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
Many businesses took advantage of the VAT deferral scheme and have been awaiting guidance on how to spread the repayment of the deferred amount. The scheme has now launched, so what are the key points? The government says that over 500,000 businesses used the VAT deferral scheme in 2020. Originally, the due date for deferred … Continue reading HMRC launch the Deferred VAT payment scheme
Making Tax Digital for income tax self-assessment (MTDfITSA) will launch in April 2023. Do you need to prepare for quarterly reporting? All individuals earning more than £10,000 business and/or property income per year are required to join MTDfITSA from April 2023. The following will not need to join: Trusts, estates, trustees of registered pension schemes … Continue reading What’s the latest on Making Tax Digital for income tax?
With just over a week to go until the filing deadline for 2019/20 tax returns, HMRC has reminded taxpayers that using its time-to-pay system is an option. What’s different about it this year? HMRC has repeatedly resisted calls to move the filing deadline for 2019/20 tax returns, despite the coronavirus pandemic. Instead, it has indicated … Continue reading Tax due? Set up time to pay online
New rules were supposed to apply to construction businesses that buy and sell services as part of a larger supply chain from October 2019. However, these were delayed twice. What’s the latest? The new reverse charge for builders is aimed at preventing “missing trader” VAT fraud in the construction industry. This is where a contractor … Continue reading No more delay to new reverse charge for builders
The third coronavirus grant claim deadline is fast approaching. If you haven’t yet applied, what do you need to do? The Self-Employment Income Support Scheme (SEISS) was initially intended to cover the two quarters to 31 October 2020, but was extended for a further two quarters due to the ongoing restrictions on businesses. The SEISS … Continue reading Just days left to claim third coronavirus business grant
This morning (5th January 2021) it's been announced that retail, hospitality and leisure businesses will be entitled to extra coronavirus support. What details are available? Although many businesses deemed “non-essential” were already closed due to being in Tier 3 or 4 areas, the Prime Minister’s announcement last night that the whole of England was being … Continue reading Covid 19: further support for “non-essential” businesses announced.