Tax and Administration Maintenance (TAM) Day is a new phenomenon brought in by the Treasury to try and move away from the traditional all-in-one Budget. Following the first ‘Tax Day’ in March, the end of November saw another round of announcements. … More Treasury sets aside CGT and IHT change agendas 
HMRC is sending letters to taxpayers who they believe hold cryptoassets, advising them of the potential capital gains tax (CGT) implications and linking to relevant guidance. Many taxpayers will be unaware that simply exchanging one type of token for another is a disposal for CGT purposes. … More Cryptoassets tax confusion
From 1 April 2022, the rate of National Living Wage paid to workers aged 23 and over will rise by 6.6%, or 59p, to £9.50 an hour. Apprentices will benefit from an 11.9% uplift to their current hourly rate of National Minimum Wage. For full-time workers, the 59p increase equates to extra annual salary of … More Minimum wage to increase in 2022
The system of postponed VAT accounting for import VAT has been up and running since the start of the year, but there is still a lot of confusion. You may be experiencing some of these common problems. Monthly statements Some importers have had difficulty accessing their monthly import VAT statements. The trick is to start … More Import VAT confusion continues
After already increasing taxes by £42 billion a year in 2021, the main focus of Chancellor Rishi Sunak’s Autumn Budget was on spending. The first Autumn Budget in three years – and Mr Sunak’s third in less than 20 months – featured no significant increases in tax. The task of raising extra revenue had already … More The Autumn Budget – taxed and spent
The Autumn Budget announcements included a series of measures to alleviate the burden of business rates in England. For 2022/23, 50% relief will be available for eligible retail, hospitality and leisure properties, and the business rates multipliers will again be frozen. 2022/23 measures The business rates multipliers for the current year have already been frozen … More Positive news for business rates from the Chancellor
MTD will not be mandatory for self-employed individuals and landlords until accounting periods commencing on or after 6 April 2024. The start date for general partnerships (those with only individuals as partners) will now be from April 2025, with the date for other types of partnerships still to be confirmed. The planned April 2026 commencement date for MTD for corporation tax now also seems uncertain. … More Maxing Tax Digital delayed until 2024
The Chancellor looks likely to skip the autumn Budget again, but among other plans, changes to tax reporting for sole traders and partnerships are already in motion. … More Basis period rules among tax changes coming up
The pilot scheme for Making Tax Digital (MTD) for income tax is now open for self-employed workers and landlords. The scheme becomes mandatory for accounting periods commencing on or after 6 April 2023, so those who join now will get ahead of the game. The first phase of MTD for income tax will be mandatory … More MTD income tax pilot
The bounce back loan scheme (BBLS) has kept many businesses afloat over the past year, but, with the first repayments now starting to become due, many of the 1.5 million businesses that borrowed money could fall into difficulty. Default position The BBLS was launched in May 2020, with no interest charged or repayments required for … More Bounce back repayments begin
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