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.
Category: HMRC notices
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.
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…
New Penalties for Non-Compliance with Making Tax Digital
HMRC have issued guidance for VAT-registered business and their agents on how to avoid penalties for non-compliance with the Making Tax Digital for VAT (MTD) rules.
Making Tax Digital is now mandatory for VAT-registered businesses
All VAT-registered businesses must use #MTD for #VAT for their first VAT return period that starts on or after 1st April 2022. For anyone unsure about this, we can help to choose the software that is right for you.
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…
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
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
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…
HMRC waives late filing penalty but late payment interest will still stand for self-assessment
HMRC has recognised that Self-Assessment taxpayers may need more time to file and pay their 2020-21 tax return due to the continuing pressures of COVID-19 and the Omicron variant. Late filing and payment penalties will now be waived as long as your return is filed online by Monday 28th February…