The government has announced plans to delay the introduction of penalties for late submission of VAT returns. The new penalty system was due to come into effect from 1 April 2022 but this has now been delayed by nine months until January 2023. In a statement to MPs, Lucy Frazer, financial secretary to the Treasury,…
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Businesses believe that they will need skills in finance, trade, and taxation to help them navigate business growth over the next 20 years. According to the Lloyds Bank Business Barometer, 83% of businesses expect the next 20 years to be more challenging than the last two decades which included the 2008 financial crisis, recession, Brexit,…
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14 December Corporation tax third quarterly instalment payment for very large companies with annual taxable profits exceeding £20m (reduced if company is a member of one or more 51% groups) with an accounting period beginning on 1 April 2021 19 December PAYE cheque payments for the month ended 5 December should reach HMRC by this…
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With the UK’s tax debt more than double pre-pandemic levels, current staffing at HMRC is unlikely to be enough to manage the increased tax debt workload warns National Audit Office (NAO) A report by the NAO states that even though HMRC intends to recruit 1,000 full-time staff in 2021-22 to tackle debt collection, the tax…
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The Chancellor’s Autumn Budget highlighted the need to move the economy on from the effects of Covid-19 and began to explore new opportunities to change the tax regime following Brexit. Together with HMRC’s aspiration to move towards real-time reporting by 2030, we are starting to see a possible vision for the future of tax. All…
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Around 82% of mid-sized businesses revealed that Making Tax Digital (MTD) for VAT has convinced them that further digitalisation will make the tax system more efficient According to research by BDO eight out of 10 mid-sized businesses believe that moving all tax reporting to a digital process will make the tax system more efficient and…
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Companies House accepted 11.3m digital filings in the last financial year with the words ‘digital filing’ not even mentioned in last year’s annual report The last two years has seen Companies House advance dramatically in its steps towards digitalisation with the organisation seeing a 91.4% digital take up in the last financial year compared to…
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Salaries are rising at the fastest rate in 24 years, but wage inflation could lead to millions being less well-off as tax burden grows. The tax advisory firm warned that wages are increasing as a result of inflation reflecting that the cost of goods and services is going up but that higher salaries does…
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HMRC is reminding taxpayers to check that they have the correct information in order to complete their paper self assessment tax returns by the month end deadline. The deadline for 2020/21 paper tax returns is 31 October 2021 for those completed on paper forms and 31 January 2022 for online returns. While the end of…
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1 October Corporation tax payment for companies with 31 December 2020 year end (where payments not required by quarterly instalments) 5 October Notify chargeability for income tax/capital gains tax for 2020/21 if not registered for self-assessment 14 October Corporation tax second quarterly instalment payment for accounting periods ending 31 December…
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