From Monday 15th May 2023, unless you are already using Making Tax Digital (MTD) compatible software, you will no longer be able to use your existing VAT online account to file manual VAT returns. That is because by law, all VAT-registered businesses must now use Making Tax Digital (MTD) compatible…
Businesses need to be vigilant and take steps to manage cyber risks effectively. Cyber-attacks are on the increase and it’s not just large, international corporations that are being targeted. As businesses increasingly rely on technology for their day-to-day operations, they are also exposed to new and evolving cyber risks. Cyber-attacks…
Welcome to the May 2023 Tax Update. In this issue we look at PAYE forms being submitted online, HMRC phasing out paper tax returns, Pensions and Estate Planning, and possible CIS reforms. 2022/23 P11D FORMS TO BE SUBMITTED ONLINE The deadline for filing the P11D forms to report benefits in…
The deadline for filing the P11D forms to report benefits in kind in respect of directors and employees for 2022/23 is 6th July 2023. Note, however, that the original and amended reports must now be made online and paper returns will be rejected. Forms P11D and P11D(b) returns must be…
Like many other taxes, Inheritance Tax (or IHT) allowances have been frozen. This sounds generous of the Chancellor at a time when the Government is strapped for cash. However, it actually means that we are paying more. Data from HMRC has revealed that Inheritance Tax collected between April 2022 and…
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…
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…