Posted 21st November 2022 For VAT periods starting on or after 1 January 2023, HMRC is replacing the default surcharge with separate penalties for late returns and late payment of VAT. At the same time, HMRC is introducing a new approach to charging interest on late-paid VAT. The new points-based system for late submissions is designed…Read More
Posted 18/11/2022 Following the Autumn Statement 2022 presented by the Chancellor, the main areas covered were: FREEZING INCOME TAX BANDS It had already been announced that the income tax personal allowance (£12,570) and higher (40%) rate threshold (£50,270*) would be frozen until 5 April 2026, instead of increasing each year in line with inflation. The…Read More
Posted 17/11/2022 The Chancellor has delivered the Autumn Statement. The main announcements: For further updates, please follow us at: Linked In https://www.linkedin.com/company/accountants-congleton-cheshire Twitter https://twitter.com/Hammond_McNulty
Posted 14/11/2022 The Bank of England Monetary Policy Committee voted on 3 November 2022 to increase the Bank of England base rate to 3% from 2.25%. HMRC interest rates are linked to the Bank of England base rate. As a consequence of the change in the base rate, HMRC interest rates for late payment and…Read More
Posted 11th November 2022 If you are being paid through an Umbrella Company, you may wish to find out how & what you will be paid. Also, you may wish to check that the amounts deducted from your pay are correct & also what your rights are when working through an Umbrella Company. HMRC have…Read More
Posted 01/11/2022 New Prime Minister and cabinet – tough decisions ahead! Last week, a new period of this government began for us all, again! We have a new Prime Minister, Rishi Sunak and a new cabinet facing the toughest economic conditions in decades. So what actions can we expect from the government in the next…Read More
Posted 31 October 2022 The UK Government have updated their Energy Bills Support Factsheet and has set out action to support people and businesses with their energy bills and tackle the root causes of the issues in the UK energy market through increased supply. Contents include: Support for households Support for businesses & non-domestic properties…Read More
Posted 18/10/2022 Over the last few days, we have seen a gradual dismantling of the mini-budget of Friday 23 September 2022, along with the economic policies that Prime Minister Liz Truss based her leadership campaign on. On Friday 14th October, Ms Truss announced a change of Chancellor, from Kwasi Kwarteng to Jeremy Hunt. This was…Read More
Posted 3/10/2022 Facing huge criticism and market turbulence following his announcement of a series of “growth” measures, Chancellor Kwasi Kwarteng has backtracked on his decision to abolish the 45p rate of income tax paid by people earning more than £150,000 a year. For the income tax rates published but the Government, please see https://www.gov.uk/income-tax-rates For…Read More
Posted 29/09/2022 In a change from the current system where only a single payment can be made via direct debit, employers will be able to take advantage of the new direct debit payment plan for PAYE and national insurance contribution liabilities from 19 September. The service can be accessed through Pay employers’ PAYE or directly through the…Read More
Posted 28/09/2022 We have noticed that it is currently taking longer for VAT numbers to be issued by HMRC following registration. However, you should receive your VAT registration certificate within 30 working days from registration, whereas previously the VAT number was being issued sooner. Whilst you are waiting for your VAT number, you must charge…Read More
Posted 27/09/2022 The Department for Business, Energy & Industrial Strategy has a webpage listing 151 schemes both locally and for all the UK. If your business needs support, it may be worth looking through the webpage which is in alphabetical order. You can search for specific topics such as finance, grants, loans and other support. …Read More
Posted 26/09/2022 On 23 September 2022, Kwasi Kwarteng, the new Chancellor delivered a Tax Cutting “Fiscal Event” or Mini-Budget. Please find to follow the details announced. The 1.25% percentage point rise in National Insurance contributions will be reversed from 6 November 2022 and the government will not go ahead with the planned April 2023 levy…Read More
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
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