HELP TO GROW : DIGITAL SCHEME EXPANDED

The government scheme that cuts the price of leading software, boosting productivity and growth of UK small businesses, will now benefit even more firms. The Digital Scheme eligibility has been expanded to businesses with at least one employee, meaning up to 1.2 million businesses could benefit. This means businesses can now access a £5,000 discount […]

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TAX DIARY AUGUST/SEPTEMBER 2022

  Date What’s Due   1/08   Corporation tax for year to 31/10/21 (unless pay quarterly)   19/08   PAYE & NIC deductions, and CIS return and tax, for month to 5/8/22 (due 22/08 if you pay electronically)   1/09   Corporation tax for year to 30/11/21 (unless pay quarterly)   19/09   PAYE & […]

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MAKING TAX DIGITAL UPDATE

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 […]

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MAKING TAX DIGITAL FOR INCOME TAX REPORTING

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 […]

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CHARGING THE CORRECT RATE OF VAT

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 […]

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