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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Missing Out on Help with Childcare Costs?

The Government is concerned about the lack of take up of tax-free childcare accounts, with HMRC estimating that only about 25% of families eligible for the scheme have joined.  With many parents returning to work following the pandemic, they should be encouraged to set up a tax-free childcare account to … Continued

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Beware of fraudsters seeking to attack personal tax accounts

Beware of fraudsters seeking to attack personal tax accounts

Beware of fraudsters seeking to attack personal tax accounts HMRC is warning individuals not to share their personal information online to avoid their identities being used to claim bogus Self-Assessment tax refunds… Folkes Worton #AccountingForTheFuture #HMRC #selfassessment #taxrefund #fraudsters #phishing

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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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Government Support Update – January 2022

Statutory Sick Pay Rebate scheme (SSPRS) The Government is reintroducing the Statutory Sick Pay Rebate Scheme (SSPRS). This will be a temporary scheme to support employers facing heightened levels of sickness absence due to COVID-19. The SSPRS will refund small and medium-sized employers’ COVID-related SSP costs for up to two … Continued

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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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