Money laundering is the process of disguising illegally obtained earnings to make them appear legitimate. In the UK, Anti-Money Laundering (AML) Regulations are in place to detect, prevent and prosecute these activities. This is a global issue which undermines the...
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...
You can earn up to £7,500 per year tax-free from letting out furnished accommodation in your home, with the Rent a Room Scheme. If you share the income with someone else, such as a spouse or partner, then you would get £3,750 each. Despite the name, you can rent out...
Have you set money aside to deal with tax on support grants? HMRC has highlighted that all money paid for test and trace or self-isolation payments in England, Scotland or Wales are taxable, as are Coronavirus Statutory Sick Pay Rebates. The Coronavirus Business...
Financially, 2021 has been a difficult year for many, and you may be struggling to pay your January tax bill in full. Any tax and National Insurance that remains unpaid for 2020/21 must be paid by 31 January 2022, along with the first payment on account for 2021/22....
HMRC have published a call for evidence on the case for reforming the rules for registering for Income Tax Self Assessment (ITSA). The call for evidence is interested in hearing views on whether it would be beneficial to bring forward the deadline by which landlords...
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 to file your return if you have not already done so. You must also pay any tax that you owe for 2020/21 by the same date. Do I need to file a...
Making Tax Digital (MTD) is a Government initiative that aims to provide the UK with one of the most digitally advanced tax administrations in the world. Under MTD, taxpayers are required to keep electronic records and report to HMRC digitally. The new MTD timetable...
From 4 April 2022, applicants applying to renew certain licences will need to pass a tax check before their licence applications can be considered. Initially, the requirement will only apply in England and Wales. However, the Government have consulted on extending the...
Extension of Making Tax Digital for VAT Making Tax Digital (MTD) for VAT is currently only compulsory for VAT-registered businesses whose turnover for VAT is above the VAT registration limit of £85,000. However, this is set to change from April 2022. Extension to all...
The Coronavirus Job Retention Scheme (CJRS) came to an end on 30 September 2021. The scheme has provided financial help to employers and employees during the COVID-19 pandemic, allowing employers to claim grants with which to pay furloughed and flexibly furloughed...
As part of the Government’s funding strategy for health and social care, the dividend tax rates are to be increased from April 2022, alongside the temporary increases in National Insurance, and, from April 2023, the introduction of the Health and Social Care Levy. The...
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...
Unique Taxpayers Reference A UTR is your Unique Taxpayers Reference Number, is what identifies you personally with HMRC. It’s 10 digits in length and is quoted on any correspondence you receive from HMRC, including: Your tax return A Welcome to Self-Assessment letter...
From 15 June 2021, all businesses and organisations will need multi-factor authentication in order to sign into the Government Gateway. Multi-factor authentication Businesses and organisations that use HMRC’s online services and which do not currently receive an...
If you are self-employed, you will pay Class 2 and Class 4 National Insurance contributions if your profits exceed the relevant thresholds. Class 2 National Insurance contributions are the mechanism by which you build up qualifying years to earn entitlement to the...
