From April 2024, sole traders and landlords will need to join the Making Tax Digital programme for Income Tax Self Assessment. The deadline has been moved back from 2023 due to the pandemic. This government programme is designed to move the UK towards a fully digital tax system. The aim is to reduce errors and […]
Most British taxpayers will see their tax bill rise in the coming tax year, as measures announced in the 2021 autumn budget come into play. Here’s a quick rundown of the changes that could affect you. National Insurance rates On April 6 2022, National Insurance rates will rise by 1.25% points under the government’s […]
HMRC has announced that it will waive its usual penalties for a month if you file your Self-Assessment late. This gives taxpayers extra time to complete their 2020 to 2021 tax returns and pay any tax due. The move is a response to the latest COVID-19 wave, which has impacted both businesses and accountants. Despite […]
The deadline for online tax returns for the 2020/2021 tax year is 31 January 2022. But don’t wait until the last minute. If you haven’t completed Self Assessment and submitted your return yet, make time to do it as soon as possible. Did you know that more than 63,000 people filed their tax return on […]
While many of us were poised for big news about tax increases to cover pandemic spending, the Autumn budget 2021 was not as dramatic as anticipated. Here’s a round up of the most important points for UK taxpayers and small business owners. The National Living Wage (NLW) is increasing From 01 April 2022 the […]
The government’s ongoing programme to make the tax system fully digital has been delayed for 12 months. HMRC announced the delay to Making Tax Digital (MTD) in October 2021 in recognition of the impact that the pandemic has had on British businesses. Making Tax Digital for Income Tax self assessment will now be introduced in […]
Earlier this month, Boris Johnson announced a new health and social care tax to fund reforms to the care sector and NHS funding. It is set to raise £36bn for front line services over the next three years. The tax will begin as a 1.25% rise in National Insurance from April 2022. It will be […]
The switch to electric vehicles is well underway, which spells good news for CO2 reduction and pollution in the UK. There are now more than 260,000 electric cars and 535,000 hybrid models on our roads. The UK government is actively promoting the purchase of electric vehicles as part of its commitment to reach Net Zero by […]
All limited companies pay Corporation Tax on an annual basis. How does it work, and how will the new Super Deduction offer benefits for UK businesses? What is Corporation Tax? Corporation tax is paid by UK limited companies and is based on annual profits. Certain expenses can be deducted, and there are allowances that can […]
Once you’ve submitted your tax return, you’ll know how much you owe HMRC. But how and when do you need to pay? We’ll talk you through Payment on Account and the deadlines. Self-assessment Payment on Account usually applies to UK taxpayers if your tax bill is more than £1,000. What is Payment on Account? […]