The tax reductions set out in the Kwarteng/Truss mini-budget of 22 September 2022 have been scrapped, apart from the cancellation of the NIC increase for 2022-23, the withdrawal of the Healthcare Levy from April 2023, the changes to Stamp Duty Land Tax and the increase in the Annual Investment Allowance. As we are presented with […]
A rising number of businesses are failing as the Government’s pandemic support is withdrawn and banks push their credit score limits higher making it harder to borrow. The Office for National Statistics has reported that there were 5,600 registered company insolvencies from April to June this year, a 13 per cent increase from the first […]
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 […]
Anyone planning to complete a tax return for 2021-22 must notify HM Revenue and Customs (HMRC) by Wednesday. Before customers can complete their first tax return, they need to register with HMRC to receive their Unique Taxpayer Reference (UTR) which they need to file a return. The tax return deadline for the 2021 to 2022 […]