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The main points of this month’s Tax Update have been covered in our Spring Budget Summary published on 18th March – to visit this Blog – CLICK HERE… There have been some other announcements of note in recent weeks: CLICK HERE for ‘New VAT Penalties’ CLICK HERE for ‘Business Rate…
HMRC is contacting almost 135,000 taxpayers who currently file paper self assessment (SA) tax returns to tell them that they will need to phone HMRC if they require a paper form. The SA forms will no longer be available to download from gov.uk. As part of HMRC’s ‘digital by default’…
Have you received your Business Rates Relief for Retail, Hospitality and Leisure from your Local Authority? We understand from various Clients that there is some disparity between Local Authorities when it comes to issuing rates bills for 2023-24. Some are automatically applying rate relief deductions, but equally a number aren’t.…
New VAT penalties and interest payments The new penalties will impact businesses who submit their VAT returns or pay their VAT late. The first monthly returns and payments affected by the penalties are due by 7th March 2023. The late payment penalties and points-based late submission penalties were introduced from 1st January 2023, replacing…
On 15th March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get Government debt falling, all whilst avoiding a recession and tackling labour shortages. Below we set out some of the main points: COST OF LIVING…
Genuine HMRC contact and recognising phishing emails Find out about methods fraudsters use to try and get your personal information by viewing examples of scams identified by HMRC. HMRC will sometimes contact customers by telephone, email, letter, and also sometimes use research companies to contact customers. If you’re not sure…
With the uncertainties surrounding the economy, it’s an ideal time to be thinking about financial stability. So, if we want to provide those we love with security, it’s best to think long-term. The pandemic and the current increase in the costs of living show all too clearly that good health, and…
Welcome to the March 2023 Tax Update! In this edition we look ahead to the Spring Budget, ‘nudge’ letters from HMRC about R&D claims, penalties for errors in tax submissions, the updated advisory fuel rates for company cars and key dates on the Accounting Horizon. Will the Spring Budget Stimulate…
For limited companies, when it comes to making decisions, Company Law states shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders and if a shareholder(s) owns 75% or more of the shares they control the company outright and…
The new tax year starts on 6th April 2023, so there’s still some time left to consider your options, once we pass this date the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned before the 6th April. Do you fall…