SMEs unprepared for MTD rollout

SMEs unprepared for MTD rollout

Small and medium-sized businesses are underprepared for Making Tax Digital (MTD), according to new research by the Association of Chartered Certified Accountants (ACCA). Working with the Corporate Finance Network (CFN), the ACCA’s SME tracker showed that 14% of accountants in the UK say their SME clients are “unprepared and will not be ready” for future […]

Work from home tax relief may not be available in 2022/23

Work from Home Tax Relief

Employees who claimed tax relief for working from home during the pandemic may no longer qualify in the 2022/23 tax year as HMRC changes its guidance for the scheme. During the COVID-19 pandemic, people who could do their normal job at home were required to do so at various times and were allowed to apply […]

HMRC raises interest rates on late tax payments

HMRC Raise Interest Rates

HMRC has confirmed it will raise interest rates on late tax bills by 0.25 percentage points after the Bank of England increased the base rate of interest to 1%. The announcement means the late payment interest rate and corporation tax pay and file rate will increase to 3.5% from 24 May 2022 (16 May 2022 […]

Sourcing business finance

Sourcing Business Finance

Exploring your options as interest rises. Most businesses rely on funding in one form or another to keep their operations running, invest in new equipment or projects, and grow. The past few years in particular have made it necessary for many businesses to source extra funds, either for dealing with the impacts of the pandemic […]

The tax benefit for innovative companies

The tax benefit for Innovative Companies

The lowdown on this relief for innovation. Research and development (R&D) tax credits were once a little-known tax incentive for companies which invested in innovation. But after rule changes in recent years, and a push by many tax advisers, they are now much more widely understood and used. They may no longer be much of […]

Fines & Penalties for Late Filing

fines for late filing

Making sure that you have your accounts and finances in order can often be a bit of a chore but doing so means you’ll save yourself a lot of hassle, stress and possibly money – especially if you procrastinate and file late. Missing filing deadlines will result in penalties that increase over time, so it’s […]

MTD for VAT rolls out to all VAT-registered businesses

MTD for VAT rolls out…

All VAT-registered businesses must comply with Making Tax Digital (MTD) rules, regardless of how much they make each year. Kicking in from 1 April 2022, the changes mean all VAT-registered businesses must compile and submit VAT returns using software that connects to HMRC’s systems. They can do that either through a bridging tool or by […]

New law to resolve Covid rent debt

New Law to resolve covid rent debt

The Government has set up an arbitration system to help resolve outstanding commercial rent debts as the general moratorium on commercial eviction ends. From 25 March, a legally binding arbitration process is available for eligible landlords and tenants who have not yet reached an agreement. The Government hopes this will resolve disputes about pandemic-related rent […]

IR35 reform landing period ends

IR35 landing period ends

Penalties now apply to businesses that make mistakes under new IR35 rules for the private sector. The Government extended the off-payroll working rules reform to the private sector in April 2021, but promised to be lenient on mistakes in the first year. The landing period has now ended, so employers caught within the reformed IR35 […]

The importance of estate planning

ESTATE PLANNING

How to prepare and protect your estate. We are all somewhat used to living with economic doom and gloom at present, from sky-high inflation rates to tax rises being splashed across the news headlines. But recent analysis from the Office of Budget Responsibility shows that you may also get stung harder after you are gone. […]