The VAT rules are becoming increasingly complex and businesses need to ensure that the correct rate is applied to the goods and services they supply. HMRC have recently updated their guidance on VAT rates. It provides a list of goods and services which you can check to determine which rates of VAT apply and which […]
In recent years HMRC have identified and successfully challenged a number of spurious claims for Research and Development (R&D) tax credit relief made by purported ‘R&D Consultants’. Many of these claims have been for projects that did not satisfy the criteria for the tax-relief and some included overstated expenditure and consequently have been abusing the […]
In the increasingly competitive job market, it is important for employers to attract and retain talented people to help them grow their business. More and more key staff would like the opportunity to participate in the equity of the organisation that they work for and employers that do not offer such opportunities could be at […]
As an employer, you have automatic enrolment responsibilities. The Pensions Regulator (TPR) writes to you as an employer to keep you up to date with the automatic enrolment tasks you need to complete and when they need to be completed, so it’s important that they hold your latest contact details. Due to the pandemic or […]
In June this year, 70 UK companies and over 3,000 workers began working a four-day week, with no reduction in pay. This is the biggest four-day working week pilot ever undertaken. The participating firms are trialling a four-day working week for a period of 6 months. The pilot is based on what is called the […]
Date What’s Due 1/07 Corporation tax for year to 30/9/21 (unless pay quarterly) 5/07 Last date for agreeing PAYE settlement agreements for 2021/22 employee benefits 5/07 Deadline for agents and tenants to submit returns of rent paid to non-resident landlords and tax deducted for 2021/22 06/07 Deadline for forms P11D and P11D(b) for 2021/22 tax […]
In the Spring Statement 2022, the UK Government announced an increase in National Insurance thresholds affecting the 2022 to 2023 tax year. The threshold changes will take effect from 6 July 2022, meaning employees will pay National Insurance contributions on less of their income. The primary threshold from 6 July 2022 to 5 April 2023 will […]
The Research & Development (R&D) tax credit scheme for small and medium sized enterprise companies is particularly generous as there is currently 230% relief for qualifying expenditure and, where the company is loss making, this results in a 14.5% repayable credit. This means that the company receives a £33,350 refund for every £100,000 spent on […]
HMRC have also issued new guidance on the penalties that they impose for non- compliance with the Making Tax Digital (MTD) for VAT rules. In particular, there is a penalty of up to £400 for every VAT return a business files without using ‘functional compatible software’. Functional compatible software means a software program, or set […]
HMRC are reminding sole traders and partners who have received Self-Employed Income Support Scheme (SEISS) grants that there are potentially penalties of up to 100% of amounts overclaimed in certain circumstances. HMRC may apply the penalty where they believe that the trader knew that they were not entitled to the grant and did not tell […]
