Autumn Statement Summary
The new Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons against a backdrop of a worsening cost of living crisis and with confirmation from the Office for Budget Responsibility OBR that the UK has now entered into a recession. The OBR has stated that the economy is […]
Edge Accountants’ Managing Partner discusses late payment issues in Westminster with MP
Last Tuesday, 25 October, Farhan Nagda, a Managing Partner at Edge Accountants, was invited to share his thoughts on late payment issues at a panel discussion at ACCA (The Association of Chartered Certified Accountants) UK headquarters. At an 11am breakfast meeting, Farhan and the other attendees met to talk about the repercussions of late payment […]
Tax on dividends
The dividend tax allowance was first introduced in 2016 and replaced the old dividend tax credit with an annual £5,000 dividend allowance. Tax was payable on dividends received over this amount. The tax-free dividend allowance was reduced to £2,000 with effect from 6 April 2018 and has remain fixed at that level ever since. This […]
What your tax code means
The letters in your tax code signify your entitlement (or not) to the annual tax-free personal allowance. The tax codes are updated annually and help employer’s work out how much tax to deduct from an employee’s pay packet. The basic personal allowance for the current tax year, which started on 6 April 2022, is £12,570. The […]
Check a UK VAT number
The ability to check a UK VAT number is available at: www.gov.uk/check-uk-vat-number. This service allows users to check: if a UK VAT registration number is valid; and the name and address of the business the number is registered to. The service also allows UK taxpayers to obtain a certificate to prove that they checked that a […]
HMRC launch offshore property owners campaign
It has been reported by the Chartered Institute of Taxation (CIOT) that HMRC is to launch a new campaign to tackle non-compliance linked to offshore corporates owning UK property. HMRC has conducted a review of non-resident corporate owners of UK property using data from the Land Registry and other sources. This review has helped HMRC identify […]
Claiming Corporation Tax losses
Corporation Tax relief may be available where a company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offsetting the loss against other gains or profits of the business in the same accounting period. It is also possible to carry a trading loss back in order […]
HMRC interest rate changes
Following the recent increase in the Bank of England base rate from 2.25% to 3% HMRC has confirmed there will be changes to the rates of interest they charge. The BoE’s Monetary Policy Committee (MPC) voted 7-2 in favour of raising interest rates by 75 basis points to 3% in a move to try and […]
Tax Diary November/December 2022
1 November 2022 – Due date for Corporation Tax due for the year ended 31 January 2022. 19 November 2022 – PAYE and NIC deductions due for month ended 5 November 2022. (If you pay your tax electronically the due date is 22 November 2022.) 19 November 2022 – Filing deadline for the CIS300 monthly […]
3-months to Self-Assessment filing deadline 2021-22
There are now less than 3-months to file your 2021-22 Self-Assessment tax return electronically. Last year over 12.5 million taxpayers were required to complete a Self-Assessment tax return but over 2.3 million taxpayers missed the 31 January filing deadline. The deadline for submitting your 2021-22 Self-Assessment tax returns online is 31 January 2023. The deadline […]
