HMRC Late Payment and Interest Harmonisation
The Government is reforming sanctions for late submission and late payment to make them fairer and more consistent across taxes. The changes will initially apply to VAT and Income Tax Self-Assessment (ITSA). The changes will apply to VAT customers for accounting periods from 1 April 2022, to ITSA customers with business or property income over […]
Making Tax Digital (‘MTD’) for Income Tax
From April 2023, things are changing for individuals with ‘Turnover’ or ‘Rental income’ that exceeds £10,000. Continue to read this article to understand what MTD for Income Tax is and whether you are one of the millions affected. If you are a Limited Company, MTD doesn’t apply to you yet. This is expected to come into legislation by April […]
Guide to Tax as a Limited Company
Have you set up a limited company or you’re about to? Look no further as this practical guide will help you understand the core principles of a UK limited company and its tax implications. There are many taxes to consider that may have left you confused and overwhelmed where to start such as Corporation Tax, […]
How to tell HMRC when you have started a business (Self-Assessment registration)
The first step in letting HMRC know you have started your own business is to register for self-assessment (including class 2 contributions). This is the same process for all self-employed individuals. You must follow the link above and follow HMRC’s process of requesting your details by 5 October following the end of the tax year in […]
10 ways you could be due a tax refund
Have you ever sat there with someone who has received a cheque from HMRC because they have paid too much tax? I bet you sit there thinking; ‘Have I overpaid in tax?’, ‘Will I receive a tax refund automatically?’ or even ‘How do you get a tax rebate?’ Well funnily enough, you might have overpaid without even […]
Self-employed? Tax and national insurance explained…
Tax when you’re self-employed usually refers to the tax payment of sole traders. After initially registering with HMRC as self-employed via the form CWF1, sole traders are expected to figure out how to calculate their tax and national insurance themselves. It’s a massive change, going from not having to deal with your own tax payments as an employee […]
Brexit VAT implications
Pre COVID-19, Brexit had taken the headlines for the previous couple years. The media and notable individuals in society such as David Cameron stepping down as PM created a negative view over the matter creating fear of its potential impact; despite a majority vote in the referendum from UK citizens believing Brexit to be a […]
Reaction to March 2021 budget
Following the 3 March 2021 budget, we have summarised the main changes that have taken place. Please get in touch if you would like to know any further details or how these changes may impact you. COVID-19 related Coronavirus Job Retention Scheme (CJRS): The furlough scheme (CJRS) is extended until the end of September 2021. Employees […]
Corporate tax hike announced following 3 March 2021 UK budget
The Government has said corporate tax rate will be hiked to 25% from April 2023. Businesses with profits <£50,000 will continue to benefit from 19% rate, while a tapered rate will be introduced for profits between £50,000 and £250,000. The Government has also announced that the rate of VAT for the tourism and hospitality sector […]
VAT: Making Tax Digital (“MTD”) for business requirements
VAT returns with periods starting from 1 April 2019 must be submitted using an application programming interface (“API”). From this date, the business must also hold transaction level data electronically in functional compatible software. As the clients agent for submitting VAT returns, we can use the clients mainstream bookkeeping software which is VAT compliant with […]