Tax News

Mini Budget September 2022

Mini Budget September 2022

Date posted: 26th Sep 2022

On 23 September 2022, chancellor Kwasi Kwarteng announced his mini-Budget. The chancellor outlined a series of fiscal updates including: Cuts to income tax Changes to stamp duty Scrapping…

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Making Tax Digital Update

Making Tax Digital Update

Date posted: 17th Aug 2022

Making Tax Digital (MTD) for VAT has been with us since April 2019, with the extension to all VAT registered businesses from April 2022. The next roll-out will…

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Prime Minister Candidates and Possible Tax Cuts

Prime Minister Candidates and Possible Tax Cuts

Date posted: 17th Aug 2022

With the departure of Boris Johnson, the contenders as leader of the Conservative Party and Prime Minister (PM) have now been whittled down to the last two –…

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Beware “Rogue” R&D Consultants

Beware “Rogue” R&D Consultants

Date posted: 17th Aug 2022

In recent years HMRC have identified and successfully challenged a number of spurious claims for Research and Development (R&D) tax credit relief made by purported ‘R&D Consultants’. Many…

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Attracting and Retaining Key Staff with Shares

Attracting and Retaining Key Staff with Shares

Date posted: 17th Aug 2022

In the increasingly competitive jobs market, it is important that employers are able to attract and retain talented people to help them grow their business. Within certain sectors,…

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More Details of MTD for Income Tax Reporting

More Details of MTD for Income Tax Reporting

Date posted: 16th Aug 2022

HMRC are currently consulting on the precise details of what needs to be reported each quarter. As expected, it seems the accounting software will need to record and…

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Close investment holding companies – do you have one and what are the tax issues?

Close investment holding companies – do you have one and what are the tax issues?

Date posted: 11th Jul 2022

At the time of writing (July 2022), the UK has one flat rate of corporation tax – 19%. However, there are planned increases to the rate from April…

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HMRC increasing the penalty intake!

HMRC increasing the penalty intake!

Date posted: 11th Jul 2022

Recent data suggests that penalties imposed by HMRC were £571m in 2021/22. Whilst these penalties will cover a range of taxes and some will relate to tax avoidance…

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Summer Childcare Costs – Tax Relief Available

Summer Childcare Costs – Tax Relief Available

Date posted: 11th Jul 2022

If you have children under 12 who attend a nursery, after school club, play scheme, childminder or you are considering sending them to a summer camp, you should…

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SEISS grants – penalties and reporting

SEISS grants – penalties and reporting

Date posted: 11th Jul 2022

HMRC are reminding sole traders and partners who have received Self-Employed Income Support Scheme (SEISS) grants that there are potentially penalties of up to 100% of amounts over…

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