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P11D deadline July 6

Self-Assessment deadline moved to end of February

Incase you hadn’t heard the news and are still either putting off your self-assessment or frantically trying to get things together to file, the Self-Assessment deadline has ‘effectively’ moved to the end of February. The Government has announced that late payment penalties are to be waived for one month. They are still encouraging everyone to aim to file by January 31, 2022. But people won’t be […]

HMRC say tax phone scams have increased by 21%

HMRC say tax phone scams have increased by 21%

A new HMRC update says that tax phone scams have increased 21 percent on last year, with nearly 800,000 tax-related scams reported in total. A whopping 360,000 of those have been fake tax rebates, approximately. As we draw closer to the Self-Assessment deadline on January 31, 2022, HMRC is warning that the self-employed should be on their guard. Here are some things to watch out […]

Get ahead and invest in an accountant

Making Tax Digital For Income Tax Self-Assessment Delayed

The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (MTD for ITSA) for a year, HMRC has announced. The government says it has made the move in recognition of the challenges faced by many UK businesses as the country emerges from the pandemic. It will now introduce MTD for ITSA in the tax year beginning in April 2024, a […]

National Insurance and Dividend Tax Rises Announced For Social Care Reform

National Insurance and Dividend Tax Rises Announced For Social Care Reform

From April 2022, the government plans to create a new social care levy which will see UK-wide tax and National Insurance Contribution (NIC) increases. There will be a 1.25% increase in NICs on earned income, with dividend tax rates also increasing by 1.25%. The money raised will be ringfenced for health and social care costs. The Levy will be effectively introduced from April 2022, when […]

A guide to self-assessment tax returns for the 31 January deadline

Reasons to file your January Self-Assessment early

It’s not Christmas, the January 31, 2022 Self-Assessment deadline – it comes around earlier than you think, so here are some reasons to file early. Number one, said tongue in cheek, is it will help everyone out – both you, your business, your family and your bookkeeper or accountant. It’s the busiest time of year for us and with all the changes over the […]

Corporate Insolvency and Governance Act 2020

Temporary Insolvency Restrictions to End in October

The Insolvency Service announced that the temporary provisions introduced to protect UK businesses from insolvency will be phased out from 1 October 2021. These measures, which include restrictions on creditors commencing insolvency proceedings, were introduced in June 2020 as part of the UK Government’s economic response to COVID 19. What happened in June 2020? On 25 June 2020, the Corporate Insolvency and Governance Act 2020 […]