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…
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…
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…
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…
Update on Government schemes in response to COVID-19 We are now well into the lockdown and we hope that you are keeping safe and well. Here, at Banner & Associates we are adjusting to working from home and although there are some differences to the way we service our clients. Remember if you want a…
COVID-19 Government schemes to help I have compiled this document to help people understand what schemes are available to you from the government. These are desperate, strange times that we live in. It goes without saying that your priority is for your health and the health of your family and others. Therefore, stay at home…
A reminder to you all that there is now tax on dividend! This has been the case since 6 April 2016. The tax-free dividend allowance is £5,000 currently in the 2017/18 tax year (up to 5 April 2018). This is reducing to £2,000 for 2018/19 (from 6 April 2018). What I have done is gone…
On Wednesday 22 November 2017, Chancellor Phillip Hammond delivered his second budget to the House. He had to put on a good performance to keep his job after criticism following the Spring Budget and with rumours that Michael Gove (Secretary of State for Environment) is circling for the job of Chancellor. Although this was a…
The Chancellor announced in the Autumn Statement the introduction of a new 16.5% flat rate of VAT for ‘businesses with limited costs’. This will be effective from 1 April 2017. It will be the responsibility of the business/limited company to determine whether they meet the definition of a limited cost trader. This also applies to…