Why consider paying voluntary Class 2 NI via tax returns? Class 2 NI is paid by the self-employed. If your profits were adversely affected by the pandemic in 2021/22, you might be below the small profits threshold. How can you ensure you preserve your entitlement to the state retirement pension if so affected? Self-assessment collects ... Read More
Return filing season likely to be even busier than normal With less than four weeks to go until the self-assessment filing deadline, HMRC has said that nearly 6 million returns are still outstanding. Why might 31 January this year be more urgent than last time round? If the tax return filing deadline is missed, an ... Read More
MTD ITSA delayed for two years The government has announced a further delay to the introduction of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA). Why and what’s the new timeframe? In a statement released on 19 December, the government has finally acknowledged that MTD ITSA is a significant change for all concerned, and ... Read More
Don’t miss key December deadline The deadline for filing your tax return for 2021/22 is 31 January 2023. However, an earlier deadline of 30 December might be relevant to you. January is the busiest month for tax return filings each year – more than half a million returns were filed on 31 January 2022 alone. ... Read More
The Autumn Statement 2022 On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession. The Chancellor laid out three core priorities of stability, growth and public services. The government sought a balanced path to support the economy and return to growth, ... Read More
HMRC urges parents to use Tax-Free Childcare HMRC is keen to remind families that they can take advantage of the Tax-Free Childcare initiative to help save money. What does it cover and is it worth it? A press release titled “£2,000 in government funding available to help with childcare costs” is reminding parents that they ... Read More
Reversal on Emergency Budget 2022 Chancellor brings forward further medium-term fiscal plan measures Budget menu items :- National Insurance contributions Income tax Business Stamp Duty Land Tax Land Transaction Tax Energy bills As the saying goes, a week is a long time in politics. However, recent events have been unprecedented. At the Mini Budget a ... Read More
Making Tax Digital for VAT-registered businesses has been mandatory since April 2022. However, up until now you have been able to file returns using the old online VAT account. When is this changing? VAT online service to be withdrawn soon Going forward, filing via MTDfV-compliant software will be mandatory. Get the VAT Services you need ... Read More
Career opportunity – Trainee Accountant Trainee Accountant – FULL STUDY PACKAGE Manchester Old Trafford £18,000 – £21,000 DoE Great Training and Progression Opportunities Full Study Support. You will work alongside the wider accounts team providing full accountancy services to sole traders and SME businesses in a variety of industries. You will be responsible for overseeing ... Read More
Mini Budget – September 2022 The government’s plans for growth Chancellor reveals his plan for growth Budget menu items :- National Insurance contributions Income tax Business Stamp Duty Land Tax Other comments Government announces plans to help cut energy bills for businesses Energy Price Guarantee plan caps household bills New plan for patients aims to ... Read More
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