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31
Aug

Making Tax Digital Basis Period Reform

Basis Period Reform There are proposed changes to the basis period for Making Tax Digital rules that under discussion currently, which could result in some self-employed businesses being mandated into Making Tax Digital for Income Tax.   Making Tax Digital for Income Tax Based on the current draft regulations, Making Tax Digital for Income Tax Self Assessment (MTD ITSA) will as compulsory,

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31
Aug

Making Tax Digital Quarterly Submissions

Quarterly Submissions: How it Works From 6 April 2023, all unincorporated businesses and individual landlords are due to enter the Making Tax Digital for income tax (MTD ITSA). This start date for everyone is due to the switch from the current year basis, to the tax year basis. It is worth noting, there is a chance that Making Tax Digital

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2
Aug

Fifth SEISS Grant

  The fifth SEISS grant for Self-employed taxpayers is now open for applications , but you may need to provide two different turnover figures from your business as part of your application. The portal to apply for the fifth self-employed income support scheme (SEISS) grant opened on 29 July, but not everyone can apply at once. HMRC has contacted every

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5
Jul

Corporation Tax Relief

  In the Budget 2021, the Chancellor announced a temporary extension to the carry back of trading losses from one year to 3 years, for losses up to £2,000,000 for accounting periods ending between 1 April 2020 and 31 March 2022. Losses must be set against profits of most recent years first before carry back to earlier years. There is

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5
Jul

HMRC Phishing Scams

  Of the scams listed, the majority were tax rebate or refund scams which rose by 90% from 363,118 and 690,522 Reports of HMRC branded phishing scams have jumped from 572,029 to 1,069,522 in the last year – a surge of 87%- according data obtained by Lanop Outsourcing . The figures show that reports of suspected SMS scams also increased by

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5
Jul

Tax Relief: Working From Home

Since April, almost 800,000 employees across all professions who have been working from home during the pandemic, have already claimed tax relief working from home on household related costs, HM Revenue and Customs has revealed. The saving is worth up to £125 per year for each employee, and eligible workers can claim the full year’s entitlement if they have been

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3
Jun

VAT Deferral Deadline

  Businesses that deferred VAT payments last year have one month left to join online to pay in monthly instalments under the VAT Deferral New Payment Scheme, HM Revenue and Customs (HMRC) has said. The online portal for the new payment scheme closes on June 21, 2021.   Jim Harra, HMRC’s Chief Executive, said: “Businesses in the South West that

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3
Jun

Self-Employment Income Support Scheme

The Government is launching a fifth SEISS grant covering May 2021 to September 2021.  The grant will be open to claims from late July 2021. It is taxable and will be paid out in a single instalment. Guidance for claiming the grant will be available by the end of June 2021. To be eligible for the grant you must be

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5
May

Breathing Space for problem debt

Residents in the UK struggling with debt problems will be supported through a new debt respite scheme, “Breathing Space”, launched by the government, which gives a 60-day respite period.   The Treasury estimates that around 700,000 people struggling with problem debt will benefit from the launch of the new Breathing Space campaign. The scheme will give those facing financial difficulties

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5
May

Furlough Scheme Changes from 1st May

  The government has made a number of changes to how the Job Retention Scheme works for furloughed employees, which came into effect from 1st May 2021.  At Robinsons North London Accountants, we can help you navigate these changes.   Currently, employees cannot be furloughed if they were not employed past 30 October 2020, and even then a PAYE Real

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