Making Tax Digital (MTD) will become mandatory for the self-employed and landlords in 2024. Although there is no major news, a recent webinar co-hosted by HMRC has shed more light on the sign-up process, the use of spreadsheets and joining the pilot scheme. … More Making Tax Digital update
A critical review of how the government taxes child benefits has raised a major question mark over HMRC’s approach to collecting payments. … More Can the child benefit charge be fixed?
Making Tax Digital (MTD) for VAT has been in place for three years, but this first phase excluded voluntarily registered businesses beneath the registration threshold. From 1 April 2022, all VAT-registered businesses must implement MTD regardless of turnover. … More The next step for Making Tax Digital￼￼￼
Around three quarters of those students who started full-time undergraduate degrees in 2020/21 are not expected to fully repay their student loans. However, changes starting with the 2023 student cohort will see many paying more, and over half of new student loans are likely to be repaid in full. … More Student loan rule changes from 2023
Prior to the March Spring Statement, most self-employed individuals were facing increased national insurance contribution (NIC) bills this year. However, those with profits up to and just over £28,000 will now see a fall in the amount they pay compared to last year. What’s more, low earners can benefit from deemed contributions. … More NICs boost for the self-employed
You will find here under our summary of the key contents of the Spring Statement 2022.
The government’s recently launched Help to Grow: Digital scheme has two aspects: impartial advice and guidance about how digital technology can boost a business’s performance, plus a potential discount worth up to £5,000 towards the cost of buying approved software. Announced last March ahead of the 2021 Budget, the scheme aims to combat problems of … More Boost your business with the Help to Grow: Digital scheme￼
Having a reasonable excuse can be a get-out-of-jail-free card if you are charged a tax penalty. However, there is no statutory definition of the term, and what might constitute a reasonable excuse for one person may not for another. With more individuals and businesses incurring tax penalties due to Covid-related disruptions, HMRC has recently updated its guidance. … More What is a ‘reasonable excuse’ for tax penalties?
2021 ended with inflation sitting at 5.4%, but it may not have felt like that to you. You may have caught the food campaigner Jack Monroe on TV and radio interviews recently highlighting how the uneven effects of inflation on the most basic foodstuffs can have a disproportionate effect on lower income groups. Her intervention … More The patchwork effect of rising inflation
With the 2021 self-assessment tax return deadline on 31 January, HMRC has been busy reminding taxpayers to declare any Covid-19 grant payments they might have received. This is the first year they need to be included. Most self-employed taxpayers will have received Self-Employment Income Support Scheme (SEISS) grants during the Covid-19 pandemic, and now must … More Don’t forget to include Covid-19 payments on self-assessment returns