Tax

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MTD for Income Tax delayed until April 2024, HMRC confirms

Sep 27, 2021

Making Tax Digital (MTD) for Income Tax will be delayed until April 2024, the Government has confirmed. It means self-employed business owners and landlords will have one more year to prepare for the digitalisation of Self Assessment. According to HM Revenue & ...

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Accounting (3)

What are year-end accounts and how can I prepare for them?

Sep 17, 2021

If you’re new to business, year-end accounts may seem like a daunting prospect. But with the right preparation, advice and approach, you will have nothing to worry about. In this blog, we’re going to look at what year-end accounts are when ...

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Tax-related scams double during coronavirus pandemic, figures reveal

Aug 26, 2021

Tax-related scams have almost doubled in the past 12 months, HM Revenue & Customs (HMRC) has revealed. The tax authority said the coronavirus pandemic has created a perfect environment for criminals to operate in. According to the most recent figures available, HMRC ...

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HMRC

150,000 businesses owe HMRC £2.7 billion in deferred VAT payments

Jul 27, 2021

HM Revenue and Customs (HMRC) reported that 150,000 UK businesses have not yet made arrangements to pay back deferred VAT payments, and therefore owe the department £2.7 billion.   As of 30 June 2021, nine per cent of the total VAT deferred ...

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Capital Gains Tax (1)

HMRC helpsheet to support residential property sellers with new CGT rules

Jul 23, 2021

New guidance will help homeowners understand the implications of capital gains tax (CGT) when selling UK residential property, it has been revealed. HM Revenue & Customs (HMRC) said the new helpsheet – which can be downloaded here - will support taxpayers ...

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Electric Car (2)

Electric car registrations surpassed 10 per cent mark in UK

Jul 06, 2021

According to new data, 10.7 per cent of car registrations in June were completely battery electric vehicles. In the same month, the Tesla Model 3 (a zero-emission car) was the largest seller in the UK, making it the first time electric ...

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Brexit Farming (1)

NI Protocol: UK and EU agree to extend chilled meats grace period until 30 September 2021

Jul 01, 2021

Businesses in Great Britain will be allowed to continue moving certain chilled meat products across the Northern Ireland border after an extension was today agreed upon by the UK and EU. The transportation of chilled meats – such as sausages, chicken ...

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OTS to consider “benefits and implications” of moving tax year end date

Jun 10, 2021

The Office for Tax Simplification (OTS) will explore whether there is a case for moving the UK’s tax year end date. Announcing the review, the office, which provides independent advice to HM Revenue & Customs (HMRC), suggests that aligning the tax ...

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Accounting (3)

Register for Making Tax Digital for VAT or risk penalties, HMRC warns

May 28, 2021

Businesses who are required to use Making Tax Digital (MTD) for VAT but not registered could face fines of up to £400, it has been warned. It comes after HM Revenue & Customs (HMRC) wrote to 100,000 non-compliant businesses reminding them ...

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Five reasons to set up a Personal Tax Account

May 17, 2021

Taxpayers are being urged to set up personal accounts to monitor their affairs. The Association of Taxation Technicians (ATT) is encouraging taxpayers to set up a Personal Tax Account (PTA). The call is after HM Revenue & Customs (HMRC), renewed their commitment ...

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