Penalty reform for VAT delayed until January 2023
Jan 17, 2022
The penalty reform for late payments has been delayed until 1 January 2023, confirms a statement by Lucy Frazer (The Financial Secretary to the Treasury). There is currently a VAT default surcharge in place, which is incurred if the VAT return ...
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Businesses that do not use MTD for VAT make more errors than those that do, study reveals
Jan 13, 2022
Small and medium-sized enterprises (SMEs) that do not use Making Tax Digital (MTD) for VAT make more errors than those that do, a major study has revealed. The research, published by HM Revenue & Customs (HMRC), comes before the introduction of ...
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More investors are choosing sustainability-focused firms
Jan 10, 2022
Annual investment in companies with goals to tackle climate change has quadrupled since 2018. In December 2021, annual investment in sustainability-focused firms hit an impressive £39.8 million, up from £8.3 million three years prior- reveals the crowdfunding platform Crowdcube. The number of ...
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HMRC hikes late payment interest rates
Jan 07, 2022
The rate of interest charged on late payments by HM Revenue & Customs (HMRC) has increased, it has been announced. It comes after the Bank of England (BoE) increased the base rate from 0.1 per cent to 0.25 per cent on ...
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Outdoor markets and marquees to be made permanent in boost for hospitality sector
Dec 23, 2021
Temporary legislation permitting outdoor markets and marquees will be made permanent, the Government has confirmed. The announcement will be welcomed by high street firms and hospitality businesses that are facing increasing coronavirus uncertainty. The temporary permitted development rights were introduced last year ...
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Coronavirus: self-certification period temporarily extended
Dec 20, 2021
As of 17 December 2021, there has been a temporary shift to the self-certification period regarding Statutory Sick Pay (SSP). The change is another measure taken in response to the emergence of Omicron. It aims to provide temporary relief for GPs, ...
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The Christmas gift allowance: how it works
Dec 17, 2021
If you are planning on treating staff this Christmas, here’s a brief guide to the tax rules for the 2021/22 financial year. Do gifts count as taxable income? Christmas presents paid in cash to staff qualify as taxable earnings, which means they ...
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How much will Net Zero really cost SMEs?
Dec 14, 2021
As many companies will already know, COP26 took place in Glasgow last month and fuelled many firms to commit to going Net-Zero by 2050. Currently, there are several green taxes already in operation, such as the Climate Change Levy (which encourages ...
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Tens of thousands of taxpayers spread out Self Assessment tax bill in wake of coronavirus pandemic
Dec 09, 2021
Tens of thousands of self-employed workers have used HM Revenue & Customs’ (HMRC) Time to Pay service to spread out tax bills, the latest figures have revealed. The Time to Pay facility has offered a lifeline to those who may struggle ...
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Profit improvement: steps to consider for your business
Dec 07, 2021
As this year closes and we begin into a new start, it is a better time than ever to look over your business operations and analyse how you can improve profitability. Below, we have outlined four steps to consider: Gain new ...
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