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.
By – Rebecca Cave – Accounting Web The Chancellor announced a cut in the basic rate of income tax, and raised all NIC payment thresholds, but where is the money coming from? I was absolutely delighted that the Chancellor has taken up my suggestion (also proposed by the Institute of Fiscal Studies) of aligning the class 1
Spring Statement 2022 Source: gov.uk The Chancellor made his annual Spring Statement speech today where he set out the Government’s tax plan to support the UK economy, businesses and families in both the short and the medium term. Key measures the Chancellor announced as part of the plan include: · An increase to the
If a customer’s tax return for any of the years 2016 to 2017 to 2019 to 2020 is amended after 3 March 2021 and they’re no longer entitled to the amount they originally claimed for either their fourth or fifth (or both) SEISS grant, they must repay the amount they were overpaid by HMRC. We’re
Source – Tax Writer What does the roll-out of Making Tax Digital (MTD) mean for you? There is a mountain of misunderstanding out there about what accountants and businesses need to do and when. What is MTD – the first myth? Making Tax Digital (MTD) is mis-named – the process should more accurately be
Source: HMRC Due to the impact of coronavirus on individuals and businesses around the country, HMRC has not issued a Late Filing Penalty for anyone who has been unable to file their 2020-21 Self Assessment (SA) return by 31 January 2022 providing they did so by 28 February 2022. HMRC recognise that due to the
Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) is a new government initiative to digitalise the UK tax system. MTD for ITSA will apply from April 2024 for unincorporated businesses and landlords with total business or property income above £10,000 per year. MTD for ITSA replaces the need for a self-assessment tax return.
Source HMRC As reported in January, the two new penalty regimes for late filing and late payment, which were to come into effect for VAT from 1 April 2022, have been deferred until January 2023. We now have more details of exactly when the new penalties will bite, as HMRC has permitted the CIOT to publish
From 1 April 2022 the National Minimum Wage and National Living Wage rates are increasing. Employers should start paying the new rates on the first pay reference period on or after 1 April. For more information on implementing the new rates and paying the National Minimum Wage correctly employers can register for one of the live webinars in March 2022.
Self-Assessment customers whose payments and returns are up to date have the option to start a Budget Payment Plan. Customers can set up and manage their Budget Payment Plan using their HMRC online account and make regular advance payments by Direct Debit payments towards their next Self-Assessment tax bill, reducing what they will have to pay on
Coronavirus grants and payments to support businesses during the pandemic are taxable, so must be included on tax returns. If your client needs to complete a company tax return and claimed Coronavirus Job Retention Scheme (CJRS) grants, Eat Out to Help Out (EOHO) payments, or any other support payments made by local authorities or Government, they must report this
If your client employed fewer than 250 employees on 30 November 2021 and paid Statutory Sick Pay (SSP) to their employees for coronavirus related sickness absences, they could be eligible for support. They can reclaim up to 2 weeks’ SSP paid to their employees, at the relevant standard weekly rate of £96.35, for any periods of coronavirus-related sickness from
We are writing to let you know that we will be undertaking scheduled maintenance to HMRC’s digital services this week. As a result of this maintenance, the Making Tax Digital for ITSA and VAT services will be unavailable from 5pm on Friday 18th February 2022 to 9am Monday 21st February 2022. During the maintenance period you will be unable to: · sign up for
Source – Accounting Web The rules that allow some landlords to escape both business rates and council tax on their furnished holiday let (FHL) properties will alter from April 2023, as John Endacott explains. The FHL tax changes announced on 14 January by Michael Gove MP only relate to the rules applicable in England. They follow a consultation