Death of a company director
The untimely death of a sole shareholder/director of a private limited company can bring business to a standstill and put considerable pressure on the deceased’s personal representatives.
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Interest on late paid tax
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.
Cryptoassets are taxable
In uncertain times people instinctively look for alternative ways to invest and some may choose cryptoassets such as Bitcoin and non-fungible tokens. If you decide to go digital with your investments, think about how the profit or loss you make on these assets will be taxed.
Hospitality VAT rates increase
The hospitality and tourist sectors have been supported through the Covid-19 pandemic by being able to pay a reduced amount of VAT to HMRC in respect of most sales.
MTD for VAT is compulsory
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) you need to take action.
Post Brexit VAT rules for invoicing overseas clients
There has been an added twist on VAT rules for invoicing overseas clients post-Brexit. Business to business (B2B) supplies of professional services, such as those of an accountant were and continue to be treated as being supplied where the recipient belongs, in line with the place of supply of services general rule; a different treatment…
Changes for self-employed tax returns
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 of your business transactions in a digital format and use those records…
Increases in income tax
The tax payable on dividends is set to rise from 7.5% to 8.75% for basic rate taxpayers from 6th April 2022. Higher rate taxpayers will pay 33.75% on dividends and additional rate taxpayers must budget for dividend tax of 39.35%. These rates will apply to all dividends taken from all companies where the total dividend…