With the growing popularity of cryptocurrencies, some businesses have started to accept crypto payments. In simple terms, a cryptocurrency is a form of digital money. It can be used for online transactions and is designed to be secure. The most … Continue reading Accepting crypto payments
Many firms who took out government-backed Bounce Back Loans (BBL) last year will now be making repayments to the lending bank. Firms still struggling with the effects of COVID-19 disruption have various options to extend these loans or take … Continue reading Pay-as-you-grow options for Bounceback Loans
Making Tax Digital (MTD) for VAT is to be extended to cover businesses with a turnover below the VAT threshold from April 2022. The MTD for VAT regime started in April 2019 when businesses with a turnover above the VAT threshold of £85,000 became … Continue reading Are you registered for Making Tax Digital for VAT?
HMRC has announced that late filing penalties will be waived for taxpayers that file their 2020-21 Self-Assessment returns by 28 February 2022. The due date of 31 January 2022 remains and HMRC is still encouraging taxpayers to try and meet this … Continue reading HMRC agree delay in tax return deadline
Beer Duty is chargeable on beer with a strength of more than 1.2% alcohol by volume (ABV). The description of beer includes ale, porter, stout, any other description of beer, and anything else made or sold described as beer or a beer substitute, … Continue reading Changes to Beer Duty and Soft Drinks Levy
The High Income Child Benefit charge applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge claws back the financial benefit of receiving child benefit either by reducing or removing the … Continue reading Will you need to repay child benefits?
The government has announced that it is to reintroduce the Statutory Sick Pay Rebate Scheme (SSPRS). This will be a temporary scheme to support employers facing heightened levels of sickness absence due to COVID-19. The SSPRS will refund small and … Continue reading Coronavirus sick pay rebate scheme to be reinstated
Any self-employed person who has more than one source of self-employment is required to pay Class 4 National Insurance Contributions (NICs) on their total taxable profits. Class 4 NICs are paid by the self-employed as a percentage of annual … Continue reading Paying NI if you have more than one source of self-employment
HMRC has published a press release reminding Self-Assessment taxpayers that they must declare any COVID-19 grant payments on their 2020-21 tax return as these are taxable. This is an important message that must be borne in mind as the deadline for … Continue reading Reminder to declare Covid grants
The Chancellor, Rishi Sunak has announced a new £1bn support package for businesses most impacted by the highly transmissible Omicron variant that is sweeping across the UK. The biggest single measure is the re-introduction of one-off grants of … Continue reading £1bn in support announced
Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. An online payment plan for Self-Assessment tax bills can … Continue reading Are you struggling to pay your tax liability?
Pension Planning In the run-up to the Autumn Budget, many were predicting that the chancellor might announce restrictions to pension tax relief. Thankfully nothing has changed -yet.For most taxpayers, the maximum pension contribution continues to … Continue reading Tax planning ideas for the new year