The government has announced tax changes to fund £12 Billion a year on average to be spent on the NHS and social care sector across the UK. National Insurance Contributions (NIC) will increase by 1.25% for one year for employees, employers and the self employed from April 2022. This will …
Time is counting down to the arrival of HMRCs Making Tax Digital (MTD) for Income Tax. Self employed businesses and landlords with an annual business or property income above £10, 000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or …
Accountants across the country have experienced tax headache after tax headache with the constant changes and introduction of new tax schemes from HMRC. From the evolving SEISS and furlough support scheme to the domestic reverse charge for the Construction Industry Scheme and the IR35 reforms for off payroll workers – …
Covid working pressures are still causing long delays within HMRC – we have been advised by their helpline staff, that there is still a 75 working day backlog on processing any paper forms and change requests, ie VAT484 forms etc. 75 working days in reality means 15 weeks, which is …
It’s been almost 2 years since HMRC introduced the first phase of Making Tax Digital (MTD) for VAT businesses. HMRC recently announced that non-MTD VAT submissions via software providers will not be supported from April 2021 and all VAT filings will be mandated from April 2022. This means that quarterly …
Sedgemoor District Council is now accepting applications from local businesses who have been required to close from the 5th November 2020 until at least the 2nd December 2020, which is the anticipated date the national lockdown will end. The eligibility for the cash grants is that the business must close …
We have just received the latest guidance from HMRC on the changes that are being implemented to the Job Support Scheme. Job Support Scheme The new Job Support Scheme, which was due to start on Sunday 1 November, has been postponed. Self-Employment Income Support Scheme (SEISS) Grant Extension The generosity …
Hot off the press, we have received guidance on the support that the Government is able to provide employers who need to furlough their staff during the nationwide lockdown. Coronavirus Job Retention Scheme The Coronavirus Job Retention Scheme (CJRS), which was due to end on 31 October, will now be …
Travelling and subsistence expenditure incurred by the self-employed or by employees can give rise to many problems. This briefing highlights the main areas to consider in deciding whether tax relief is available on these expenses. Self-employed The general rule is that in calculating the taxable profits for a self-employed person …
Latest news from Government, who have updated their website with further details for the Coronavirus Job Retention Scheme. 26 March 2020. A summary of that information is below, but much more comprehensive information can be found on the Government website, by clicking here: gov.uk/guidance The scheme is expected to be up …
