Hello my name is Tony Miles and I am the Managing Director of Milestone Management Solutions Ltd. This is a brief introduction as to who we are and how we can help you. About Milestone Management Solutions Ltd We are a property tax specialist accountancy practice and are looking for Property Investors ( having one … Continue reading An introduction.
The current VAT mainframe computer will be decommissioned next year. HMRC is preparing for this by moving businesses to a new IT system over the next few months. Why might this mean problems with payments? HMRC intends to start moving taxpayer accounts to a new IT system in July 2021 and hopes to finish by … Continue reading HMRC phases in new IT system
Multi-factor authentication (MFA) will become mandatory on your Xero account between 14 June - 2 July 2021. That means at some point during this time, you’ll no longer see the ‘Not now’ button that lets you skip the MFA setup. To be sure you can log in quickly and avoid any interruption to your day, … Continue reading Xero Multi-factor authentication becomes mandatory
As another new tax year gets underway, it’s timely to get yourself up to speed on changes to auto-enrolment and workplace pensions generally. What are the key changes to be familiar with this time around? Tax year changes Along with the freezing of tax allowances and NI thresholds, the lifetime allowance (the total amount that … Continue reading What’s new for this year with pensions?
HMRC has warned businesses that took advantage of the coronavirus VAT deferral scheme last year that a key penalty deadline is looming. What’s the story? At the start of the first lockdown, HMRC announced that VAT payments due between 20 March 2020 and 30 June 2020 could be deferred. The amounts deferred needed to be … Continue reading HMRC issues reminder about VAT penalty
Budget 2021 confirmed that the government is pressing ahead with a change to the way penalties for VAT returns filed late will be charged. What’s happening? Currently Penalties for late filing of VAT returns and late payment of VAT are dealt with under the default surcharge regime. This means that where either a return is … Continue reading VAT penalty overhaul confirmed for 2022
The government is planning a radical policy change to collect tax sooner. What’s the full story? Consultation. On 23 March 2021 HMRC launched a consultation entitled “Timely payment - a call for evidence”. Its purpose is to provide HMRC with information that will allow it to advise the government on collecting self-assessment tax sooner. This will have the … Continue reading HMRC plans to make tax payable sooner
As usual, the new tax year heralded minor changes to tax and NI rates. However, 2021/22 has also brought with it a number of other significant changes for employers and businesses. Should any of these be showing on your radar? The long-delayed changes to the off-payroll (IR35) rules took affect on 6 April. Individuals who … Continue reading New tax year brings key changes
The property allowance was introduced in 2017. It allows you up to £1,000 tax-free income from property as a simple alternative to claiming expenses in some circumstances. How does it work and when is it worth claiming? Start date After a false start two brand new tax-free allowances were introduced in April 2017; one for … Continue reading Can you claim the tax-free property allowance?
The highlights of the Chancellor's announcement: Coronavirus support the Coronavirus Job Retention scheme (furlough scheme) will be extended until the end of September 2021. From an employee’s perspective nothing will change but employers’ contributions will increase starting in Julythe fourth tranche of the Self-Employment Income support Scheme will go ahead and there will be a … Continue reading Budget Summary March 2021
Despite the financial pressures caused by the pandemic the government has gone ahead with the planned extension to tax breaks for environmentally friendly vehicles. What might this mean for your business? The end is not yet nigh Businesses wanting to take advantage of the capital allowances (CAs) tax break for environmentally friendly cars and other vehicles have … Continue reading Capital allowances incentive for “green” cars extended