The Ultimate Guide to Making Tax Digital
Anyone filing VAT returns from April 1, 2022 onwards now has to file their return digitally as HMRC’s Making Tax Digital reaches its next phase. All businesses registered for VAT – even if they have turnover below the threshold – must file their returns this way from...
Strong Customer Authentication (SCA) rules – what they mean for businesses and consumers
You may have already noticed when you are buying things online that you are now being asked to confirm your purchase in more than one way to improve security, and this is the result of the new Strong Customer Authentication (SCA) regulations which came into effect on...
Bank of England (BoE) base rate rises to 0.75% – what it means for consumers and businesses
The Bank of England (BoE) base rate rose to 0.75% in March in response to Consumer Prices Index (CPI) inflation rising to 5.5% - almost triple the BoE’s target of 2%. Inflation is set to continue rising throughout the year with the Russian invasion of Ukraine creating...
Reclaim Marriage Couples Allowance
Married Couple’s Allowance can be transferred between spouses and civil partners, and while 2m couples have claimed this since it was introduced back in 2015, there are many more people who are entitled to claim it.Go back four years The allowance, which is worth up...
Guide to Company Cars and Vans in 2022
A tax charge may arise if an employee is able to use a company car or van for private use. A further charge will arise if you provide the fuel for any private use. The taxable amounts that will apply for 2022/23 have now been announced. Company cars Where an employee...
4 Ways To Manage Stress
National Stress Awareness Month 2022 In the spirit of National Stress Awareness Month, here are our top 4 tips for helping you manage stress. Learn to breathe It sounds silly but there are many great apps and videos out there that can teach you to control your...
End of year tax planning – what you need to consider
The new tax year on April 6 is accelerating quickly towards us, and now is the time to make sure that any last-minute allowances you may not have made the most of in the 2021/22 tax year are mopped up. There are plenty of allowances that have a time limit on each tax...
Businesses helped by COVID-19 support could face unexpected tax bills
Businesses and self-assessment taxpayers are being reminded they need to include all grants paid as part of the COVID-19 support payments in their tax returns, as some may think these were non-taxable. Have you set money aside to deal with tax on support grants? HMRC...
Spring Statement round-up
The Chancellor’s Spring Statement on March 23 was limited on giveaways, but there were some measures designed to help people struggling with the highest rates of inflation in 30 years. The Office for Budget Responsibility (OBR) has forecast that inflation will average...
Stamp Duty Land Tax – why this will increase as house prices rise and what you can do to reduce it
Stamp Duty Land Tax (SDLT) receipts were somewhat skewed in the last year as the SDLT holiday for properties worth up to £500,000 was phased out on June 30, 2021, and the holiday for properties worth between £125,000 and £250,000 ended on September 30. These two...
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