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HMRC: Simple Assessments
We are seeing a lot of tax calculations (forms P800) and ‘Simple Assessments’ (forms PA302) being issued by HMRC recently. Many of the tax calculations we have seen are incorrect – either because they only include an estimate of non-PAYE income (i.e. bank interest, life assurance gains, property profits), or they omit non-PAYE income…
Government launch “Find-a-Grant”
The government has launched a web database for organisations to search and apply for government grants: https://www.find-government-grants.service.gov.uk/ There are currently 69 government grants on the database, but it is expected that this will grow over time. Business grants, for this region of the country, that immediately catch my eye, include: Woodland Creation…
Autumn Statement Predictions
The Chancellor, Jeremy Hunt, has confirmed that the Autumn Statement is scheduled for 22 November 2023. This will give the Chancellor the opportunity to set out future tax plans and give some indication of whether there are likely to be any potential tax cuts before the general election, which must be held before the end…
Xero: Retiring old versions of reports
Xero has two versions of reports – and old version and a new version. They are retiring the old version of their reports at 7pm BST on 30 July 2023. At which point, it will be time to switch to their exciting new reports and you will no longer have access to old reports. If…
Certificate of Tax Deposit (CTD): Use it or Lose it
The CTD scheme allowed individuals, companies, personal representatives, and trustees to deposit funds with HMRC, which could later be used to pay certain tax liabilities. The scheme for new purchases closed on 23 November 2017. Existing certificates will be honoured until 23 November 2023. Any remaining certificates after this date should be promptly submitted…
Parents: Act now to preserve your child benefit entitlement?
As today is GCSE results day, parents whose child is staying in education or training have only until 31 August to re-register with HMRC if they wish to continue receiving child benefit. Such re-registration will continue entitlement to receive this benefit until the child reaches 18. If relevant to you, you should have already…
Self-Serve VAT Payment Plans Launched By HMRC
As of 31st May 2023 certain VAT-registered businesses are now able to arrange VAT payment plans directly with HMRC via their online account. HMRC – Set Up A VAT Payment Plan Businesses will be eligible to set up the payment plan online if: the latest VAT return has been filed; the total amount…
Airbnb hand over ‘goldmine’ of hosts’ data to HMRC. Are you at risk?
Airbnb has been forced to share users’ income details with HM Revenue & Customs (HMRC) according to widespread reports in the press. It is part of a crackdown on holiday let owners who fail to declare their incomes and to help HMRC identify people who owe tax. If you have not already declared any rental…
Reported your employee’s expenses and benefits?
P11D & P11D(b) For employers who provide expenses and benefits to their employees, there is now under a month to go to ensure your P11D and P11D(b) submissions have been made with HMRC (6th July 2023). Payments of Class 1 A National Insurance must be made by 19th July 2023 (22nd July 2023 if…
The End of the Super-Deduction
The Super-Deduction isn’t so super if your Company’s accounting year end is after 31st March 2023! Between 1st April 2021 to 31st March 2023, Companies have been able to benefit from a new 130% first year capital allowance for investing in new plant and machinery. For Companies that have purchased qualifying assets before…