HMRC has introduced a new penalty system for all VAT return periods starting on or after 1 January 2023 and payments due from 7 March 2023. It replaces the existing VAT default surcharge. A quick summary of the new system is outlined below: Late submission penalties – These work on a points-based system. For each VAT return submitted late, customers will Read more about New VAT Penalties system – a snapshot of the changes[…]
The National Live in wage and the National Minimum Wages is set to rise in April 2023. Rates per hour depend on your age and whether you’re an apprentice – you must be at least school leaving age to get it. New rates, which come into effect from April 2023: Year from 23 and over Read more about National Minimum Wage and Live In Wage rates from April 2023[…]
On 19th December the government announced that the first phase of Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) will not be mandated until April 2026. Prior to this announcement, the mandatory use of software to remain compliant was set for April 2024. You can read HM Revenue & Customs announcement in full Read more about MTD for Income Tax for Self Assessment (ITSA) pushed back until April 2026[…]
The Finance Act 2022 gave HMRC controversial new powers that now allow HMRC to issue so-called discovery assessments to collect tax if it believes a person has failed to report a liability. Its discovery powers were last overhauled in 2008 and the new law closes a loophole exposed in a recent court case (HMRC v Read more about New investigation powers for HMRC[…]
On 17 November 2022, The Chancellor laid out three core priorities of stability, growth and public services in the Governments 3rd budget in as many months. Here are some of the key points from the budget: Income Tax The previously announced reduction of income tax from 20% to 19% from April 2023, has been postpone Read more about Budget summary – Thursday 17 November 22[…]
This morning, Jeremy Hunt has scrapped nearly all tax cuts announced in last month’s mini-budget, which include removing a proposed cut to corporation tax and a deferred 1p cut to income tax Mr Hunt, who replaced Kwasi Kwarteng as Chancellor on Friday, brought forward his fiscal statement by two weeks in an attempt to stabilise Read more about Update from the Mini Budget[…]
HMRC has announced that you’ll no longer be able to use your existing VAT online account to file quarterly and monthly VAT returns. The current HMRC online portal is closing on 1 November 2022. After this date, all VAT returns will need to be filed through digital compatible software to stay compliant and avoid potential penalties Read more about From 1 November, you’ll no longer be able to submit VAT through the HMRC online portal[…]
Update: 17 October 2022 This morning, Jeremy Hunt has scrapped nearly all tax cuts announced in last month’s mini-budget, which include removing a proposed cut to corporation tax and a deferred 1p cut to income tax. Here are some of the key points from the mini budget of 23 September 2022: National Insurance In September Read more about Mini budget summary – Friday 23 September 22[…]
Companies House will soon be introducing a new WebFiling account which will have improved security features and will give you more freedom to self-manage your account. New benefits will include: multi-factor authentication the ability to link your company to your WebFiling account to give you more control over your filings the ability to digitally authorise Read more about Companies House will soon be introducing a new WebFiling account[…]