HMRC

23
Sep

Emergency Budget and Mini Budget

  The Emergency Budget and Mini Budget was announced today 23rd September by Chancellor Kwasi Kwarteng.  His announcements come amid the Government’s growth plan vowing to break the ‘cycle of stagnation’ The ‘Emergency Budget’ and Mini Budget has seen the biggest assault on the tax burden since 1972.   Emergency Budget and Mini Budget In Summary: Freeze on Energy Bills

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30
Aug

WHAT IS DIGITAL TAX FILING

  Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for Making Tax Digital (MTD) for Income Tax from 6 April 2024 and submit digital tax filing, Some businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot to test and develop the Making

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8
Aug

Cost of Living Changes August 2022

  Cost of Living Changes August 2022 Inflation has soared above 9% in the UK – the highest in more than 40 years. While the energy price cap increase is expected to send annual household energy bills up to £4,000 for the average household. On Thursday the Bank of England announced that it was raising interest rates to 1.75% from

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23
Jul

FINANCE BILL 2022-2023

  The Finance Bill 2022-2023 draft legislation and policy papers have been released by the UK government.  This draft legislation Finance Bill indicates what to expect with possible changes to renewing annual taxes, delivering new tax proposals and maintaining administration of the tax system. We take a look at just some of the key changes coming in*: (*It is worth

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23
Jul

HMRC Accounts 2021-2022

  HMRC have published their Report and Accounts and other documents for 2021-22. HMRC accounts report revenues of £731.1 billion, a 20.1% increase since 2020-21, although 23.8% of this (£173.8 billion) remained unpaid at the year-end. Its audit was qualified due to high levels of error and fraud. Highlights of the HMRC accounts are: Increases were reported in all revenue streams,

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29
May

Cost of Living Support Scheme

  The Cost of Living Support Scheme has been announced by Rishi Sunak.  The cost of living in the UK has risen dramatically recently with millions of households struggling to make their incomes stretch to cover basic bills.   The Chancellor made an announcement on 26th May detailing the Cost of Living Support Scheme – emergency measures the government are taking

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4
May

Right To Buy

  It has been suggested the government is considering relaunching Thatcher’s infamous Right To Buy scheme. The Right To Buy scheme helped nearly 2 million people in England buy their housing association properties and become home owners.  In 1980, the flagship policy ‘Right To Buy’ Scheme was introduced and allowed tenants to buy their home at a discounted rate. More

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5
Apr

Spring Statement 2022

  Spring Statement – Key points The Spring Statement was announced at the end of March. Below we have condensed Rishi Sunak’s announcement into key points that may affect you or your business.   Cost of living The Spring Statement acknowledges the Consumer Prices Index inflation has risen to a 30-year high in recent months. This has primarily been driven

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3
Mar

Tax Rebate

  “Tax rebate” is searched over 40,000 times a month.  Why? Because there is a lack of clarity over what can be claimed, by who in which industries, and most importantly, how.  A bit like PPI there’s always a company online who can do it for you… but at what cost? There is a tax rebate available for most industries

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2
Feb

Making Tax Digital Registration Reform

  In July 2020, the government published a 10-year strategy to build a trusted, modern tax administration system, including how taxpayers are identified and registered by HMRC. The government is seeking views on how and when taxpayers with new sources of self-employment or property income should start to interact with the tax system and whether current processes can be updated

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