by yasiradnan94 | May 10, 2022 | Accounting, News, Tax planning
All late paid tax now carries interest at 3%. Where the tax has been outstanding for more than six months a 5% surcharge on the outstanding amount may also apply. Surcharge rates of up to 15% can apply for VAT paid just one day late. If you can only pay some of your...
by yasiradnan94 | Mar 11, 2022 | Accounting, Business, News, Tax planning, VAT
For VAT periods starting on and after 1 April 2022 all VAT records must be recorded digitally and returns must be submitted under the Making Tax Digital (MTD) regime. If you are not already submitting your VAT returns using MTD-enabled software (or asking us to do so)...
by yasiradnan94 | Mar 7, 2022 | Accounting, Advice, News
Do you remember those annoying ‘claim back your PPI’ adverts? Thousands of people received repayments, which included interest calculated at 8% on the PPI premiums refunded. Where the PPI settlement was paid after September 2013 the bank or insurance...
by yasiradnan94 | Feb 12, 2022 | Accounting, Advice, News, Tax planning
Following the increase in the base rate, HMRC has confirmed that the late payment interest rate will rise a quarter of a percent from 21 February HMRC has increased the current late payment interest rate applied to the main taxes and duties to 3% from 2.75% effective...
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...