Today, Wednesday 6 March 2023, The Chancellor laid his ‘Budget for Long Term Growth’. Here are some of the key points from the budget: Income Tax No changes announced, a brief reminder of current position: Your personal allowance remains at £12,580. The point at which individuals pay the additional rate is still planed to be Read more about Budget summary – Wednesday 6 March 24[…]
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[…]
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[…]
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[…]
Here are some of the key points from the budget of 27 October 2021: National Living Wages (NLW) and National Minimum wage (NMW) NMW & NLW will increase from April 2021 as follows: 25 years and over increase from £8.91 to £9.50 per hour, an increase of 6.6%. 21 to 24 years old increase from Read more about Main points from the budget (27 October 2021)[…]
HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to reform sanctions for late submission and late payments to make them ‘fairer and more consistent across taxes’. Initially the changes will apply to VAT and Income Tax Self Assessment (ITSA). Read more about HMRC outlines changes to late payment penalty regime[…]
Businesses that deferred VAT payments last year have less than a month left to join online and pay in monthly instalments under the VAT Deferral New Payment Scheme, HMRC has warned. The online portal for the new payment scheme will close on 21 June 2021. Over half a million businesses deferred £34 billion in VAT Read more about HMRC’s VAT Deferral New Payment Scheme set to close on 21st June[…]
HMRC undertook a scheduled maintenance to it’s digital services in order to deliver a number of iterative enhancements to the functionality of the Making Tax Digital (MTD) for VAT service. HMRC have issued an update ‘Unfortunately, following successful delivery of this functionality over the weekend, an issue has been identified which is impacting the ability Read more about VAT MTD Service is currently unavailable[…]
If you deferred your VAT payments due between 20 March and 30 June 2020 and still have payments to make, they should pay by 31 March if you can. If you cannot afford to pay by 31 March this year, you can now join the online VAT deferral new payment scheme to spread the payment. Read more about VAT deferral[…]
Here are some of the key points from the budget of 3 March 2021: Furlough and Self-employed grant extended until September. Universal Credit uplift of £20 to be extended for a further 6 months. Incentive payments of £3,000 for all new hires of any age. Business rates holiday will be extended until June. National insurance, Read more about Main points from the budget (3 March 2021)[…]