Taxpayers could take advantage of four key benefits when filing their tax return early, HM Revenue and Customs (HMRC) has stated. The Self-Assessment deadline for the 2022 to 2023 tax year is 31st January 2024. Taxpayers who file early will have more control over their financial affairs and beat the…
Welcome to the July 2023 Tax Update. In this edition we take a look at Super Deduction’s replacement, the extended deadline for topping up NI contributions, the VAT flat rate scheme, working from home, school fees plans, and this month’s events on the accounting horizon. If you need any help…
HMRC late payment interest rates to be revised after Bank of England increases base rate. The Bank of England Monetary Policy Committee announced on 11th May 2023 that it would increase the Bank of England base rate to 4.5% from 4.25%. HMRC interest rates are linked to the Bank of England…
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’…
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…
If you regularly sell goods or services through an online marketplace, you could be classed as a ‘trader’. And if you earn more than £1,000 before deducting expenses through your trading, you will need to pay Income Tax on this. For tax, an online marketplace is any website or mobile…
Welcome to the February 2023 Tax Update! In this edition we look at the delay to Making Tax Digital – again! The new VAT penalty regime, 130% Super Deduction ending soon, changes to R&D this April and key dates on the Accounting Horizon. Making Tax Digital for Income Tax Delayed…
The deadline for submitting and paying your 2021-22 tax return is midnight on Tuesday 31st January 2023. If you’re struggling with the New Year workload and finalising your return, our friendly and experienced Accounting and Tax Teams are here to help. Not only will they ensure that you meet the…
Happy New Year from everyone at Folkes Worton! Here’s our first Tax Update of 2023 – watch this space for our regular monthly updates. New Year Resolutions to Save Tax At this time of year we think about New Year’s resolutions. It is also a good time to start planning…