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
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
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
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
Posted 21/12/2021 The Chancellor has announced today: New Grants for Hospitality & Leisure sectors – up to £6,000 per business premises More than £100 million discretionary funding for other businesses Reintroducing the Statutory Sick Pay Rebate Scheme The grants will be administered by local authorities & will be available in the coming weeks. For more…Read More
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
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
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
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
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
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
Posted 19/10/2021 From April 2022, the rules are changing for individuals, companies or any type of partnership applying for a licence for a: taxi driver private hire driver private hire vehicle operator scrap metal site scrap metal collector In order to obtain or renew a licence the trader must carry out a tax check. This…Read More
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
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
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