office@ajrandco.co.uk

01296 738 668

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

£2,000 towards childcare costs

One month to switch

Thousands of working families in the UK could be missing out on an opportunity to get up to £2,000 a year towards childcare costs, HM Revenue and Customs (HMRC) is reminding parents, ahead of February half term. Tax-Free Childcare – the 20% childcare top-up – provides eligible working families with up to £500 every three … Read more

Full Customs Controls

Full Customs Controls

As of 1st January 2022 full customs controls came into effect. These are between the EU (except Ireland) and Great Britain. HMRC are reminding customers that the custom arrangements in place throughout 2021 for goods moving from Ireland and Northern Ireland to Great Britain have been extended whilst discussions carry on. If you move goods … Read more

Self Assessment Taxpayers 2022

Self Assessment

HMRC has waived late filing and late payment penalties for self assessment taxpayers by one month, effectively delaying the tax return deadline to 28 February HMRC has announced that it will not give out financial penalties for late filing and late payments for self assessment tax returns which will give more time for taxpayers to … Read more

Declaring COVID-19 grants

HMRC

Customers who received COVID-19 grant payments during the 2020 to 2021 tax year should declare them in their tax return. More than 2.7 million claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2021. These grants are taxable and should be declared on the 2020 to 2021 tax return before … Read more