office@ajrandco.co.uk

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Flat rate scheme VAT reporting

VAT flat rate scheme

From June the requirements for Flat rate scheme VAT reporting are due to change. Businesses registered under the flat rate VAT scheme should no longer include imports accounted for under postponed VAT accounting in their flat rate turnover. Businesses will still need to complete a flat rate scheme calculation and record the VAT due on … Read more

HMRC Telephone Lines

HMRC Telephone Lines

With the success of HMRC closing some telephone lines during December 2021, HMRC have chosen to close the Corporation tax and VAT lines again. These closures will take place each Friday between 25th February and 25th March. Over the course of the pandemic, HMRC prioritised Covid support schemes and the UK’s smooth departure from the … Read more

MTD for VAT – Are you ready?

MTD are you ready?

HMRC are advising VAT registered businesses to register for MTD (Making Tax Digital) for VAT before it becomes mandatory from the 1st April 2022. Designed to eliminate errors and save time, MTD is part of the overall digitalisation of UK tax. As of December 2021, nearly 1.6 million taxpayers had joined Making Tax Digital for VAT with … Read more

Covid-19 support grants still available

Covid-19 Support grants

With £850m Covid-19 support grants still available, businesses can still apply for grant funding from local authorities. Hospitality, leisure and accommodation businesses can still apply for one-off cash grants of up to £6,000 through the Omicron Hospitality and Leisure Grant scheme. The funding is made up of £556m available through the £635m Omicron Hospitality and … Read more

Marriage…..Time to say I Do?

Married couples

Thinking of popping the question or saying “i do” this Valentine’s Day? Married couples and people in civil partnerships could receive extra cash this Valentine’s Day as HM Revenue and Customs (HMRC) encourages those eligible to sign up for Marriage Allowance to reduce their tax bill. Marriage Allowance allows married couples or those in civil … Read more

HMRC Late Payments

HMRC

Following the increase in the base rate, HMRC has confirmed that the late payment interest rate will rise a quarter of a percent from 21st February 2022. HMRC has increased the current late payment interest rate applied to the main taxes and duties to 3% from 2.75% effective from 21st February 2022. This is the … Read more

Help towards Energy Bills

Energy bills

The Government have pledged help towards energy bills as energy costs rise. Millions of households will receive £350 of Government support, this comes as the energy price cap rises by 50% from 1st April 2022. The Bank of England interest rate has also raised to 0.5% with immediate effect. All domestic electricity customers will get … Read more