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Latest News Round-Up | April 2022
Penalty Reprieve Ends and Interest Rate Hike Any taxpayer that was relying on the relaxation of the late payment penalty rules must have either paid
Latest News Round-Up | September 2022
Making Tax Digital – A New Penalty Regime For All The current penalty system for late payment and/or late submission of tax returns differs depending
Letters about Corporate Losses
When a company makes a loss after 1 April 2017, those losses can be set off in a far more flexible fashion than earlier losses,
Loophole for Fund Managers that Chancellor Called ‘Absurd’ Set to be Closed
One area of potential tax reform that we know we should expect to hear more about on Budget day surrounds the tax treatment of ‘carried
Making Tax Digital (MTD) for Income Tax Starts in Six Months
Making Tax Digital (MTD) for Income Tax begins in April 2026. It will initially affect sole traders and landlords earning over £50,000 annually. The thresholds
Many Possible Changes Could be Arriving for IHT
Gifting rules look like they could be a target as one of several options to reform Inheritance Tax (IHT) and raise extra revenue for the
March Key Tax Dates 2025
19th For employers operating PAYE, this is the deadline to send an Employer Payment Summary (EPS) to claim any reduction on what you’ll owe HMRC.
Millionaire Business Owners: Increase CGT to Raise £14bn
As Budget day inches ever closer, one of the leading topics at the heart of speculation continues to dominate the headlines. Namely, Capital Gains Tax
More Time to Pay Missing National Insurance Contributions
In March we reminded you to check whether your national insurance contribution (NIC) record contains any gaps, and how this could affect entitlement to the
Mounting Speculation of Inheritance Tax Changes to Come
As speculation mounts that the new Government will soon make changes to raise more money for the Treasury via Inheritance Tax (IHT), it seems we’re
My Company Pay Late Corporate Tax Interest. Is that Interest Tax Allowable?
My company has paid interest on late-paid corporation tax. Is that interest tax allowable? Yes. Interest paid to the Tax Office on late-paid corporation tax
New Rules for Businesses on Employee Hours Data Delayed
New rules for businesses surrounding submitting data about employees’ hours through the tax system are to be delayed by a whole year, HMRC has announced.
New Scottish Tax Sparks Petition to Recall Powers
If you’re a Scottish resident, you’re no doubt aware that from April a whole new band of tax has taken effect. The new Advanced Income
New Year, New Budget
It might seem like only a few weeks ago that we had the Autumn Statement, but already we’ve had news in the early days of
November Key Dates 2024
1st 1 November onwards – more details of Treasury’s Budget papers expected to be published. 7th Due date for online submission of VAT return and
October Key Tax Dates 2025
1st Corporation Tax payments are due for companies with a year-end of 31st December. 19th For employers operating PAYE, this is the deadline to send
One Way of Getting Money Out of Your Company – Charge Rent
Although dividends are generally the most tax-efficient method by which money can be extracted from a company, renting a property you own to your company
Online Sellers Watch Out for ‘Side Hustle Tax’
You may have seen one of the early 2024 tax stories popping up in many of the national newspapers relates to a so-called ‘side hustle
Paying Tax on Ebay Purchases
I’ve sold a lot of unwanted Christmas presents on Ebay and I remember reading something about paying tax on what you make on Ebay. That
Paying Tax on Savings as a Higher-Rate Taxpayer
Q. I’m going to become a higher-rate taxpayer, which means my savings will start to be taxed. How do I pay this to HMRC? A: Congratulations on