Employees who have been claiming home working tax relief during the pandemic should review their tax codes to check whether HMRC has included the relief in their notice of coding During the pandemic HMRC allowed anyone working at home due to the pandemic lockdowns to apply for the tax relief for the whole year regardless … Read more
About 2.1 million tax credits customers will begin to receive their annual renewal packs from HMRC. The packs will be sent between 25 April and 27 May, and customers have until 31 July to check their details are correct and update HMRC if there has been a change in their circumstances. Tax credits help working … Read more
Less than one week to go before MTD (Making Tax Digital) for VAT is mandatory. As of 1st April 2022 VAT registered businesses will need to submit VAT returns via MTD software. It is said that this will reduce common mistakes and save time for taxpayers whilst being a key part of the digitalisation of … Read more
The Chancellor of the Exchequer has announced the Spring Statement, in this he said the Government had already taken significant steps to help with the cost of living. Including a cut to the Universal Credit taper rate and increase to work allowances and the £9 billion package to help households with rising energy bills. The … Read more
Although it is possible to make a deferment of National Insurance Contributions the law states you must meet all NIC liabilities as an employee in all employments. If you have more than one job and expect to pay primary Class 1 NIC’s of at least: £967 per week (£4,189 per month) throughout the whole tax … Read more
HMRC warns individuals against sharing their personal information online. Criminals are attempting to obtain sensitive information including Government Gateway logins and personal information to register for self assessment. Once registered bogus tax returns will be submitted and refunds pocketed. Fraudsters are targeting teenagers to pensioners across social media platforms with a view to ‘borrowing’ their … Read more
You may have to pay a tax charge, known as the ‘High Income Child Benefit Charge’, if you have an individual income over £50,000 and either: you or your partner get Child Benefit someone else gets Child Benefit for a child living with you and they contribute at least an equal amount towards the child’s … Read more
HMRC customers have one month to switch their Post Office card account. 7,500 tax credits, Child benefit and Guardian Allowance receivers have just one month left to switch from their Post Office card accounts. HMRC will stop making payments into these accounts after April 5th 2022. Those currently receiving these benefits will need to notify … Read more
With Making Tax Digital (MTD) for Income tax coming into force from April 2024, HMRC have clarified the reasons to apply for exemption. MTD for Income Tax is a new way of reporting earnings to HMRC. You’ll use software to keep digital records and send Income Tax updates instead of filing a Self Assessment tax … Read more
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
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