Dawn of a new era? In his first Budget speech as Chancellor, Kwasi Kwarteng said that ‘we need a new approach for a new era, focused on growth’. He would build this around three priorities: reforming the supply side of the economy, maintaining a responsible approach to public finances, and cutting taxes to boost growth. […]
08
Sep
Sep
Cost of travelling to work Travelling to the workplace may now be unaffordable for some employees but employers who help by reimbursing travel expenses could be creating an extra tax burden for themselves and their employees. The journey between an employee’s home and their permanent workplace is treated as ordinary commuting and is not a […]
27
Jul
Jul
The Government has announced that Capital Gains Tax (CGT) rules for divorcing couples will change on 6th April 2023. Currently, if a couple transfers assets between them any time after the tax year in which they separated, there may be a tax to pay. The new rules will give couples three tax years from the […]
23
Jun
Jun
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 […]
17
Jun
Jun
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 […]
25
May
May
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 […]
18
May
May
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 […]
28
Mar
Mar
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. […]
08
Mar
Mar
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 […]
14
Jan
Jan
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 […]