Voluntary National Insurance Contributions
Class 3 National Insurance contributions are voluntary contributions which an individual can choose to pay to increase their entitlement to the state pension. Individuals who have gaps in their contribution record from 2006/07 to 2015/16 have a limited window in which to take advantage of an extended time limit for making contributions. Key Dates […]
New VAT Penalties System
After many years HMRC have revised the VAT penalty regime for late submission and payment of VAT returns. The new regime applies to VAT return accounting periods beginning on or after 1 January 2023, so the first monthly return affected will be 1 Jan – 31 Jan 2023, and the first quarterly return 1 […]
Year-end tax guide 2022/2023
Download guide With many extraordinary tax years in the modern era, it seems 2022/23 has been no different. While 2020 and 2021 saw the heights of the pandemic, 2022 saw a surge in inflation mainly due to the continued supply chain issues after Covid, Russia’s war on Ukraine and rising energy prices. Arranging your […]
Corporation tax from 2023
How will the April Corporation tax rise affect SMEs? After multiple policy U-turns and much uncertainty, the main rate of corporation tax will rise from 19% to 25% from 1 April 2023, affecting companies with profits of £250,000 and over. The legislation provides that small companies with profits up to £50,000 will continue to pay […]
2023: What the year has in store for SMEs
The new year brings a mix of uncertainty and opportunity for SMEs as they look to navigate a struggling economy, an impending recession and changes to tax and incentives following Jeremy Hunt’s Autumn Statement. It’s safe to say 2022 was a turbulent 12 months. But rest assured, whatever 2023 brings, we’re here to help you […]
Income tax: What’s changing?
A number of changes are coming to income tax in April 2023 that will affect taxpayers across the UK. We’ve put together a downloadable guide that covers what you need to know about the upcoming changes, including how they’ll affect your income tax bill. Download guide What next? If you have any questions relating to […]
Are your UK and India tax affairs in order?
HMRC are currently writing to individuals who they think may owe UK tax due to ‘offshore’ income and/or gains. This includes individuals who have both UK and India tax affairs. If you have received this letter, please don’t panic help is at hand. How does this impact upon you? Understanding the UK tax implications of […]
VAT option to tax: Increased risks on property transactions
From 1 February 2023, HMRC is reducing its option to tax service which will increase risks for taxpayers, their solicitors and agents when dealing with property transactions, especially when trying to achieve a VAT-free Transfer of a Going Concern (TOGC). Previously, HMRC have provided acknowledgement letters to taxpayers and their agents when an option to […]
January 2023 tax payments
Tax returns for 2021/22 must be filed online by midnight on 31 January 2023. The same deadline applies for paying any tax due under self-assessment for 2021/22 and, where relevant, the first payment on account of your 2022/23 tax liability. The payment can be made in various ways. Interest is charged where tax is paid […]
CGT Targeted Anti-Avoidance Rule (TAAR)
Many accountants have reported instances of clients facing HMRC enquiries under the relatively new CGT Targeted Anti-Avoidance Rule (TAAR). This HMRC enquiry will arise when the owner of a close company liquidates it and then starts up the same trade again, within two years. For the legislation to apply, HMRC must prove that they […]