The UK Government is accelerating its rollout of Making Tax Digital for Income Tax (MTD IT) and recent announcements have added greater clarity to the direction of travel, from a threshold drop to no more online filing alternative. MTD IT Income Threshold to Drop in...
With the gradual rollout of Making Tax Digital for Income Tax (MTD IT), HMRC is introducing a new penalties system. These updated rules are stricter, more structured and far more time-sensitive that many taxpayers are used to. Who Will Be Affected By MTD Penalties?...
Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) aims to simplify the UK’s tax system by moving to digital records and regular reporting. Instead of submitting an annual Self Assessment tax return, you will: Keep digital records of income and expenses...
Making Tax Digital (MTD) is a government initiative to modernise the tax system, making it more effective and efficient. It requires businesses to keep digital tax records and submit VAT returns using HMRC-approved software. MTD helps businesses avoid common mistakes...
Making Tax Digital (MTD) is a government initiative to modernise the tax system by encouraging businesses, landlords and individuals to keep digital records and submit tax information using compatible software. The goal is to simplify tax compliance and ensure tax is...
A Time to Pay arrangement is an agreement with HMRC to pay tax debts in instalments, rather than in one lump sum. This scheme covers most types of tax debts, including: Corporation Tax PAYE Self Assessment VAT You will make monthly payments via Direct Debit. While the...
E-bikes are bicycles equipped with an integrated electric motor and battery. This motor assists the rider’s pedalling, making cycling less effort-intensive. While they still require pedalling, the electric assistance can provide a boost, especially when climbing...
Going Paperless with the HMRC App If you find yourself puzzled by the absence of your usual Self Assessment letter, you’re not alone. HMRC is reducing the number of paper communication it sends, encouraging taxpayers to manage their affairs digitally. If you’re...
The Employment (Allocation of Tips) Act From 1st October 2024, millions of workers across the UK will see a boost to their earnings, thanks to the Employment (Allocation of Tips) Act. This new law has been put in place to allow workers to keep 100% of their tips,...
Tax in the UK follows a progressive structure, meaning the more you earn, the higher the percentage of tax you pay on the additional income. This blog covers the tax bands, allowances and rates for the 2024/25 and 2025/26 tax years. Your Tax-Free Personal Allowance...
Student loans are primarily provided by the government to help cover the cost of higher education. These loans are essential for many students who need to pay their university tuition fees and maintenance costs (such as living expenses). Types of Student Loans There...
P11D Deadline As we approach the July deadline, employers across the UK need to prepare for the submission of any P11D forms. These documents report the value of any benefits in kind. These are non-cash benefits that employees or directors receive from their company...
Companies House Fee Increase 2024 As of the 1st May 2024, businesses and professionals managing corporate filings in the UK will face increases in Companies House fees. This adjustment spans a variety of transactions including: Company Incorporations, Confirmation...
HMRC Helpline Closed for 3 months On 8th June 2023, HM Revenue & Customs (HMRC) announced the temporary closure of their Self-Assessment helpline for three months. This closure is part of their ongoing efforts to improve customer service and streamline operations....
Anti-Money Laundering Regulations Money laundering is a criminal activity that involves disguising the proceeds of illegal activities as legitimate funds, which can include the proceeds from drug dealing, theft, fraud, bribery, corruption or tax evasion. Money...
R&D Tax Relief Reformation 2023 Research and Development (R&D) Tax Relief is set to undergo Reformation in 2023, following the review of R&D tax reliefs launched at Budget 2021. The government announced changes to the reliefs at Autumn Statement 2021 to...
Happy New Tax Year! As of today, the new UK tax year has officially started. It’s time to get your finances in order, review your tax code and start planning for the year ahead. Whether you’re self-employed, employed or a business owner, this is the...
Key Tax Changes for the 2023/24 Tax Year We’re here to inform you about the Key Tax Changes for the 2023/24 Tax year and how these changes will affect companies, as well as sole traders. National Insurance The introduction of the new “Health and Social...
The Payroll Year will End on the 5th of April 2023 This year’s Payroll Year will end on the 5h of April 2023 and we’re here to help you get prepared for the next Payroll Year, with the dates you need to be aware of and tips to help you get ready. The Dates...
Topping up NI Contributions – Deadline Extended The Government have announced that taxpayers will have until the 31st of July 2023 to make Class 3 voluntary National Insurance (NI) contributions going back to April 2006. This will help them plug gaps in their...
Expenses and benefits: P11D deadline looming To stay on the right side of HMRC’s expenses and benefits legislation, P11Ds need to be filed by 6th July. Here we take a look at the P11D form; what’s included, what’s exempt and what the penalties are for filing late...
Subsistence Per HMRC – EIM30240 Employers are allowed to reimburse qualifying employee expenses at benchmark rates specified in the Income Tax (Approved Expenses) Regulations, without need approval from HM Revenue & Customs (HMRC). This exemption is...
A new VAT penalties regime was brought in this from January 2023, and any firms or individuals missing their filing deadline from January 2023 onwards will receive penalty points even if there is no VAT due to be paid. While this may sound more less effective than...
Anyone filing VAT returns from April 1, 2022 onwards now has to file their return digitally as HMRC’s Making Tax Digital reaches its next phase. All businesses registered for VAT – even if they have turnover below the threshold – must file their returns this way from...
