HMRC is reminding traders to prepare for customs changes that come into effect on 1 January 2022 which will increase checks and customs declarations. Under the new rules, businesses will no longer be able to delay making import customs declarations under the Staged Customs Controls rules that have applied during 2021. Most customers will have […]
17
Jan
Jan
The January self-assessment payment deadline is not well-timed, falling as it does in a month when people may be already struggling to pay their Christmas credit card bills. However unpalatable the 31 January tax deadline is, it is not one that should be ignored. Taxpayers who are within self-assessment will need to pay any remaining […]
14
Jan
Jan
In today’s blog, we look at the question ‘does a tax charge arise if an employer provides a charging point to enable employees to charge their own cars at work?’ If you’re planning to help your employees go electric, have a read by following the link below. As part of the Government’s push to encourage […]
10
Jan
Jan
Payments on account – Who needs to pay and how are they calculated? The self-assessment tax return for 2020/21 must be filed online by midnight on 31 January 2022 if a late filing penalty is to be avoided. The exception to this is where notice to file a return for 2020/21 was issued after 31 […]
07
Jan
Jan
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 […]
06
Jan
Jan
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 […]
03
Jan
Jan
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. […]
28
Dec
Dec
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 […]
21
Dec
Dec
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 […]
18
Dec
Dec
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 […]