Making Tax Digital – Working Towards April 2024

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 … Continued

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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.

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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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