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For those clients that prepare self-assessment personal tax returns, 31 January is usually tax payment day. This tax will primarily be based on your personal income for the tax year ended 5 April 2022, potentially made up of 2 components: The balancing payment for 2021/22 (total 2021/22 tax less 31-Jan-22 and 31-Jul-22 payments on account).…

As we continually move from the analogue to the digital age, approving business documents by e-signature is becoming evermore common place. In response to this, The Law Society have just issued an updated practice note. This practice note sets the scene by recognising that e-signatures can be in various forms: name typed on a document…

With effect from 1st December 2022, although previous rates can still be used for up to one month after today’s date.   Engine size Petrol — rate per mile LPG — rate per mile 1400cc or less 14 pence 10 pence 1401cc to 2000cc 17 pence 12 pence Over 2000cc 26 pence 18 pence  …

As a new year begins we get closer to the Self-Assessment Tax Return deadline of 31 January 2023.   A majority of returns are now filed on-line but statistics continue to show that many are still left to the last minute to file. Filing earlier means you can avoid any last minute issues with information,…

There are now less than two calendar months before the tax return filing deadline of 31 January 2023. Do not delay – file it today!   If you are not sure if you need to file a tax return, did you…   Work for yourself between 6 April 2021 and 5 April 2022? Become a…

On 17 November the chancellor made his autumn statement and made a number of changes to the UK tax systems. Please take the time to read our summary of the changes announced and their impact via the link below.   Autumn Statement Summary   If you have any questions, or concerns, over these changes please…

Due to the high level of inflation in September 2022, the annual increase in both the National Minimum Wage (NMW) & the National Living Wage (NLW) will be somewhat higher than usual. The Chancellor of the Exchequer accepted the recommendation of the Low Pay Commission to increase the current rates by 9.7%.   The NLW…

It has recently been reported that the tax debt owing to HMRC as at 30 September 2022 stands at £46.9 million, and they are taking positive action to recover this from both individuals and business.   The profession has certainly seen a much more proactive approach from HMRC, and given the financial pressures on all,…

I can remember thinking that accountancy would be a boring career. Over 40-years later I found myself writing the introduction to our newsletter after a budget – aka ‘fiscal statement’ – which incensed the environmental lobby, attracted criticism on the world stage and plunged the pound to record lows against the dollar.   Now, it’s…

As VAT repayment traders, farmers have long enjoyed the privilege of being able to submit their VAT returns late with impunity. Beware. For VAT Returns for periods beginning after 1 January 2023 late submission will have consequences, even for those due a refund. Each late return will attract a point and, for traders submitting quarterly…