The last 12 months have been tough for many businesses and most of us are still adapting to the ‘new normal’. As your accountants, TWP have continued to take steps to help you face the future with more certainty and confidence. As such we have teamed up with Capitalise who are offering a debt recovery service. Any […]
Reports have been emerging that the UK Treasury may be seeking major reform of the pension system in future Budgets as the nation attempts to repay the costs of COVID-19. The Government has tinkered with the pension system in previous Budgets, but it remains largely unchanged, particularly the important ‘triple lock’ promise. However, the Daily […]
The latest data from HM Revenue & Customs shows that more than 13 million adults in the UK subscribed to ISA accounts in 2019/2020 – an increase of 1.8 million people on the previous financial year. Of the new subscribers, 1.2 million had opened Cash ISA accounts, while around 300,000 had chosen to invest via […]
A growing number of mortgage lenders have begun to offer interest rates below one per cent, leading to claims that the market is facing a rate war. Several banks and lenders are already dropping their rates to attract homebuyers and those seeking a remortgage, with both HSBC and Nationwide now offering mortgage rates below one […]
From April 2023, the Corporation Tax rate will rise for companies with profits of more than £50,000, following the Chancellor’s announcement at his Spring 2021 Budget. However, the new higher rate of Corporation Tax will not be the same for all companies and will instead be tied to their profits. Companies generating profits of £250,000 […]
The next big step in the Government’s Making Tax Digital (MTD) initiative is rapidly approaching. From 6 April 2023, MTD is expanding to include businesses and landlords with a combined total gross income over £10,000 per annum, from the following sources: self-employment partnerships UK property overseas property. The changes mean affected taxpayers will have to keep […]
Penalties for late submission and late tax payments will be determined by a new points system to make them fairer and more consistent, HM Revenue & Customs (HMRC) has announced. Under the new system, penalties will be points-based rather than automatic. This means that those who consistently miss deadlines will accrue more points – and […]
Payments on account are advance payments towards your tax liability for the year, if you complete a UK Self-Assessment tax return and is a way of settling tax owed. The two deadlines for the self-employed to pay their tax bills are 31 January and 31 July of each year. These two payments are made during […]
A payroll services boss has been banned for orchestrating a multi-million-pound tax avoidance scheme. The case puts a spotlight on company owners and should serve as a reminder that they are subject to strict conditions over keeping records. The High Court issued a disqualification order lasting 11 years to the sole director of Magnetic Push […]
Unlike other benefits, tax credits usually have to be renewed each year by 31 July to continue receiving payments from HM Revenue & Customs (HMRC). If you are claiming tax credits, it is really important to look carefully at the information you receive. Even if you have stopped getting tax credits, you still need to […]
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