With the departure of Boris Johnson, the contenders as leader of the Conservative Party and Prime Minister (PM) have now been whittled down to the last two – Rishi Sunak and Liz Truss. Whoever wins will need to appoint a new chancellor and we await their tax policies with interest. In the event of Liz […]
In the increasingly competitive jobs market, it is important that employers are able to attract and retain talented people to help them grow their business. Within certain sectors, the opportunity to participate in the equity of the organisation that they work for is something that more employees are seeking and those employers that do not […]
In recent years HMRC have identified and successfully challenged a number of spurious claims for Research and Development (R&D) tax credit relief made by purported ‘R&D Consultants’. Many of these claims have been for projects that did not satisfy the criteria for the tax relief and some included overstated expenditure and consequently have been abusing […]
Making Tax Digital (MTD) for VAT has been with us since April 2019, with the extension to all VAT registered businesses from April 2022. The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2024. The obligation to keep records in a digital format and report […]
HMRC are currently consulting on the precise details of what needs to be reported each quarter. As expected, it seems the accounting software will need to record and report income and expenditure in the same categories currently used for self-assessment. The main categories are: Turnover/gross rents Costs of goods sold Materials Wages and salaries of […]
Date What’s Due 1/08 Corporation tax for year to 31/10/21 (unless pay quarterly) 19/08 PAYE & NIC deductions, and CIS return and tax, for month to 5/8/22 (due 22/08 if you pay electronically) 1/09 Corporation tax for year to 30/11/21 (unless pay quarterly) 19/09 PAYE & NIC […]
Thousands of Britons facing a cost-of-living crunch have been withdrawing funds from their Lifetime ISA (LISA) accounts and getting hit with significant penalty charges. According to HM Revenue & Customs (HMRC), a record 77,500 LISA savers were issued over £33 million worth of early withdrawal charges in 2021/22. Early withdrawal from LISAs attracts a 25 […]
According to new Government figures pension participation has continued to rise in the last year despite the challenges of the pandemic, with 88 per cent or 20 million eligible staff now saving in a workplace scheme. On top of this, many individuals have continued to take advantage of the benefits of saving into a pension […]
A new study has found that as many as one in eight people might still be paying into a mortgage by the time they retire. Although many of us dream of a mortgage-free life and retirement, an increasing number of households are finding that they still have money to pay for their home by the […]
Unincorporated businesses, including sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April each year from 2024/25. This is a significant change to taxation, which removes the basis period rules and prevents the creation of further overlap relief in a new system known as the […]
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