UKs audit regime to be revamped
The government has announced plans to revamp the UK’s corporate reporting and audit regime. The main changes were summarised as follows in a joint press release published by the Department for Business, Energy & Industrial Strategy, Department for Levelling Up, Housing and Communities, and the Minister for Corporate Responsibility. government will tackle dominance of ‘Big […]
Sign in to Childcare Account
HMRC’s Childcare account can be used to claim 30 hours free childcare or to pay for your Tax-Free Childcare. HMRC’s sign in page for the account states that in order ‘…to keep getting your 30 hours free childcare or Tax-Free Childcare, you must sign in every 3 months and confirm your details are up to date’. […]
Deadlines for making voluntary NIC top-ups
In certain circumstances it can be beneficial to make voluntary National Insurance Contributions (NICs) to increase entitlement to future benefits, including the State or New State Pension for self-employed persons. You might want to consider making voluntary NICs if: You are close to State Pension age and do not have enough qualifying years to get the […]
Arranging to pay tax bill by instalments
Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs by applying to HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. Agreements reached with HMRC allow businesses and individuals to pay […]
Last year to claim super-deduction
A reminder that the super-deduction, offering 130% first-year tax relief, is available to companies until March 2023. The super-deduction is designed to help companies finance expansion in the wake of the coronavirus pandemic and to drive growth. The super-deduction tax break was introduced on 1 April 2021 and allows businesses to deduct 130% of the […]
Business Asset Disposal Relief – deadlines and claims
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available CGT of 10% is payable in place of the standard rate. There are a number of qualifying conditions that must be met in order to […]
Accounting periods for Corporation Tax
Companies often have to contend with having two different company accounting periods. This is because there are different rules for Companies House filings and for HMRC to whom any Corporation Tax due is paid. The accounting periods can be the same but can also differ and a change may be needed to ‘sync’ the accounting periods. […]
HMRC advice to counter spoof emails or texts
HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails, phone calls and texts are being sent from all around the world and the fraudsters are continuing to find new ways to target unsuspecting taxpayers. These messages typically look to obtain taxpayers personal and or […]
Completing P11D forms to report benefits in kind
The deadline for submitting the 2021-22 forms P11D, P11D(b) and P9D is 6 July 2022. The forms can be submitted using commercial software or via HMRC’s PAYE online service. Employees must also be provided with a copy of the information relating to them on these forms by the same date. P11D forms are used to […]
VAT Flat Rate Scheme – are you a limited cost trader?
The VAT Flat Rate Scheme has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is open to businesses that expect their annual taxable turnover in the next 12 months to be no more than £150,000. A […]
