Latest news

3
Nov

Autumn Budget 2021

On 27th October, Rishi Sunak announced the Autumn Budget 2021. Due to the scale of the economic damage, whilst Sunak acknowledged that the pandemic isn’t over, he said the Autumn Budget would be a starting point for a post-Covid ‘age of optimism’. He made major announcements on corporation tax, alcohol tax, minimum wage  & airline passenger duty (APD). The big

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4
Oct

Dividend Tax Rise & Rates

The prime minister announced on 9th Sept 2021 a 1.25% Dividend Tax rise from 6 April 2022, and a rise in National Insurance Contributions (NICs) by way of a new Health and Social Care Levy.  The government said the move would raise an additional £600m a year. The new dividend tax rates, which will apply across the UK, are:  Tax

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4
Oct

National Insurance Contributions Rise

  An increase of 1.25% in National Insurance Contributions from 6 April 2022 has been outlined in ‘Building Back Better: Our Plan for Health and Social Care’ . The National Insurance Contributions rise increase will apply to: Class 1 (paid by employees) Class 4 (paid by self-employed) secondary Class 1, 1A and 1B (paid by employers) The increase will not

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4
Oct

Making Tax Digital ITSA Delay

  Making Tax Digital ITSA (Income Tax Self Assessment) mandation has been delayed again until April 2024. HMRC is nudging taxpayers again with letters about discrepancies between PAYE and benefits reported under RTI, and the details shown on their tax returns. The Financial Secretary to the Treasury released a written statement to the House of Commons on 23 September confirming

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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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