Most of the announcements made by UK Chancellor Jeremy Hunt will have a significant impact on our personal finances. The energy price guarantee will continue until July, the fuel duty rise has been cancelled and the lifetime allowance for pensions […]
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New points-based penalties for late VAT returns
A new points-based penalty applies to late VAT returns for VAT periods beginning on or after 1 January 2023. The first monthly return to be affected was the one due by 7 March, with the first affected quarterly return due […]
Winding-up petitions on the rise in HMRC squeeze
HMRC’s use of winding-up petitions to actively chase the money it is owed comes at the worst possible time as many companies struggle to cope with inflationary pressures,
Bereavement benefits extended to unmarried couples
The eligibility for some bereavement payments has now been extended to unmarried couples, but there are two major caveats.
Pay attention to tax codes
The easiest way a person can check and correct a tax code is by logging onto their personal tax account using their Government Gateway user ID and password.
HMRC sets its sights on hidden electronic sales
Any software designed to facilitate the under reporting of sales is essentially a tax evasion tool and should always be avoided.
Personal Tax Year Ending – Take These Actions Now
The end of the tax year is just around the corner, so it’s time to get your tax matters in order. Set aside a few moments now to review your finances before the end of the tax year to optimise […]
Super Deduction Scheme Ending
Did you know the Super Deduction Scheme Ends on 31 March 2023? The good news is there is still time to take advantage of this opportunity to grow your business with the Super Deduction allowance before the incentive runs out. […]
Profit withdrawal changes for 2023/24
From 1 April 2023, the current 19% rate of corporation tax will only be available for the first £50,000 of profits.
The inflation puzzle of 2022
Annual inflation in 2022 was 10.5%, but not all components rose by double digits. Annual inflation, as measured by the Consumer Prices Index (CPI), was 10.5% in 2022 against 5.4% in 2021. The official CPI calculator, the Office for National […]
New energy bill support scheme for businesses
A new business energy support scheme is set to run from 1 April 2023 to 31 March 2024 but will be less generous than the scheme currently in effect.
Tax warnings for online sellers, influencers and content creators
HMRC’s latest wave of ‘nudge letters’ has been targeted at online sellers, influencers and content creators warning them that they may not have paid enough tax.
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