HMRC suspects 208 large UK businesses are underpaying on their VAT. Thomson Reuters explained that the £13.4m figure relates to tax under consideration, which is an estimate of the amount of VAT HMRC believes has gone unpaid prior to full tax investigations being completed – Accounting Web. HMRC reportedly suspects that 208 of the UK’s […]
MISS THE SPRING STATEMENT 2022? WE QUICKLY SUMMARISE BELOWACCOUNTANTS IN MANCHESTER The Chancellor made his annual Spring Statement 2022 speech today where he set out the Government’s tax plan to support the UK economy, businesses and families in both the short and the medium term.Key measures the Chancellor announced:🔵 an increase to the National Insurance Primary […]
Tax Year End 2022 As we approach the tax year end, now is a good time to consider using up any unused annual allowances before you lose them. ISA allowance The annual allowance is £20,000 and once we reach the 5th April, this year’s allowance will be gone. There is no provision to use up […]
Making Tax Digital (“MTD”) for Income Tax Self Assessment (“MTD ITSA”) will be introduced from 6th April 2024. That might seem like a long time away but it will soon be upon us and early preparation will make it a smooth transition. Who will be affected?All sole traders, partnerships and residential landlords (including those with […]
HMRC has announced that self assessment taxpayers will get an extra month to file their tax returns without incurring a fine, although interest will still accrue. While the waiving of penalties means taxpayers won’t receive a late filing penalty if they file online by 28 February (and payments by 1 April), HMRC is continuing to […]
The Bank of England announced the first back-to-back interest rate increase since 2004 as inflation is projected to reach a peak of 7% in April. Glenn Collins, head of policy at the ACCA, said that although the announcement was expected it will still come as a shock to SMEs. “It remains to be seen if […]
An April Tax Deadline you may not know about! From April 2022, all VAT-registered businesses will need to comply with this HMRC system! HMRC is introducing Making Tax Digital gradually. Making Tax Digital for VAT started from 1 April 2019, affecting VAT-registered businesses with a taxable turnover above the VAT threshold of £85,000. Next all […]
If your small business employs people then it’s likely you’ll need to register under PAYE so they can pay tax to HMRC. What is PAYE? PAYE is HMRC’s automatic system for collecting income tax and National Insurance payments from people employed by companies across the UK. When you make a salary payment to your employee, […]
WHAT DOES THE NEW BUDGET 2021 MEAN FOR YOU?ACCOUNTANTS IN MANCHESTER THE NEW BUDGET 2021Confirmation business rates to be retained and reformedA 50% business rates discount for the retail, hospitality, and leisure sectors in England in 2022-23, up to a maximum of £110,000Planned rise in fuel duty to be cancelled amid the highest pump prices in […]
5 Ways To Prepare Your Business For ChristmasACCOUNTANTS IN MANCHESTER 5 Ways to Prepare Your Business before the Christmas RushChristmas is just around the corner, and no doubt your business preparations are in full swing. From checking your inventory levels to setting up displays for products – there are a lot of steps you need to […]