HMRC have been sending the following SMS message to some private hire drivers recently: Our records show you may have undeclared income as a driver who carries paying passengers. To tell us about this income go to GOV.UK and search ‘make a voluntary disclosure’. If you have already contacted HMRC, please ignore this message. What’s […]
From the 2022/23 tax year, the rate of National Insurance will increase by 1.25% for self-employed and employed individuals. The increase is due to extra funding required for health and social care.
Guidance for those looking to benefit from the stamp duty reduction One of the key measures announced by the Chancellor in July was the reduction in Stamp Duty Land Tax (SDLT) on residential property. The purpose of the reduction is to boost the housing market and support the construction industry. We are often asked by […]
In the 2019/20 and 2020/21 tax years, UK Companies must pay Corporation Tax on taxable profits at a rate of 19%. This means that a company with £50,000 of taxable profits will pay £9,500 in Corporation Tax. The UK tax system is known to be quite complex, so finding ways to legitimately reduce your Corporation […]
During the budget, the Chancellor announced tax rates and allowances for the new tax year – which starts on April 6th.
The budget is one of the most eagerly anticipated annual announcement for accountants and their clients alike. It can act as a key planning tool for the finances of individuals and businesses.
If you sell a UK based residential property after 1st April 2020, you will be subject to the new rules UPDATE: HMRC announced it would not charge late filing penalties on reports of CGT on disposals of UK residential property by UK residents made by 31 July 2020. This will allow individuals a period of […]
In the event that the UK leaves the EU without a deal – non-UK based Businesses that sell to UK customers with parcel contents of less than £135 or less, will be required to pay import VAT. For the purposes of this legislation, parcels include letters, packages, packets and any other article that could be […]
Keep on top of the tax deadlines and add these dates to your calendar.
After the announcement of MTD for VAT, there was widespread outcry on the administrative and financial burden that it would place on both Accountants and owners of small businesses.It has been six months since MTD for VAT has gone live and we can look back and review the process and share our experiences.