Fraudulent Emails
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
Blog
MTD for ITSA has been delayed until 2024
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
Health and social care levy: What we know
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
New penalty regime: points mean prizes (for HMRC)
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,
Telephone System Offline – Temporary Telephone number
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
A new tax system starting in 2023 will simplify tax administration for small businesses and the self-employed, but it could be a significant change.
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
MTD income tax: Big bang start in April 2023
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
SEISS 5 grant applications have opened
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
MTD for Income Tax Self-Assessment
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
Off-payroll working rules further support
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
VAT deferral — scheme is now closed
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 reverse charge on construction and building services
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
Changes to CJRS grants
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
Contactless Card Transactions
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
Work out your turnover so you can claim the fifth SEISS grant
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
REMINDER of the changes to Capital Gains Tax payment for UK property sales
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
Extended Loss Carry Back for Business – Claims information for Companies
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
I know it wasn’t just accountants working through the pandemic so I thought I would share this article on burn out with you.
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
Handy Guide – Tax Filing Deadlines
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
Scam Email re 5th Covid Grant
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
Reporting Pay as you earn (PAYE) in real time
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
Latest technical update on the Coronavirus Job Retention Scheme from HMRC
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
SEISS 5 – are clients ready for the ‘turnover test’?
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
We can safeguard you against the taxman
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
VAT deferral scheme: know the deadlines and your options
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