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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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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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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The rollout of Making Tax Digital may have slowed due to the pandemic but there is low awareness about the next stage covering landlords, small business and partnerships, warns Kevin McCallum, chief commercial officer at FreeAgent HMRC introduced the first stage of its Making Tax Digital (MTD) legislation in April 2019. Envisaged as the biggest…
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They say that only two things are certain in life: death and taxes. Paying tax is inevitable but there are things you can do to reduce the percentage of your income that the taxman takes. As a small business owner, the likelihood is that you’re probably paying too much tax, which is why we’ve put…
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HMRC have issued a reminder that Self Assessment (SA) taxpayers who have not yet filed their 2019/20 tax return should do so by 28 February 2021 to prevent a £100 late filing penalty charge. Taxpayers who have outstanding liabilities for the year have until midnight on 1 April 2021 to pay any outstanding tax or…
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