Changes to VAT penalties and interest from 01 January 2023

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 ... Read more

Mini Budget 2022/Fiscal Event – Key Points

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 ... Read more

New VAT penalty regime and other VAT news

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 ... Read more

1.25% increase to NIC and dividend tax rates 

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 ... Read more

Budget 2021

It is hard to believe that one year ago the Chancellor, Rishi Sunak, was giving his first budget and there was no mention of the word ‘furlough’. A matter of hours later the country was officially in the midst of a pandemic which rendered his budget obsolete (almost). The Chancellor delivered his second budget to ... Read more

COVID-19 Update 3

The Chancellor announced on 24 September a whole new raft of measures and support schemes for businesses and individuals during the COVID-19 crisis. Some of this is very welcomed news but some not so much. As with so many things in life we all wish that more could be done by the government (removing the ... Read more