Changing NIC in July The rates for national insurance contributions (NIC) increased by 1.25 percentage points for everyone on 6 April 2022. From 6 July the NIC starting threshold will rise to £12,570 per year (£1,048 per month) for employees. This means that some lower paid employees will have more Class 1 NIC deducted from […]
If you have made a claim about being mis-sold aPayment Protection Insurance (PPI) policy and also received an interest payment then you may be able to get a tax refund.This is because the interest payment is paid net of basic rate tax and for a basic rate taxpayer you are allowed to earn £1,000 of […]
Having passed my AAT level 3 in January of this year, I was excited but also nervous to start my level 4 course as I knew that it would require a lot of hard work and dedication, as this level involves a lot more study hours than previous levels. I have now sat and passed […]
The Chancellor, Rishi Sunak has confirmed there will be no further help for the public and businesses as prices continue to rise.We must therefore look at all we can do to help cut our own costs and see us through this difficult time.One way is to review all the tax advantages currently in place.To start […]
Sunak springs surprises The Chancellor presented two Budgets in 2021 in which he set out a great many details of the tax rates and rules that will apply until April 2026. The 2022 Spring Statement was expected to review the economic situation and adjust forecasts, but was not supposed to include anything significant about tax. […]
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 […]
If you have set up your Government Gateway account you can now ‘self-serve’ to make arrangements to pay your tax bill by instalments. The conditions for this are: You have filed your 2021 tax return What you owe is less than £30,000 You are within 60 days of the payment deadline Can pay it off […]
New MTD filing penalties Filing VAT returns using making tax digital (MTD)-compatible software will be compulsory for all VAT registered traders for periods beginning on or after 1 April 2022 unless HMRC agrees that the taxpayer is exempt. Sole traders will also have to file quarterly and annual income tax reports using MTD software from […]
The question we always get asked is “should I buy this rental property in my name or a limited company?”. The answer is no longer straight forward and will depend on your individual circumstances and it is not just about the tax. People started buying residential investment properties in limited companies to avoid having the […]
Universal Credit claimants to keep more wages Many employed and self-employed people claim Universal Credit as they have low or unpredictable levels of income. It provides a much needed top-up to their earnings but the benefit is reduced as the worker earns more due to the Universal Credit taper rate. Currently the taper rate is […]