to link your company to your WebFiling…Read More
Posted 01/08/2022 The government scheme that cuts the price of leading software will now benefit even more firms. The Digital Scheme eligibility has now been expanded to businesses with at least one employee, previously only businesses with more than 5 employees were eligible. This means businesses can now access a £5,000 discount on 30 software…Read More
Posted 12/07/2022 Last week, the Sustainable Farming Incentive (SFI) opened for applications in England. The scheme is available to all farmers who currently receive Basic Payment Scheme (BPS) payments. It is designed to be accessible and will reward sustainable practices which support food production and benefit the environment. The Sustainable Farming Incentive is the first of…Read More
Posted 11/07/2022 Making Tax Digital (MTD) for Income Tax will apply to sole traders, property landlords and certain other businesses with gross turnover and/or property income over £10,000 a year and will commence in April 2024. The system will then be extended to partners from April 2025 and LLPs and partnerships with corporate members from…Read More
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
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
Posted 30/05/2022 New legislation taking effect in 2023/24 will affect non-corporate trading businesses that prepare accounts to a date other than 31 March or 5 April. The new rules will alter how the taxable profits of accounting periods are matched into tax years for the purposes of self-assessment profit reporting and income tax calculation. At…Read More
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
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
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
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
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
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
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
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
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