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Watch out Self-Employed – Changes ahead

Who does this affect? Unincorporated businesses (sole-traders, partnerships, and limited liability partnerships) whose accounts year does not end between 31st March and 5th   What is the present position? For a particular tax year, you are normally taxed on the net profit per the accounts which end in that tax year.   Example of the […]

Spring Budget 2023

Your guide to the 2023 Spring BudgetHow will the changes affect you? Introduction The Chancellor, Jeremy Hunt, has delivered another UK Budget, in the midst of a significant cost of living crises and the war in the Ukraine seeing no sign of reachinga conclusion. Here are some of the main Budgetannouncements in relation to taxation. […]

Electronic Sales Supression

9th April Till Disclosure Deadline HMRC have in their possession detailed data identifying names and businesses that are suspected of using an Electronic Sales Suppression system (ESS) to manipulate records of their takings negligently/fraudulently. The Revenue are giving those businesses until 9th April 2023 to make a voluntary disclosure by using the link below, which […]

Bounce Back Loan Fraudster Jailed for 12 Months

The director of a haulage company who fraudulently applied for a £50,000 Bounce Back Loan and then applied to dissolve the company has been jailed for 12 months. Kulwinder Singh Sidhu, 58, from Stanwell, has been sentenced to 12 months’ imprisonment, after pleading guilty to offences under the Companies Act and the Fraud Act, having abused the Bounce […]

Time To Pay Agreement

Taxpayers who cannot pay their tax bill on time can set up a time to pay arrangement with HMRC which can be done online. Setting up a time to pay arrangement online for self-assessment has been possible for several years. The self-assessment limit increased from £10,000 to £30,000 in October 2020. The ability to create […]

2022 Autumn Statement

Energy Price Guarantee and Cost of Living Payments • This particular Scheme will apply to England, Scotland and Wales. • A parallel scheme, based on the same criteria and offering comparable support, but recognising the different market fundamentals, will be established in Northern Ireland. • From 1 April 2023 until 31 March 2024 the typical […]

September 2022 Mini Budget

The Health & Social Care Levy cancelled  • The Government has announced that the 1.25% increase in National Insurance rates brought in this year will be reversed with effect from 6th November 2022.  • In addition, the 1.25% on dividends will be abolished from 6th April 2023.  • The proposed standalone Levy due to come […]

Scotland – December and January Hospitality Top-up Grant

What is the aim? • To support the hospitality sector who have lost crucial bookings during December 2021 and January 2022. What is the nature of the grant? • It is a one off grant payment based upon the rateable value of the business premises. • £4,500 for premises that have a rateable value of […]

Watch out MTD ITSA is coming April 2024

What is MTD ITSA? Making Tax Digital for Income Tax Self-Assessment. Who could be affected by it? Self-employed individuals and landlords with a tax year turnover exceeding £10,000. Partnership which consists only of individual partners. The turnover threshold takes account of the combined turnover of a person’s total number of businesses and rental properties. Please […]