A new points-based penalty applies to late VAT returns for VAT periods beginning on or after 1 January 2023. The first monthly return to be affected was the one due by 7 March, with the first affected quarterly return due 7 May. This new returns penalty regime joins the completely separate new penalties for late … More New points-based penalties for late VAT returns
Please find the link to our summary of the Spring Budget delivered by the Chancellor Jeremy Hunt on Wednesday 15 March. After presenting a Budget-in-all-but name with the Autumn Statement, the Spring Budget was delivered against the backdrop of a day of widespread industrial action. The run-up to the event appeared deliberately downplayed, save for … More Spring Budget 2023
Most directors and employees will already have been issued a tax code for the 2023/24 tax year, and it is important to check the figures as a very large proportion of codes will be incorrect. If you’ve been subject to an error, this could mean a future corrective tax bill.
… More Pay attention to tax codes
It wasn’t that long ago that HMRC was paying particular attention to businesses understating large cash sales. Now, the decline of cash, especially since Covid-19, has led to a proliferation of software used to suppress electronic sales records. … More HMRC sets its sights on hidden electronic sales
We are delighted to share that another Business Mission was organized and has been successfully completed by our InMindful branch in Dubai. The Mission took place from January 17th to January 21st, 2023, and was participated by 8 people, amongst which were businessmen and doctors. We are grateful to our partners Galizia & Pinna, who … More Business Mission in Dubai
If your employer pays for the fuel in your company car, it may cost you more than you expected. As the Autumn Statement was not a Budget, detailed publications that would normally emerge as the Chancellor sat down have taken time to appear. For example, the HMRC projections of how many more capital gains tax … More Company cars: not-so-free fuel
New data reveals that penalties issued by HMRC for not paying the High-Income Child Benefit Charge (HICBC), or paying the incorrect amount, have fallen significantly. However, the number of individuals still in default is estimated at more than 60,000. If the HICBC is payable, an individual is required to submit a self-assessment tax return each … More High-Income Child Benefit Charge: penalties and defaults
With property prices expected to fall during 2023, parents may be thinking about getting their children onto the property ladder. However, although help with a deposit does not raise that many tax issues, joint ownership can have expensive tax consequences. Nearly half of first-time property buyers aged under 35 have received help from the bank … More Tax implications for the bank of mum and dad
With the self-employed and landlords facing a challenging economic environment, the government has again delayed the introduction of the Making Tax Digital (MTD) scheme for income tax self-assessment (ITSA) – this time by two years until April 2026. Although the introduction of MTD ITSA prompted the basis period reform, no corresponding postponement for this has … More Making Tax Digital delayed once more
Small company owners should by now be aware of the corporation tax changes taking effect from 1 April 2023, but with the associated company rules being introduced at the same time, don’t be caught off guard … More Associated company rules changing 1 April
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