Tax Update – August 2022

Prime Minister Candidates and Possible Tax Cuts With the departure of Boris Johnson, the contenders as leader of the Conservative Party and Prime Minister (PM) have now been whittled down to the last two – Rishi Sunak and Liz Truss. Whoever wins will need to appoint a new chancellor and … Continued

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Making Tax Digital – Working Towards April 2024

MTD for income tax – Quarterly information to be reported by businesses Making Tax Digital (MTD) for Income Tax will apply to sole traders, property landlords and certain other businesses with gross turnover and/or property income over £10,000 a year and will commence in April 2024. The system will then … Continued

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John Hegney joins our Audit Team

We are really excited to announce the recruitment of John Hegney to our business, to support our continued growth and deliver one of our key business services. The appointment of John will enhance our existing audit business model and open the opportunity to service a wider client base in the region.

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Are you ready for Making Tax Digital for VAT?

Are you ready for Making Tax Digital for VAT on 1st April 2022, when keeping digital records and filing VAT returns using compatible software becomes mandatory. Folkes Worton are here to help you with the transition on 01384 376964

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Please Mr. Taxman, can we have more time?!

The current explosion in cases of the Omicron variant of Coronavirus and uncertainty about what effect this will have on staff levels in the New Year, has prompted many in the business community to ask HMRC for an extension to the 31st January deadline for the 2020-21 tax return. Earlier … Continued

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Holiday homes registered for business rates will now have to meet HMRC's qualifying criteria in a new clampdown...

Clampdown on Holiday Home Rates Relief

From April 2023 a holiday home will only be liable for business rates and potentially qualify for Small Business Rates Relief (SBRR) and that it is actually let as holiday accommodation for a minimum number of days. Homeowners need to have evidence of this starting from April 2022.

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Inheritance Tax on Wedding Gifts

Inheritance Tax on Wedding Gifts

In today’s ‘Insight’ Blog we take a look at Inheritance Tax on Wedding Gifts. Have you thought about giving a cash gift to someone close on the day of their wedding or civil partnership? This could not only be a generous gift, but can also be tax efficient for you.  … Continued

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Beware of ‘Rogue’ R&D Consultants

HMRC has identified and successfully challenged several false claims for Research and Development (R&D) tax credit relief made by purported R&D Consultants. Over the last 12 months Folkes Worton has made over 20 claims for clients ranging between £13.5k and £150k - they have all been accepted by HMRC.

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Tax Update – July 2022

In this month’s ‘Tax Update’ there’s information about Childcare Accounts, SEISS Grant Penalties and Tax Returns, Making Tax Digital and Research & Development.

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Penalties for Over-claimed SEISS Grants

HMRC are reminding sole traders and partners who have received Self-Employed Income Support Scheme (SEISS) grants that there are potentially penalties of up to 100% of amounts over-claimed in certain circumstances.

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Increase in National Insurance thresholds

In the Spring Statement 2022, the UK Government announced an increase in National Insurance thresholds affecting the 2022 to 2023 tax year. We want to take the opportunity to remind our clients that the threshold changes will take effect from 6th July 2022, meaning employees will pay National Insurance contributions on … Continued

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Tax Update – June 2022

In this month’s ‘Tax Update’ there’s information about Employee Benefits, the Employment Allowance, buying an Electric Car, Salary Sacrifices, Capital Gains Tax and Advisory Fuel Rates for Company Cars. Report Employee Benefits on Form P11D by 6th July P11D forms for reporting expenses and benefits in kind provided to employees … Continued

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Saving VAT on Premises Rent - Folkes Worton LLP Chartered Accoun

Saving VAT on Premises Rent

For any business or organisation that is either not registered for VAT or is registered but partially exempt, then VAT paid on overheads will be a cost to the business. A major overhead is usually the rent of an office or other trading premises, where the landlord will often charge … Continued

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