The way HMRC calculates interest on late VAT payments and repayments of VAT has also changed for VAT periods starting on or after 1 January 2023. What will happen if you submit a VAT return late? For VAT periods starting on or after 1 January 2023, penalties for submitting VAT returns late will work on…
Newly appointed Chancellor of the Exchequer, Kwasi Kwarteng, has just delivered a speech (fiscal event speech as the government is calling it) and it’s packed with implications for individuals, small businesses, contractors, and those in property. We have highlighted below some of the key announcements that would affect you. Income tax & National Insurance The…
Now we all know that we live in a world of deadlines and however much we might relent against it, we can’t really! So let’s get on with hitting them. If your company is VAT registered, then you must be registered for MTD and filing through this mechanism. If you would like some guidance on…
1.25% increase to NIC and dividend tax rates In an unprecedented move the government has confirmed that the rates of National Insurance are to be increased to pay for the impact of the coronavirus pandemic on the NHS and to address the long-standing funding gap for health and social care. This breaks the Conservative’s manifesto…