From 6 April 2023 all unincorporated businesses will have to keep their business records in a digital format and submit quarterly reports derived from those records to HMRC using MTD-compatible software. These are the basic obligations under making tax digital for income tax self assessment (MTD ITSA).
The latest advisory fuel rates (AFR) for company car users have been published by HMRC. These are effective from 1 September 2021 and mileage rates have increased by 1p or more for all petrol and diesel vehicles.
The ‘Non-Resident Landlord Scheme’ (NRLS) is a scheme for taxing the UK rental income of non-resident landlords. Under the scheme basic rate tax (20%) is deducted from the net rent collected by an agent (less expenses paid). There is an exception to this where an agent/tenant has authority from HMRC to pay the landlord gross.
The SEISS is the main source of government funding for self-employed individuals who have been affected by the Covid-19 pandemic. Thus far, four SEISS grants have been made and the 5th grant is expected to open later this month with a claim deadline of 30th September 2021.
Couples who receive child benefit are in danger of having some of that benefit clawed back as a tax charge if the higher earner has annual income of over £50,000. When the higher earner has income exceeding £60,000 all of the family’s child benefit is clawed back.
The Bounce Back Loan Scheme (BBLS) was designed to enable UK businesses to access finance quickly during the Covid-19 pandemic. Businesses that were losing revenue and seeing their cashflow disrupted as a result of the outbreak were able to apply for loans of up to £50,000 from May 2020, with a payment holiday in place…
Self-employed individuals will be able to apply for the fourth SEISS grant from late April if they submitted their tax return for 2019-20 by midnight on 2 March 2021 (it was due by 31 January 2021).
The Chancellor announced that taxes would have to rise, but not quite yet, as all tax rates except for VAT are frozen for 2021-22.
