Source: The QuickBooks Team Chancellor Jeremy Hunt has delivered his Spring Statement amidst the backdrop of a cost of living crisis and the ongoing challenge of inflation. It appears there’s reason to be hopeful as the Chancellor announced that the UK economy is performing better than expected. The OBR forecasts that the economy will contract
Support from HMRC On 1 April 2023, the government will increase the National Living Wage (NLW) for workers aged 23 years and over by 9.7% to £10.42. This 92 pence increase is the largest ever cash increase to the NLW. Changes to the other National Minimum Wage (NMW) rates can be found on GOV.UK. You
Changes to VAT penalties and interest charges if you submit a VAT Return for an accounting period starting on or after 1 January 2023. https://www.gov.uk/government/collections/vat-penalties-and-interest
On 1 April 2023, the government will increase the National Living Wage (NLW) rate for workers aged 23 years and over by 9.7% to £10.42. This 92p increase is the largest ever cash increase to the National Living Wage. Changes to the other National Minimum Wage (NMW) rates including % increases are below. National Living
1. Create a system to track your mileage The first step to tracking mileage for taxes is understanding that you’re eligible. In nearly all cases, anyone who is driving their personal vehicle for work can take a tax deduction for those miles as long as they aren’t being reimbursed elsewhere. As an Independent business owner,
Source – Quickbooks Income tax bands frozen until April 2028 Income tax rates and personal allowances will remain at the same level until at least April 2028 as part of the fiscal drag, resulting in more workers falling into higher tax brackets as wages increase with inflation. Meanwhile, the threshold at which people start
Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for Making Tax Digital for Income Tax from 6 April 2024. I have produced some basic spreadsheets for you to use which have been supplied but at the moment we do not know if these are adequate
However, this does not mean that they are qualified for the task. Choosing an Account is not a task to undertake lightly. The term Solicitor, Independent Financial Adviser (IFA), Architect, these are protected, unlike the term Accountant, which is not protected. There are no restrictions for protection for the term Accountant, therefore, anyone can
Read More >> In his first fiscal statement since taking office, Chancellor Kwasi Kwarteng used today’s ‘mini-Budget’ to deliver a package of more than 30 measures he said would tackle high energy bills, drive down inflation and cut taxes to drive growth. Comment: New government rolls the dice with mini-Budget NICs rise shelved: Reversal or
Read More >> As the cost of living crisis continues to cause havoc, the Bank of England has pulled the trigger on yet another historic interest rate increase. Source: accountingweb
Please note if you are sending your information to us already then you are already filing under MTD rules this only applies to clients who are filing their OWN returns. FROM Tuesday 1 November 2022, you’ll no longer be able to use your existing VAT online account to submit your VAT returns. By law, you must
WhatsApp ‘friend of family member in need’ scam Scammers have been messaging WhatsApp users claiming to be a friend or family member in need of help. They’ll claim they have a problem with their phone and that they’re contacting you on a temporary number. They then
Register now for our new directors’ responsibilities webinar. We’ll be joined by HMRC who will be discussing corporation tax, company and personal responsibilities to HMRC, changing from self-employment to a limited company, and much more. Live on 24 August at 10:30am to 11am, our expert panel will be available to answer your questions about directors’ responsibilities. With
Source – Accounting Web The case of Quayviews Ltd vs HMRC highlights the surprising fact that a late filing penalty can apply when an employer files its RTI returns too early. Payroll professionals are fully aware of the real time information (RTI) deadlines for filing the full payment submission (FPS). All gov.uk guidance, for example “When to
Source Accounting Web HMRC has confirmed that taxpayers who have omitted to file a property return under the so-called 60-day reporting rules must still file any missing returns now, even if they have gone on to report the disposal on their self-assessment return. Since April 2020, UK residents disposing of UK residential property on which
Source Accounting web Nadhim Zahawi has been drafted in as the new Chancellor of the Exchequer hours after Rishi Sunak resigned. Former education secretary Nadhim Zahawi has been given the keys to Number 11 following Rishi Sunak’s shock resignation from his post, which threw Boris Johnson’s political future into jeopardy. Sunak resigned as Chancellor of
Source – Accounting Web Two Court of Appeal IR35 cases reinforced the importance of the contract in establishing employment status. Marking the first time that the intermediaries legislation or IR35 has reached the Court of Appeal, the same panel of judges reviewed two cases in parallel. The judgments on both the Atholl House and Kickabout appeals
Source – Accounting Web HMRC is issuing assessments to taxpayers who have received more self-employed income support scheme (SEISS) grant than they were entitled to, and those bills must be paid or appealed within 30 days. During the Covid-19 pandemic HMRC was under pressure to provide cash support to businesses, so the self-employed income support
Source – Accounting Web Turnover threshold When an individual taxpayer has a turnover exceeding £10,000 per year, they will be required to comply with MTD ITSA from 6 April 2024, or from a later date for partners in general or complex partnerships. HMRC will check the turnover reported in the following boxes on the taxpayer’s
‘Payments on account’ are advance payments towards your NEXT tax bill (including Class 4 National Insurance if you’re self-employed). You have to make 2 payments on account every year unless: your last Self Assessment tax bill was less than £3,000 Each payment is half your previous year’s tax bill. Payments are due by midnight on 31 January
(source HMRC) The amount of National Insurance you pay depends on your employment status and how much you earn. You can see rates for past tax years. National Insurance increase from April 2022 From 6 April 2022 to 5 April 2023 National Insurance contributions will increase by 1.25 percentage points. This will be spent on the
2021/2022 Self-Assessment Tax Returns can now be filed from today. Karen is continuing to work Mon- Wed for the foreseeable future so please allow enough time for your returns/accounts/payroll to be filed on time.
Please beware there are many scams doing the rounds at the moment saying you have a tax refund – please delete them and do NOT click any links. From: “GOV.uk Payments” <test@gsmillennium.com> Subject: Income Payment Return – ID: XICFDNSBVO – 7000639312 Date: 1 April 2022 at 11:21:16 BST HMRC Notification Successful Email from HMRC Digital
The 1st April 2022 marks an important milestone for the Making Tax Digital (MTD) programme. All VAT registered businesses, regardless of taxable turnover, will legally be required to follow MTD for VAT requirements from their first VAT Return Period starting on or after the 1st April 2022. This means that all VAT registered businesses must
1. Log into your HMRC online account. 2. Go to ‘Self Assessment’. 3. Go to ‘More Self Assessment Details’. 4. Choose ‘Get your SA302 Tax Calculation’. 5. Select the option to print Tax Calculation and Tax overview.