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Sticks and Carrots – No Change Then Over recent years farmers have been incentivised periodically to change their crop choices. We have had ‘yellow years’ as Oilseed Rape coloured our landscape and ‘blue years’ when Linseed was dominant. I suspect that ‘green years’ may be the next favoured colour and I’m not just thinking of…

Currently for 2022/23 Self -Assessment tax returns, when Sole Traders and Partners are taxed on their Self-Employment profits, we use Tax Basis Period rules to decide which tax year the profits are assessed in.   This means your Self-Employment accounts are made up to the year-end date you chose at the commencement of trading, and…

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…

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…

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 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…

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…

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…

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 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…