Payment plans help rising number of Self Assessment customers

November 16th, 2022

Receiving a big tax bill can be overwhelming and can create an even bigger problem – how to pay it. To help provide a solution and ease the financial burden, HMRC offers the Time to Pay scheme, enabling Self Assessment customers to set up a payment plan to spread the cost. Since 6 April this […]

HMRC brings in profit-assessment change for sole traders and partnerships

November 15th, 2022

Are you a sole trader or partnership? Do you use an accounting date between 6 April and 30 March? If you answered ‘yes’ to both questions, you need to be prepared for a change coming from HMRC in the way it assesses your profits. From 6 April 2024 you will be assessed on your profits […]

Plan to future-proof UK economy unveiled at expo

November 11th, 2022

Green investment can help future-proof the UK economy, but we need to ‘act fast and act now’. Those were the words of Trade Secretary Kemi Badenoch when she spoke at a landmark trade event in the North East of England. Speaking to an audience of global investors and executives at the Green Trade and Investment […]

Do not let COVID-19 payments slip off the radar

November 8th, 2022

The clock is ticking down to complete Self Assessment tax returns with HM Revenue and Customs (HMRC) reminding customers not to forget to include a very important payment. More than 2.9 million people claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2022. These grants are taxable and should be […]

Christmas gifts for your staff

November 3rd, 2022

Business owners who are minded to celebrate the forthcoming Christmas break with their staff are reminded that there is a tax-free allowance for the provision of an annual party or other event for the benefit of staff and their partners. The present limit to tax relief is £150 per head. If this amount is exceeded, […]

Why the anti-fragile approach will support your business

November 2nd, 2022

Brexit. COVID-19. Cost of living. Energy prices. Number 10. Bank rates. Economic freefall. It’s fair to say businesses have faced an unprecedented number of challenges over the past two years and if you’ve felt like curling up under a blanket until it’s all gone away, then you are not alone. But there is an increasing […]

Tax Diary November/December 2022

November 1st, 2022

1 November 2022 – Due date for Corporation Tax due for the year ended 31 January 2022. 19 November 2022 – PAYE and NIC deductions due for month ended 5 November 2022. (If you pay your tax electronically the due date is 22 November 2022.) 19 November 2022 – Filing deadline for the CIS300 monthly […]

Self-assessment scams warning

November 1st, 2022

Criminals claiming to be from HMRC have targeted individuals by email, text and phone with their communications ranging from offering bogus tax rebates to threatening arrest for tax evasion. Contacts like these should sound alarm bells – HMRC would never call threatening arrest. Anyone contacted by someone claiming to be from HMRC in a way […]

VAT registration changes

November 1st, 2022

The way businesses register for VAT changed on 1 August 2022. A new VAT Registration Service (VRS) has been created to manage the process.  One of the key features of the new VRS is that every business will be automatically signed up to Making Tax Digital (MTD) VAT as part of registration. This removes the […]

Mini-budget reversals

November 1st, 2022

The tax reductions set out in the Kwarteng/Truss mini-budget of 22 September 2022 have been scrapped, apart from the cancellation of the NIC increase for 2022-23, the withdrawal of the Healthcare Levy from April 2023, the changes to Stamp Duty Land Tax and the increase in the Annual Investment Allowance. As we are presented with […]