Coronavirus grants to support businesses during the pandemic are taxable. If your client needs to complete a company tax return (CT600) and has claimed grants from the Coronavirus Job Retention Scheme (CJRS), Eat Out to Help Out (EOTHO), or any payments made by local authorities and devolved administrations, they’ll need to report this as income when they calculate their taxable profits. If you are completing
by Lucy Webb – Accounting Web The deadline to submit a capital gains tax return, and pay any CGT due, on a disposal of UK homes has been extended, with immediate effect, from 30 to 60 days. 28th Oct 2021 For disposals of UK residential property completed on and after 6 April 2020 UK tax residents
by Rebecca Cave – Accountancy Web A Budget policy paper confirms that the switch from current year basis to the tax year basis will happen for all self-employed individuals and partners from 6 April 2024. 1st Nov 2021 In evidence to the House of Lords Finance Bill sub-committee on 28 October, an HMRC spokesperson said the change to the tax
Source – Tax Calc The Chancellor of the Exchequer, Rishi Sunak, presented his Autumn Budget and Spending Review to Parliament today, Wednesday 27 October 2021 and the tax experts at TaxCalc are on hand to analyse and disseminate the finer details of any announcements. This year’s budget (and spending review) came with a brand. This
Watch the whole series online Featuring webinars with the Business Support Helpline and the Information Commissioner’s Office (ICO), our directors’ responsibilities bitesize webinar series answered your questions about running a limited company. From protecting personal data, to changing your registered office address and dealing with late filing penalties, the series provided useful information to help
If you get any fraudulent emails from HMRC please report them as follows https://www.gov.uk/report-suspicious-emails-websites-phishing/report-hmrc-phishing-emails-texts-and-phone-call-scams
In a hotly anticipated written statement by the incoming Financial Secretary to the Treasury Lucy Frazer, it was today announced that The Government’s Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) programme will once again be delayed. The official explanation is that The Government recognises the challenges faced by many UK businesses and
Source Accounting Web To help raise an extra £12bn a year for health and social care following the pandemic, all rates of national insurance contributions and income tax on dividends will increase by 1.25 percentage points from 6 April 2022. This increase in rates will be rebranded as the “health and social care levy” from April
Source – Tax Calc HM Revenue & Customs (HMRC) has confirmed that their new points-based penalty regime will come into effect from 1 April 2022 and will apply to both Making Tax Digital (MTD) for VAT as well as MTD for Income Tax Self Assessment (ITSA). Their stated aim is to make penalties simple, fair and effective but,
Please note – our telephone system is offline at the moment, this is being investigated and we hope to have this up and running as soon as possible. In the meantime you can contact us on this temporary number – 01485 579041
Please note this change will only affect those self-employed clients whose accounting year does not match the tax year. Source – AAT Currently, tax returns are based on a set of accounts that end in the tax year on 5 April. This becomes more complex for newly registered businesses who draw a set of
Source – Accounting Web It appears that all self-employed taxpayers will have to start reporting under MTD for income tax (MTD ITSA) from 6 April 2023, which is an acceleration of up to 12 months for mandation into MTD for many unincorporated businesses. The announcement of the abolition of basis periods from 6 April 2023 has created
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