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Financial Insights and Expert Advice
Join us as we explore the intricacies of accounting, taxation, financial planning, and more. Let’s embark on this journey together
Have you set money aside to deal with tax on support grants?
HMRC has highlighted that all money paid for test and ...
CIS Should be taken at the time of the payment being made
Statutory Sick Pay (SSP) rebate scheme for small employers is being reintroduced. Read how this effects your business
Financially, 2021 has been a difficult year for many, and you may be struggling to pay your January tax bill in full.
HMRC have published a call for evidence on the case for reforming the rules for registering for Income Tax Self Assessment (ITSA).
If you need to file a self-assessment tax return for the year to 5 April 2021, you have until midnight on 31 January 2022.
Under MTD, taxpayers are required to keep electronic records and report to HMRC digitally. Need help with getting digital? Talk to us
Under Real Time Information (RTI), you must report payments made to employees and associated deductions to HMRC on a Full Payment Submission (FPS) at or before the time at which you make the payment to your employee. However, special rules apply which modify this rule if you pay your employees earlier than usual over the Christmas period. This may be the case if you shut down over Christmas and New Year.
Christmas is a time of giving, and you may wish to give your employees a small token of your appreciation for their work during the year. To prevent the gift being accompanied by an unwanted tax liability, you can take advantage of the trivial benefits exemption to keep the gift tax-free.
If you are holding a Christmas party for staff this year, you may want to take advantage of the tax exemption for annual parties and functions to prevent your employees from suffering a benefit-in-kind tax charge.
From 4 April 2022, applicants applying to renew certain licences will need to pass a tax check before their ...
Annual Investment Allowance (AIA) transitional limit extended
The deadline for filing your 2020/21 self-assessment tax return is midnight on 31 January 2022. However, if you have underpaid tax and you are employed and would prefer HMRC to collect that underpayment through your tax code, you will need to file your return online by midnight on 30 December 2021. You can also have an underpayment coded out if you filed a paper return by 31 October 2021.
To help the hospitality and leisure industries recover from the impact of the COVID-19 pandemic and associated lockdowns, a reduced rate of VAT of 5% applied from 15 July 2020
The Chancellor presented his Autumn Budget and Spending Review on 27 October 2021. Some of the highlights are discussed below.
Making Tax Digital (MTD) for VAT is currently only compulsory for VAT-registered businesses whose turnover for VAT £85,000.
National Insurance Rises - A new tax, the Health and Social Care Levy, is to be introduced from 2023. Read more
The Coronavirus Job Retention Scheme (CJRS) came to an end on 30 September 2021. Find out how this affects you.
The dividend tax rates are to increase by 1.25% from 6 April 2022. Talk to PI Accoutancy to see how we can help.
The recent ‘pingdemic’ has resulted in large numbers of employees self-isolating. Where an employee meets the qualifying conditions, you must pay them SSP while they are self-isolating. As qualifying periods of self-isolation count as a Coronavirus-absence, if you are a small employer, you may be able to reclaim the SSP paid to self-isolating employees from HMRC under the Coronavirus Statutory Sick Pay Rebate Scheme.
In July 2020, the VAT rate for the tourism and hospitality sector was temporarily reduced to 5%, from 20%. The businesses that were able to take advantage of the reduced rate include;
This week is about helping raise awareness of the importance of your payroll, for your employees, to your own business, and the economy.
A UTR is your Unique Taxpayers Reference Number, is what identifies you personally with HMRC. Read for more information
When you pay VAT in QuickBooks Online, you are recording the payment against a specific VAT period; you are not transferring money to HMRC.