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…
More time to prepare for Making Tax Digital for Income Tax Self-Assessment The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is now being phased in from April 2026. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April…
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…
Self-Assessment: don’t forget to declare COVID-19 Grants HMRC is reminding taxpayers that they must declare COVID-19 payments in their tax return for the 2021 to 2022 tax year. These grants are taxable and should be declared on tax returns for the 2021 to 2022 tax year before the deadline on 31st…
HMRC will be changing the way they assess profits for sole traders and partnerships. Previously, if you had a year-end between the 6th April and 30th March you were taxed on the profit made on your year-end accounts that falls into a set tax year. This will now change so…
HMRC is reminding their Self-Assessment taxpayers that they must declare COVID-19 payments in their tax return for the 2021 to 2022 tax year. More than 2.9 million people claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2022. These grants are taxable and should be…
HMRC is urging their Self-Assessment customers to be vigilant of fraudsters and scams asking for personal information or bank details.
You will probably be aware that Making Tax Digital (MTD) became compulsory for all VAT registered business (regardless of turnover) in April of this year. The new rules require all qualifying businesses to use HMRC compliant software such as Intuit QuickBooks, Xero, Sage, Dext with Receipt Bank or FreeAgent, etc.,…
MTD for income tax – Quarterly information to be reported by businesses Making Tax Digital (MTD) for Income Tax will apply to sole traders, property landlords and certain other businesses with gross turnover and/or property income over £10,000 a year and will commence in April 2024. The system will then…