Making Tax Digital (MTD) for VAT has been with us since April 2019, with the extension to all VAT registered businesses from April 2022. The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2024. The obligation to keep records in a digital format and report […]
HMRC are currently consulting on the precise details of what needs to be reported each quarter. As expected, it seems the accounting software will need to record and report income and expenditure in the same categories currently used for self-assessment. The main categories are: Turnover/gross rents Costs of goods sold Materials Wages and salaries of […]
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 […]
