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