The deadline for Making Tax Digital (MTD) has been extended by two years to April 2026. However, nothing has changed when it comes to the immediate benefits of going digital. We’re strongly encouraging landlords and sole traders to make the switch to MTD compliance...
This blog focuses on the business related taxes main points of Chancellor’s Jeremy Hunt first Budget to Parliament, or Spring Budget, presented on15 March 2023. BUSINESS TAXES National Insurance Contributions (NIC) for the self-employed in 2023/24 Self-employed...
As well as charging interest on tax paid late, HMRC may also levy a penalty where there is an error in a tax return. These penalties may be judged as careless or deliberate and the level of penalty will also depend upon whether or not; the taxpayer has been upfront,...
At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs and see where you can save tax in 2023 before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA...
If you’re a VAT-registered business, you need to be aware of the upcoming changes to VAT late payment penalties. Starting next year, HMRC will bring in a new penalty and interest regime for late filing and late payment of VAT. It represents a dramatic change in the...
Through our VAT review services we come across many common errors. One in particular relates to input tax reclaims on road fuel. We have put together the following guidance to help clear up common misconceptions and errors. Reclaiming VAT on business fuel costs There...
