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
The government has announced tax changes to fund £12 billion a year to be spent on the NHS and social care across the UK. National Insurance contributions will increase by 1.25% for one year only for employees, employers and the self-employed from April 2022. This will cover both Class 1, (employee and employer), Class 1A, 1B and Class 4 … Read more
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
Marriage Allowance offers individuals the chance to transfer part of their Personal Allowance to their husband, wife or civil partner. This could reduce their tax by up to £250 a year. For some couples, this could mean a backdated payment of up to four years of claims which could be as much as £1,188. It … Read more
Financial assistance for Businesses during COVID-19 Since the announcement of financial assistance to businesses which employ staff under PAYE, we await the set-up of the HMRC portal through which it is intended that businesses will claim the 80% rebate. It appears that companies can make a claim having designated which staff are ‘furloughed’ i.e. those … Read more
Payment dates to HMRC changed due to COVID-19 With the outbreak of COVID-19 gripping the nation HMRC have announced some changes to the payment dates for VAT and Self-assessment. I would like to take this opportunity to clarify that although there has been a change to the payment deadlines the returns still have to be … Read more
The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by the Coronavirus. This includes a package of measures to support businesses including: a Coronavirus Job Retention Scheme deferring VAT and Income Tax payments a Statutory Sick Pay relief … Read more
Self Assessments online filing HM Revenue & Customs are thanking all customers who filed their Self Assessment tax returns by the 31st January deadline. A record breaking 11.1 million returns were received including 10.4 million online Self Assessment returns. About 11.7 million customers were required to file their 2018 to 2019 tax returns by 11.59pm … Read more
How you set up a business depends on what kind of business you. It could be a Sole Trader, Partnership or a Limited company. Setting up as a Sole Trader If any of the following apply then you should register as a sole trader with HMRC: Earned more than £1000 from self employment between 6th … Read more
What is Self assessment? Self assessment is the system HM Revenue and Customs use to collect Income tax from people who are not eligible to have it deducted at source. This could be due to self-employment, a second income from property or pension payments to name but a few. If you are self employed or … Read more
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