Source – Accounting Webb Self-employed taxpayers can now apply for the fifth SEISS grant, but they may need to provide two different turnover figures from their business as part of their 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
The way that some self-employed taxpayers report their business profits to HMRC is set to change in April 2023 under the Making Tax Digital (MTD) for business regime, when it begins to apply to Income Tax reporting. MTD for Income Tax Self-Assessment Under MTD it is proposed that the Self-Assessment tax return will be replaced
It has been 3 months since the off-payroll working rules (IR35) changed and we are continuing to provide support to help customers to understand and comply with the rules, in line with our published approach on supporting organisations to comply with the rules. https://www.gov.uk/government/publications/hmrc-issue-briefing-supporting-organisations-to-comply-with-changes-to-the-off-payroll-working-rules-ir35
The VAT deferral new payment scheme is now closed. If customers are unable to pay their outstanding VAT debt, help is still available. Customers can go to GOV.UK and search ‘if you cannot pay your tax bill on time’ Customers may be charged a 5% penalty and interest if they did not pay in full, join the VAT new payment scheme
VAT-registered construction businesses should note that this reverse charge came in on 1 March 2021. A Revenue and Customs Brief issued in June 2020 contains more information. In January 2021, a letter was sent to every VAT-registered construction business. This followed letters previously sent out in February 2020 and September 2020, advising them to check if they’re liable
Source: HMRC The UK Government will continue to pay 70% of employees’ usual wages for the hours not worked, up to a cap of £2,187.50, to the end of July 2021. In August 2021 and September 2021, this will reduce to 60% of employees’ usual wages up to a cap of £1,875. Employers will need
Source – WorldPay From 15 October 2021, the UK payments industry will begin enabling an increase in the limits for contactless card transactions to £100 for each individual payment and to £300 cumulative spend. This follows changes to regulations by the Financial Conduct Authority earlier this year to increase the maximum limits and the expectation
Find out the turnover figures you’ll need before you claim, where to find them and how they affect your grant amount. Source: HM Revenue & Customs Published 6 July 2021 You should check if you are able to claim the fifth grant. You’ll need to tell us about your turnover if you submitted a tax return
The deadlines for paying Capital Gains Tax after selling a residential property in the UK changed from 6 April 2020 – understand the changes and what you need to do. Source: HM Revenue & Customs From 6 April 2020, if you’re a UK resident and sell a residential property in the UK you’ll have 30
Source – HMRC The Extended Loss Carry Back measure announced at Budget enables companies to make claims to carry back losses for a further two years than current rules allow. This temporary extension applies for losses arising in accounting periods ending between 1 April 2020 and 31 March 2022. Claims Process Claims that exceed a
Accountants burned out amid never-ending stress by Lianne Weaver Many within the accountancy profession have suffered pandemic burnout as the Covid stresses have taken its toll. Lianne Weaver explains how practitioners can cope with the demands of the modern workplace. As we emerge from the depths of another lockdown, you might notice that the stress
Source – croner-i In our handy guide to tax filing deadlines, we provide an at-a-glance guide to key dates from deadline for applying for a PAYE Settlement Agreement (PSA) to VAT returns and payments due for quarter ended 31 May 2021 1 July Corporation tax due for accounting periods ended 30 September 2020 (where not
Please note there is a SCAM email doing the rounds that relates to the 5th Covid grant – the email is from GOV.UK info@stem-smart.com This is NOT genuine and should be deleted
PAYE Real Time Information (RTI) penalties – continuation of the risk-based approach to charging penalties Following HMRC’s review of the effectiveness of the risk-based approach to late filing PAYE and late payment penalties, we can confirm this approach will continue for the 2021 to 2022 tax year. This means that late filing and late payment
Coronavirus Job Retention Scheme The deadline for Coronavirus Job Retention Scheme (CJRS) claims for periods in June 2021 is Wednesday 14 July 2021. If you submit claims for clients, you can help them to understand how to use furlough flexibly and their employer obligations. You can claim before, during or after your client’s payroll is
Source: aat By Annie Makoff Coronavirus 14 Jun 2021 The Government’s fifth Self-Employment Income Support (SEISS) grant will be open for applicants from late July to cover the period between May and September 2021. As with previous SEISS grants, claims will be limited to self-employed people or members of a partnership. They also need to have
At Tax Return Online Services Ltd we understand that tax is a little word with big implications. That’s why we work hard to give you the best possible advice and strategies to make tax altogether less taxing. A tax investigation could cost you money even if you’ve done nothing wrong. HMRC are using sophisticated software
28 May 2021 Businesses need to take essential steps before – and after – the VAT deferral new payment scheme closes There’s just one month to go before the closure of HMRC’s VAT deferral new payment scheme. That means businesses that deferred VAT payments last year have until just 21 June 2021 to join in
From July employers will have to pay 10% of staff wages to anyone on furlough as the government reduces its level of support for the Coronavirus Job Retention Scheme.
Source – Accounting Web HMRC will pay 0.5% annual interest on delayed VAT claims from April 2022. Most advisers are aware that if HMRC delays repaying a VAT return claim by more than 30 days (plus additional days to give it a reasonable length of time to make enquiries) it will pay a repayment supplement
source – AAT HMRC has introduced a new points-based, late-submission penalty system – how well will it work? HMRC is introducing a new points-based penalty system for late submissions, effective from April 2022 for VAT customers. For those submitting Income Tax Self-Assessment (ITSA) and whose businesses and property income is over £10,000 per annum, the
From 1 July 2021, the level of grant will be reduced and you will be asked to contribute towards the cost of your furloughed employees’ wages. To be eligible for the grant you must continue to pay your furloughed employees 80% of their wages, up to a cap of £2,500 per month for the time
HMRC wanted to inform you about a number of updates they have introduced to the VAT Notice 700/22 available at https://www.gov.uk/government/publications/vat-notice-70022-making-tax-digital-for-vat/vat-notice-70022-making-tax-digital-for-vat
Report and pay Capital Gains Tax source HMRC How and when you report Capital Gains Tax over your annual allowance depends on what you made the gain on. There are different ways to report and pay Capital Gains Tax due on: UK residential property sold since 6 April 2020 any other gains To report any
22 Apr 2021 Capital gains tax (CGT) on property is charged at different rates and for residential property, it is now a requirement to report and pay any taxable gains within 30 days of the completion of a sale, warns accountancy firm Alexander & Co CGT is potentially payable on any gain made from the