HMRC is ramping up action against tax defaulters while the end of the winding up ban at the end of September will be a shock for some businesses protected by pandemic measures. As lockdown measures have relaxed, HMRC has restarted debt collection activities with taxpayers. It will initially focus on activities relating to collecting debts…
Read more
The government should stop increasing taxes on businesses and jobs, as it risks derailing the economy’s recovery from the pandemic says the Confederation of British Industry (CBI). In a speech today at the Alliance Manchester Business School, Tony Danker, director general of the CBI, called on the government to rethink the tax burden it…
Read more
The Chancellor has confirmed that government spending plans will be outlined at the Spending Review on 27 October alongside a second Budget This will be the second Budget of the year, following the March Budget which happened in mid-March, the week before the country went into lockdown due to covid-19. The three-year review will set…
Read more
The launch of a social care levy from 2022 will see all taxpayers facing a 1.25% tax charge under government plans, while dividend tax will also rise. From next April the government will create a UK-wide, 1.25% health and social care levy on earned income, hypothecated in law to health and social care, with dividends…
Read more
How can accountants help clients claim for SEISS? We have all witnessed the major disruption the pandemic caused to the economy and communities. One in 10 of the six million UK SMEs expect the pandemic to cost them over £50,000 in total, with an average of £15,673 being lost per SME. Some industries have been…
Read more
Companies House urges businesses who are due to file accounts by the end of September to do so as soon as possible through its online service. The government department has stated that it is continuing to follow Covid-19 government guidelines to work safely which means that it could possibly take longer to process paper documents…
Read more
14 September Deadline to claim CJRS for August 2021 claims 14 September Corporation tax second 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 September PAYE cheque payments…
Read more
Next year sees the rollout of the extension to Making Tax Digital for self-employed people, which means accountants need to start preparing their clients, explains Lee Murphy, managing director at The Accountancy Partnership The Making Tax Digital (MTD) pilot scheme was launched for self-employed people in March 2018, with plans to roll it out further.…
Read more
HMRC have published company car advisory fuel rates for use from 1 September 2021. The rates apply when employers reimburse employees for the cost of fuel for business travel in their company cars or require employees to repay the cost of fuel used for private travel. HMRC review rates quarterly on 1 March, 1 June,…
Read more
A survey by accountancy firm BDO found that 91% of mid-sized businesses overwhelmingly support a change to the tax year from 4 April to 31 December. Nine out of 10 mid-sized businesses believe that this is the right time to change the date after the Office of Tax Simplification (ONS) announced in June that it…
Read more
