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With the interest rates in banks changing, HMRCs interest rates for late payment and repayments of tax have also changed. HMRC interest rates are set in legislation and are linked to the Bank of England base rate. There are 2 rates: late payment interest, set at base rate plus 2.5% repayment interest, set at base rate minus 1%, with a …
Chancellor Jeremy Hunt presented his 2022 autumn statement on Thursday 17th November 2022. The key announcements are summarised below; Personal/Employee State pension payments and means-tested and disability benefits to increase by 10.1%, in line with inflation. Top 45% additional rate of income tax will be paid on earnings over £125,140, instead of £150,000. Income tax personal allowance and higher rate …
Chancellor Kwasi Kwarteng presented his 2022 growth plan on Friday 23rd September 2022. The Chancellor’s statement was not a Budget, but a ‘Growth Plan’. The key announcements are summarised below; Stamp Duty Land Tax No stamp duty to be paid on the first £250,000 – up from £125,000. First-time buyers pay no tax on the first £425,000 – up from …
Making Tax Digital for VAT is the first step in HMRC’s plan to digitise the UK’s taxation system. Originally Making Tax Digital (MTD) for VAT was only a requirement for VAT registered businesses with turnover in excess of the VAT registration threshold of £85,000. However, from April 2022, all VAT-registered businesses will be required to keep digital VAT records and submit VAT returns …
Chancellor Rishi Sunak presented his 2022 statement on Wednesday 23rd March 2022. The key announcements are summarised below; Duty Fuel duty will be cut by 5p per litre until March 2023 VAT VAT cut from 5% to 0% for five years on homeowners installing energy efficiency materials e.g. solar panels, heat pumps, insulation etc. Personal/Employee Income threshold for which people …
Struggling to complete your Self Assessment tax return ahead of the midnight 31 January online-filing deadline? HMRC acknowledges that COVID-19 could be a key reason, which is why it has again decided to help sole traders and others by waiving Self Assessment late-filing and late-payment penalties for one month. If you declare income via Self Assessment, effectively, you have up …
Click here to download the full article >> Brace for more change Taxes and Wages are rising. Have you used all your basic rate band and dividend allowance for 2021/22? Check which benefits are tax-free for 2021/22 and, to avoid P11D issues on other benefits, meet the deadline for making good the benefit. Consider the tax incentives for electric or …
Chancellor Rishi Sunak presented his 2021 Budget on Wednesday 27th October 2021. The key announcements are summarised below; Businesses The main rate of corporation tax will remain at 19% until April 2023. From this date the main rate will increase to 25%, with a Small Profits Rate of 19% for profits not exceeding £50,000. There will be marginal relief for …
Update 14/09/2021 Furlough payments will end on the 30th September 2021. September claims should be submitted for payment before the 14th October. The reclaim rate will be 60% up to a maximum cap of £1,875 for the hours the employee is on furlough. Going forward, where you still envisage issues with work availability, you may find it necessary to consider …
Business Interruption Action Steps (BIAS) Update as at 13/09/2021 1. Coronavirus Job Retention Scheme Furlough payments will end on the 30th September 2021. September claims should be submitted for payment before the 14th October. The reclaim rate will be 60% up to a maximum cap of £1,875 for the hours the employee is on furlough. Going forward, where you still …
