HMRC is chasing taxpayers who have submitted tax returns for 2021/22 containing unresolved provisional figures, while also extolling the benefits of filing early for 2022/23. What are provisional figures? A provisional figure is not the same as an estimated one. […]
Author: Ammu Accounting
Don’t get caught in the VAT penalties net
The 50th anniversary of the UK’s introduction of VAT was earlier this year, but despite being around for a while, many VAT-registered businesses still find VAT too complex and confusing. No surprise then that more businesses than ever are getting […]
Agri-tax reliefs set for restrictions
Draft legislation has been published that will, from 6 April 2024, restrict the geographical scope of agricultural relief and woodlands relief to property in the UK. Currently, property can qualify for either agricultural relief or woodlands relief if it is […]
Behind the numbers on income tax
New income tax statistics from HMRC appear to be good news, but the numbers are not what they seem. Taxpayer’s marginal rate Basic Rate Higher Rate Additional Rate 2020/21 Average tax rate 9.5% 21.8% 38.3% 2023/24 Average tax rate 9.9% […]
Businesses failing to pay minimum wage
Just over 200 businesses – including some of the country’s best-known retailers – have failed to pay the minimum wage and will have to repay workers and face penalties of up to £7 million. The minimum wage rules can be […]
HMRC offers options on undeclared wealth
HMRC is offering taxpayers named in the leaked Pandora Papers a chance to correct their tax affairs. The October 2021 leak involved almost 12 million documents revealing hidden wealth and tax avoidance. The papers revealed that many taxpayers had used […]
More estates paying IHT
The combination of a frozen inheritance tax (IHT) nil rate band and considerably higher property values has pushed more estates into the IHT net.
Self-assessment threshold rises from 2023/24
Fulfilling a self-assessment tax return holds immense importance for various reasons, although PAYE taxpayers are generally exempt from this requirement.
Energy Price Cap Drops to £2,074
From 1 July, the energy price cap set by energy regulator, Ofgem, will fall from £3,280 to £2,074.
Selling power back to the grid
With continuing high electricity prices, now could be a very good time to install solar panels at your property.
More action to counter fraud
The government has announced a new initiative to counter fraudulent activity, particularly in the financial sector.
Increasing company transparency
At present small companies have to file a balance sheet each year but adding a profit and loss account and directors’ report is optional. Most choose not to do so.
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