When Is Self Assessment Payment on Account Due 2024?
Balancing Payments: Second Payment on Account Due 2024 For those of you who are registered as self-employed and submit a yearly tax return at the end of every January, you should be aware that your second payment on account is due by midnight on 31st July 2024. What is a Second Payment on Account? A […]
Large Businesses Suspected of Tax Fraud
HMRC suspects 208 large UK businesses are underpaying on their VAT. Thomson Reuters explained that the £13.4m figure relates to tax under consideration, which is an estimate of the amount of VAT HMRC believes has gone unpaid prior to full tax investigations being completed – Accounting Web. HMRC reportedly suspects that 208 of the UK’s […]
Spring Statement 2022
MISS THE SPRING STATEMENT 2022? WE QUICKLY SUMMARISE BELOWACCOUNTANTS IN MANCHESTER The Chancellor made his annual Spring Statement 2022 speech today where he set out the Government’s tax plan to support the UK economy, businesses and families in both the short and the medium term.Key measures the Chancellor announced:? an increase to the National Insurance Primary […]
Your Tax Year End 2024 Considerations
Tax Year End 2024 As we approach the tax year end for 2024, now is a good time to consider using up any unused annual allowances before you lose them. ISA allowance The annual allowance is £20,000 and once we reach the 5th April 2024, this year’s allowance will be gone. There is no provision […]
Making Tax Digital for Income Tax is coming
Making Tax Digital (“MTD”) for Income Tax Self Assessment (“MTD ITSA”) will be introduced from 6th April 2024. That might seem like a long time away but it will soon be upon us and early preparation will make it a smooth transition. Who will be affected?All sole traders, partnerships and residential landlords (including those with […]
Tax Return Deadline Moved To February 2022
HMRC has announced that self assessment taxpayers will get an extra month to file their tax returns without incurring a fine, although interest will still accrue. While the waiving of penalties means taxpayers won’t receive a late filing penalty if they file online by 28 February (and payments by 1 April), HMRC is continuing to […]
Interest Rate Up To 7% Looms
The Bank of England announced the first back-to-back interest rate increase since 2004 as inflation is projected to reach a peak of 7% in April. Glenn Collins, head of policy at the ACCA, said that although the announcement was expected it will still come as a shock to SMEs. “It remains to be seen if […]
Important April 2022 Tax Deadline News
An April Tax Deadline you may not know about! From April 2022, all VAT-registered businesses will need to comply with this HMRC system! HMRC is introducing Making Tax Digital gradually. Making Tax Digital for VAT started from 1 April 2019, affecting VAT-registered businesses with a taxable turnover above the VAT threshold of £85,000. Next all […]
Struggling to Understand What PAYE is? Read on!
If your small business employs people then it’s likely you’ll need to register under PAYE so they can pay tax to HMRC. What is PAYE? PAYE is HMRC’s automatic system for collecting income tax and National Insurance payments from people employed by companies across the UK. When you make a salary payment to your employee, […]
What The New Budget 2021 Means For You
WHAT DOES THE NEW BUDGET 2021 MEAN FOR YOU?ACCOUNTANTS IN MANCHESTER THE NEW BUDGET 2021Confirmation business rates to be retained and reformedA 50% business rates discount for the retail, hospitality, and leisure sectors in England in 2022-23, up to a maximum of £110,000Planned rise in fuel duty to be cancelled amid the highest pump prices in […]