HMRC issues urgent warning to SEISS grant recipients Enforcement surrounding Self-Employment Income Support Scheme (SEISS) grants is being stepped up. HMRC is now writing to some businesses insisting that they take certain steps within 30 days – or repay the amounts received. What’s going on? The SEISS was set up to help sole traders and ... Read More
The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality. Autumn Budget 2021 – Introductions Main Budget proposals Tax measures include: a new temporary business rates relief in England for eligible retail, hospitality ... Read More
Autumn Budget 2021 – Business Making Tax Digital for income tax The Making Tax Digital (MTD) regime is based on businesses being required to maintain their accounting records in a specified digital format and submit extracts from those records regularly to HMRC. It had been expected that sole trader businesses and landlords with business income ... Read More
Autumn Budget 2021 – Capital Taxes Capital gains tax (CGT) rates No changes to the current rates of CGT have been announced. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates of 18% and 28% apply for certain gains, ... Read More
Autumn Budget 2021 – Employment National Insurance Contributions (NICs) In September 2021 the government published its proposals for new investment in health and social care in England. The proposals will lead to a permanent increase in spending not only in England but also by the devolved governments. To fund the investment the government will introduce a ... Read More
Autumn Budget 2021 – Personal Tax The personal allowance The personal allowance is currently £12,570. The Chancellor announced in the March 2021 Budget that the personal allowance will be frozen at £12,570 for the tax years 2022/23 to 2025/26. There is a reduction in the personal allowance for those with ‘adjusted net income’ over £100,000. ... Read More
Autumn Budget 2021 – Other Matters Tonnage Tax The UK’s tonnage tax regime will be reformed from April 2022 to help the UK shipping industry grow and compete in the global market. The reform is intended to make it easier for shipping companies to move to the UK, ensure they are not disadvantaged compared with ... Read More
This is a message from HMRC’s help and support email service Actions for you – final Job Retention Scheme claims Dear customer, I’m writing to you with the latest information about the closure of the Coronavirus Job Retention Scheme (CJRS) and the Statutory Sick Pay (SSP) Rebate scheme. 1. The Coronavirus Job Retention Scheme 2. Reporting ... Read More
Government delays MTD for income tax and basis period reform Making Tax Digital for Income Tax Self-Assessment Following vocal representation from various professional bodies, the government has agreed to delay crucial reforms to the tax system. What’s the full story? Income Tax Self-Assessment On 23 September 2021 the secondary legislation for implementing Making Tax Digital ... Read More
How will the new 12.5% VAT rate affect businesses? On 1 October 2021 a new VAT rate of 12.5% will be introduced for most sales made by a hospitality business. How will businesses need to deal with the rate change in their purchase records and what savings can be made using the tax point rules? ... Read More
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