Not all types of income are equal from a tax perspective, and savings income enjoys dedicated allowances, tax rates and reliefs which allow a taxpayer to enjoy some or all of their savings income tax-free. Personal allowance The personal allowance for both 2021/22 and 2022/23 is set at £12,570. Any savings income that is sheltered […]
HM Revenue and Customs are giving one extra month to file Self Assessment and make payment for 2020 to 2021 tax return and tax payment. The deadline to file and pay remains 31 January 2022. The penalty waivers will mean that: anyone who cannot file their return by the 31 January deadline will not receive […]
How to work out whether it applies – practical problems on submission, penalties The Construction Industry Scheme (CIS) requires the registration of anyone who works in that industry, be that a sole trader or a company. The registration rule includes the largest of businesses if that business is paid by another engaged in construction operations. […]
Increasing the normal minimum pension age The normal minimum pension age (NMPA) is the age at which most pension savers can access their pensions without incurring an unauthorised pension charge (unless they take their pension earlier due to ill-health). A registered pension scheme cannot normally pay any benefits to members until they reach the NMPA […]
Working from home during the Coronavirus pandemic created a range of tax issues, not least where private bills, such as for internet usage, were paid for by the company. If your company is paying private bills for employees, here are some things to be aware of. Tax and NIC implications of private bills being paid […]
The government’s measures to prevent fraud in its bounce back loan scheme (BBL) have been labeled inadequate by National Audit Office (NAO) and were introduced too late. A report by the government’s spending watchdog estimated that £4.9bn of the £47bn that was given out as part of the Covid-19 small business support scheme was fraudulent […]
Reporting Covid-19 Support Payments on your tax return If you are self-employed and you received Covid-19 support payments during the pandemic, you may need to report these on your self-assessment tax return. If you are an employee and you were furloughed and received furlough grants under the Coronavirus Job Retention Scheme, these were liable to […]
Since 1995 I have been using Sage Line 50 and all other associated software manufactured by Sage. After twenty-six years, as a Sage user, my frustration as an Accounting Practitioner with Sage, is justified. A market leader, with multiple ranges of software, as the flagship and brilliant “telephone support”, Sage has enjoyed a “privileged” position […]
Diwali is the last day of the Hindu calendar. This year Diwali is on Thursday 04 November 2021. The next day, Friday 05 November is Hindu New Year. Diwali is a festival of light and colours. It is an auspicious Hindu festival of inspiration and hope. It reminds us of the duty of caring and […]
HRMC has issued an order to seize £26.5m worth of cash allegedly obtained fraudulently through the furlough scheme from ‘non-existent’ businesses run by an ‘entrepreneur’. On Monday, Cardiff Magistrates Court District Judge Shoman Khan granted HMRC a forfeiture order over five Nationwide building society accounts. Judge Khan described the amounts involved in the case as […]