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Working Tax Credit customers

Working tax credits

HMRC urges Working Tax Credit customers to check if they need to update their working hours if they have been reduced due to Coronavirus. During the pandemic, working tax credit customers did not need to inform HMRC about temporary reductions to their working hours. For example they had been furloughed. If a Working Tax Credit … Read more

Extended loss carry back

Extended Loss carry back rules explained

Extended loss carry back rules explained. As part of a range of support measures to support businesses post-covid the extended loss carry back rules provided a temporary tax break for businesses. Finance Act 2021 detailed new rules around taxation for companies providing for a temporary extension to the loss carry back legislation for trading losses … Read more

MTD for Income Tax Delayed

Self Assessment

In a statement to MPs today, new financial secretary to the Treasury Lucy Frazer has confirmed that the introduction of Making Tax Digital (MTD) for income tax will be delayed by a year. The quarterly digital reporting for landlords and the self employed was due to start in 2023, but it will be pushed back … Read more

5.3% Tax Gap

Tax Gap

Tax gap remains low at 5.3% for the 2019/20 tax year. The annual Measuring Tax Gaps publication estimates the difference between the total amount of tax expected to be paid and the total amount of tax actually paid during the financial year. The majority of taxpayers pay the tax that is owed. This year’s estimated … Read more

Statutory Sick Pay

Statutory Sick Pay

Statutory Sick Pay: how different employment types affect what you pay. All employees, and certain groups of workers, are eligible for Statutory Sick Pay (SSP) as long as they meet the other qualifying conditions. These groups are classed as employees for the purposes of SSP. Casual, short-term and zero hour contracts Individuals who are classed as … Read more

Temporary insolvency measures

Temporary Insolvency Measures

Temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1 October Companies in financial distress as a result of the pandemic have been protected from creditor action since June last year, through the Corporate Insolvency and Governance Act 2020. This was to ensure that viable businesses affected … Read more

Tax Increases

Tax Increases social care

The Government has confirmed there will be tax increases to cover the cost of social care and health care. The Prime Minister’s plans to tackle the Covid backlog, reform adult social care, and to bring the health and social care system closer and more sustainable for the long term have been released. £36 billion will … Read more

National Minimum Wage

pay rates 2021/22

HMRC reveals absurd excuses for not paying National Minimum Wage With the vast majority of employers pay their employees at least the National Minimum Wage. HM Revenue and Customs (HMRC) has released some of the most absurd excuses used for not paying the legal minimum. During the 2020/21 year HMRC helped more than 155,000 workers … Read more

MTD for Self Assessment

Self Assessment

Following on from the introduction of Making Tax Digital (MTD) for VAT, HMRC are preparing to introduce MTD for self assessment. Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. HMRC’s ambition is … Read more

Stamp Duty Land Tax

Stamp Duty Land Tax

Stamp Duty Land Tax (SDLT) is payable when you buy property or land over a certain price in England and Northern Ireland. UK Residents Thresholds As of the 1st October 2021 the thresholds were: 125,000 for residential properties 150,000 for non-residential land and properties First time buyers are eligible for a relief providing they are … Read more