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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…
State Pension Update – Tuesday 7th March 2023Since this Insight was posted on 23rd February 2023, HMRC has announced an extension to the deadline to pay missing NI years to 31st July 2023.CLICK HERE to visit HMRC’s announcement If you are planning to claim the UK state pension you should…
If you have recently registered a new company with Companies House, beware of scam letters you may receive that look as though they are from an official source, asking you to register an account and make a payment to them. We have just received the example below from ‘Company Registry’.…
Households, businesses and organisations who are ‘off the gas grid’ to receive energy bill support over the coming weeks From Monday last week, households across Great Britain who don’t use mains gas for heating started to receive £200 towards their energy bills as the Alternative Fuel Payment (AFP) scheme launched.…