Making Tax Digital (MTD) for income tax
Self-employed businesses, partnerships and landlords with annual gross business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2024. Making Tax Digital (MTD) is a government initiative to modernise HMRC’s tax system, with the aim of making…
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Abolishing IR35
The Chancellor has announced plans to abolish the IR35 off payroll working rules for the public and private sector from April 2023 The measure will cost up to £1.1bn a year from 2023-24 tax year, rising to £2.6bn by 2026-27. The off payroll working rules were introduced in 2017 for the public sector and 2020…
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Government Growth Plan
The package of measures to deliver a pro-growth, simplified tax system that supports business investment across the United Kingdom, and allows people to keep more of their own money. This comes a day after the government announced that the Health and Social Care Levy (HSCL) of 1.25% due to be introduced from April 2023 will not…
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Tax Efficient Savings
HMRC have recently updated their guidance for companies looking to attract investors to buy shares in their company. If structured correctly, and if the company qualifies under the Enterprise Investment Scheme (EIS) or the Seed EIS rules, the investors can potentially take advantage of a number of generous tax breaks. Under the EIS, the company…
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Covid 19 Newsletter
C19 NEWSLETTER ‘ECONOMIC EMERGENCY HAS ONLY JUST BEGUN’ In his spending review yesterday Rishi Sunak said the “economic emergency” caused by Covid-19 has only just begun, as he warned the virus would mean lasting damage to growth and jobs. Official forecasts now predict the biggest economic decline in 300 years. The UK economy is expected…
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Covid-19 Grants
People and businesses across the UK are being provided with additional financial support as part of the government’s plan for the next phase of its response to the coronavirus outbreak, the Prime Minister announced today (31 October). Throughout the crisis the government’s priority has been to protect lives and livelihoods. Today the Prime Minister said…
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Tier Local Lockdown
There is expected to announce a three-tier alert system of medium, high and very high risk, in the face of escalating numbers of infections in the various parts of the country. Tier one, the lowest level of concern, would see national restrictions such as the rule of six, a 10pm curfew on restaurants and pubs…
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Tax Scams in the Pandemic
A Freedom of Information request from the firm has revealed taxpayers reported 9,948 Covid-related scams to HMRC between January and June. Activity peaked in May, with 5,048 incidents explicitly mentioning Covid, then proceeded to fall by over 55% to 2,495 in June. The total number of all phishing scams reported to HMRC was 44,777 in…
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