The way businesses register for VAT changed on 1 August 2022. A new VAT Registration Service (VRS) has been created to manage the process. One of the key features of the new VRS is that every business will be automatically signed up to Making Tax Digital (MTD) VAT as part of registration. This removes the […]
Criminals claiming to be from HMRC have targeted individuals by email, text and phone with their communications ranging from offering bogus tax rebates to threatening arrest for tax evasion. Contacts like these should sound alarm bells – HMRC would never call threatening arrest. Anyone contacted by someone claiming to be from HMRC in a way […]
1 November 2022 – Due date for Corporation Tax due for the year ended 31 January 2022. 19 November 2022 – PAYE and NIC deductions due for month ended 5 November 2022. (If you pay your tax electronically the due date is 22 November 2022.) 19 November 2022 – Filing deadline for the CIS300 monthly […]
Homeowners looking to introduce energy efficiency measures into their homes will soon be able to take advantage of new green finance products. The Government has launched a fund to boost the choice of affordable products for homeowners to help them reduce energy consumption. Ministers are keen to scale up the green finance market and provide […]
As families struggle to manage household finances with the cost-of-living crisis, parents are being reminded that there is cash available to help towards childcare costs. Up to £2,000 a year is available to help pay for half-term holiday clubs and wraparound care during school terms. Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “Tax-Free […]
Tens of thousands of pounds is sitting in bank accounts unclaimed by teenagers who may not even know it exists. The cash is from matured Child Trust Funds savings, a scheme set up for every child born between 1 September 2002 and 2 January 2011. To encourage future saving and start the account, the Government […]
Beware of fraudsters if you are starting to think about completing your annual tax returns. Self-Assessment customers have become a target for unscrupulous criminals, with some threatening arrest and others promising a sizeable rebate. In the 12 months to August 2022, HM Revenue and Customs (HMRC) responded to more than 180,000 referrals of suspicious contact […]
Around 40,000 businesses are now exempt from reporting requirements as the Prime Minister unveils a new plan to boost productivity. Liz Truss has announced that thousands of the UK’s fastest-growing businesses will be released from existing requirements and other regulations. Currently, small businesses are presumed to be exempt from certain regulations. However, many medium-sized businesses […]
Time is fast running out for VAT-registered businesses to be ready for Making Tax Digital filing. From the start of next month, organisations will no longer be able to submit VAT returns through their existing online account. By law, all VAT-registered businesses must sign up to Making Tax Digital (MTD) and use compatible software to […]