Statutory Sick Pay Rules from March 24th 2022

Statutory Sick Pay Rules

This week, there are some key changes taking place regarding Statutory Sick Pay (SSP) for employees in England. When the pandemic was in full swing (some would argue that it hasn’t lost too much momentum even now) the Government made temporary provision within the SSP rules that stated anyone who had to take time off […]

HMRC will not charge for late filing penalties

tax digital

Today HMRC has announced that we will not charge: Late filing penalties for those who file online by 28 February 2022. Late payment penalties for those who pay the tax due in full or set up a payment plan by 1 April 2022. This will give customers and their representatives additional time if they need it and will operate […]

What is the Basis Period Reform?

period reform-100

Understanding your tax liabilities while self-employed or as a sole trader can be daunting, and one aspect that often causes anxiety is annual submission responsibility. And from the 2024/25 tax year, new reforms may mean it could get even more confusing… But we’re here to lay it out straight for you. So what are the […]

Making Tax Digital for Income Tax

tax digital

Everything you need to know before April 2024. Making Tax Digital for income tax (MTD for ITSA) looks certain to affect sole traders and landlords from April 2024, following the recent news of a one-year delay.  This was the latest in a long line of delays and deferrals in the rollout of MTD, which was […]

Construction Industry Scheme Update

CIS

Delving into recent changes that affect the CIS. The construction industry remains one of the UK’s key sectors, which also helps to underpin the UK economy, despite experiencing the effects of the COVID-19 pandemic.  In September 2021, construction output grew by 1.3% on the previous month – placing the sector just 1% below its pre-pandemic […]

Tax Reporting Deadline for Additional Property Sales Extends

Buy-to-let landlords and second homeowners have twice the amount of time to report and pay capital gains tax after selling a residential property in the UK. The deadline to report and pay capital gains tax after completing the sale of additional UK residential property is now 60 days – up from 30 days. The change […]

Six-Month Extension for COVID-19 Recovery Scheme

Chancellor Rishi Sunak has extended a coronavirus loan guarantee scheme in a bid to protect UK businesses into next year. Sunak used his Autumn Budget speech to announce a six-month extension of the recovery loan scheme, which had been due to end on 31 December 2021 but is now due to close on 30 June […]

Hospitality and Tourism VAT Rate Increases to 12.5%

hotel vat rate

VAT for pubs, restaurants, holiday accommodation and entry to certain attractions increased from 5% to 12.5% last month, following the end of a tax break. A temporary cut first introduced on 8 July 2020 saw the standard rate of VAT for struggling businesses in the hospitality and tourism sectors fall from 20% to 5%.That short-term […]

Business Rates Burden Eases for Retailers and Hospitality Firms

Thousands of retail, hospitality and leisure firms in England will receive a short-term business rates reprieve in 2022/23, following Autumn Budget 2021. Chancellor Rishi Sunak announced a temporary 50% cut in their business rates, up to a maximum of £110,000 per business. Up to 400,000 businesses in these sectors – including pubs, music venues, cinemas, […]

Salary Sacrifice could ‘Dampen Increased NICs Costs’

Salary-sacrifice arrangements could help employees negate the National Insurance contributions (NICs) rise during 2022/23.  NICs will rise by 1.25% for employees, employers and the self-employed from April 2022 to fund the Government’s new health and social care levy.In some scenarios, employees and employers can get around this by striking a salary sacrifice deal to reduce […]