Double tax relief
Double tax relief In this week’s article, we will take an in-depth look at double tax relief (DTR). What DTR is, who it is available to and the forms of…
HMRC tax codes
HMRC Tax Codes In this week’s article we will look at HMRC tax codes & HMRC’s new online tool to help taxpayers. What is a tax code Every employee has…
Rent a room relief
Rent a room relief In this week’s article we will look at rent a room relief. What the relief is and how it can potentially save you both time and…
HMRC tips to help protect you
HMRC tips to help protect you HMRC have just released a few top tips to help protect taxpayers. In this weeks article we will be looking at these HMRC’s tips…
Worldwide Disclosure Facility
Worldwide Disclosure Facility In this weeks article we will look at the HMRC’s Worldwide Disclosure Facility (WDF). What it is, who it applies to what you need to do if…
Self-assessment criteria changes
Self-assessment criteria changes Self-assessment criteria changes In this short article we will discuss the self-assessment criteria changes announced by HMRC. These changes will come into effect from 2023/24. From 2023/24…
Employed vs Self-Employed
Employed vs Self-Employed Purpose In this article we will explore some of the key factors that HMRC will consider to determine whether someone is employed or self-employed. Sometimes the employed…
Corporation Tax Change
Corporation Tax Change Corporation Tax update April 2023 The UK government has confirmed that it will proceed with significant corporation tax changes. These changes will come into effect as of…
Business Investment Relief
Business Investment Relief Purpose of business investment relief The purpose of business investment relief is to allow a person claiming the remittance basis, to bring foreign income and gains to…
The 18 year property cycle
The 18 year property cycle In this article we will look at what the 18-year property cycle is, the different stages of each cycle and what it means to existing…
MTD for VAT
Making Tax Digital (MTD) for VAT requires VAT registered businesses with a taxable turnover greater than the VAT threshold (currently £85,000) to keep all of their VAT records digitally.
In addition, businesses must file their VAT returns through MTD compliant software. The option to manually calculate the totals of boxes 1-9, and then keying them in to the HMRC website is no longer available.
HMRC waive late filing & late payment penalties
Some positive news for taxpayers as HMRC announces that they will waive self-assessment late filing & late payment penalties for one month.
This announcement will give taxpayers completing their tax return an additional month to file their return & pay any taxes due.