by yasiradnan94 | Jan 7, 2022 | Accounting, Tax planning, VAT
Currently if you pay your VAT bill late you may receive a penalty of up to 15% of the late paid amount, even for a one-day delay. The Government agrees that this is harsh, so it is reforming the late-payment penalties for VAT periods starting on or after 1 April 2022....
by yasiradnan94 | Dec 24, 2021 | Accounting, Advice, Tax planning
Child benefit is not taxable but sometimes needs to be declared on tax returns. Since 2013 the high income child benefit charge (HICBC) claws back some or all of the child benefit paid to families where the highest earner in the family has total income of £50,000 or...
by yasiradnan94 | Dec 13, 2021 | Accounting, FAQs, Freelancers, Small Businesses, Tax planning
Making tax digital for income tax self assessment (MTD ITSA) will replace the self assessment tax return for unincorporated businesses from April 2024 for sole traders and from April 2025 for most partnerships. The MTD ITSA regulations will require you to keep records...
by yasiradnan94 | Dec 6, 2021 | Accounting, Business, Small Businesses, Tax planning
The UK tax system is under attack from fraudsters who attempt to register numerous people for self assessment then submit false repayment claims. To counter this attack HMRC has been checking self assessment registration applications and repayment claims in greater...
by yasiradnan94 | Nov 8, 2021 | Accounting, Business, FAQs, Small Businesses
Research and development (R&D) tax reliefs can be very generous for small companies, giving a deduction of 230% of qualifying costs. However the categories of expenditure which qualify for R&D relief were defined over 20 years ago and do not include costs of a...
by yasiradnan94 | Nov 6, 2021 | Accounting, FAQs, Financial planning
In the March 2021 Budget the Chancellor announced a super-deduction scheme that provides a 130% deduction for the cost of new plant or equipment if it is purchased by a company before 1.4.23. Expenditure on other new assets such as fixtures and integral features in...
