HMRC

9
Jan

When Is The Spring Budget 2023

  When Is the Spring Budget 2023? The Chancellor Jeremy Hunt has announced he will deliver his Spring Budget 2023 on 15th March 2023. In a written statement he said: “I can inform the House that I have asked the Office for Budget Responsibility (OBR) to prepare a forecast for March 15 2023 to accompany a Spring Budget. “This forecast,

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23
Dec

Tax-Deductible Christmas Gifts

Tax-Deductible Christmas Gifts & Expenses Accounting for Christmas Cards Cards are a festive tradition, although lots of organisations may choose to send digital greetings to minimise paper wastage – it is worth noting – if you decide to send cards, these can be recorded as a Tax-Deductible Christmas Gift and expense. Worth noting, that any charitable donations or contributions to

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21
Dec

Phased Mandation of MTD

Phased Mandation of Making Tax Digital for ITSA   Following a government announcement on 19th December 2022, Self-Employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA). The mandatory use of software is therefore being phased in from April 2026, rather than April 2024.   From April 2026, self-employed individuals

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21
Oct

Mini Budget Where are we now

Mini Budget – Where are we now?    Following a mini budget announcement that rocked the markets, the government made a dramatic u-turn.  That mini budget has since had further u-turns, not to mention the latest turnaround in Prime Minister and Chancellor – it’s a struggle to keep up!   Where are we now? On the morning of 17 October,

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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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