Making tax digital (MTD) for income tax self-assessment (ITSA) was originally scheduled to start in 2018 and was then put back to 2023 and then 2024. It was announced just before Christmas that the new system of submitting digital information quarterly to HMRC has been delayed yet again! The start date will now depend upon […]
Although the start of MTD for ITSA has been delayed to 2026 at the earliest, the start date of the new regime for taxing the profits of unincorporated businesses on a tax year basis has not been delayed and the transition will still take effect in the tax year to 5 April 2024. This will […]
A new, and arguably fairer, system for determining penalties for late returns and late payment of VAT applies to return periods commencing on or after 1 January 2023. The same system will also apply to the returns to be submitted under MTD for income tax, when it eventually starts! Under the new regime, taxpayers will […]
Companies considering the acquisition of new plant and machinery need to be aware that the temporary ‘super-deduction’ of up to 130% for the cost of acquiring new plant ends on 31 March 2023. Consequently, corporate businesses may wish to bring forward planned expenditure to take advantage of this enhanced tax deduction, utilising hire purchase agreements […]
The government are committed to a number of important changes to Research & Development (R&D) tax relief from 1 April 2023. It also looks increasing likely that the two existing systems will be merged into a single system in future years and we hope to hear more in the March 2023 Budget. We already know […]
If you would like to legitimately reduce your 2021/22 tax bill that you have just paid, or your bill for 2022/23, you might want to consider investing in shares in qualifying Enterprise Investment Scheme (EIS) companies. Under this HMRC approved scheme every £1,000 you invest reduces your tax bill by £300 (30%), provided you are […]
Date What’s Due 01/02 Corporation tax payment for year to 30/4/22 (unless quarterly instalments apply) 19/02 PAYE & NIC deductions, and CIS return and tax, for month to 5/02/23 (due 22/02 if you pay electronically) 28/02 5% surcharge added to the outstanding balance of tax and national insurance due to be paid on 31 January […]
The first thing you need to do is establish the business objective that your cash flow forecast is aiming to support. While a general cash flow forecast can be useful a more targeted approach is often far more effective and can focus on: Short tern liquidity planning Interest and debt reduction Liquidity risk management Growth […]
Surrey accountancy firm TWP is calling on individuals to look at minimising their exposure to rises in taxes and falls in certain allowances before the new tax year in April. With a variety of changes to personal tax on the horizon, the firm is calling on taxpayers across the region to take advantage of the […]
A major overhaul of VAT penalties came into effect on 1 January 2023. This new approach changes how penalties are applied, as well as how interest is calculated and paid. In this article, we’ll break down what you need to know about the changes. What is changing? The biggest change that businesses can expect is […]
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