Audit exemptions can be confusing, with several rules that can cause complications. In this quick guide, we’ll outline everything you need to know so you can operate with confidence.
HMRC have recently announced the delay of the introduction of the Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) scheme until 2026. This delay will give those in scope more time to prepare and will reduce the risk of HMRC systems and support services becoming overwhelmed when the deadline hits.
HMRC have announced changes to how VAT refunds can be repaid into an overseas account. Previously they would send out a cheque, however you can now recieve repayments directly into your bank account.
The deadline for the register of Overseas Entities is January 31 2023. It is imperative if you meet the criteria to register as an Overseas Entity to sign up before the deadline.
HMRC have announced changes to how penalties are applied for late VAT returns. From 1 January 2023 late payment penalties will apply to any payments of VAT not paid in full by the due date and you will face penatly points if you submit your VAT return late.
Making Tax Digital (MTD), the initiative from HMRC that aims to digitise the tax system was set to be mandatory for Income Tax from April 2024, but recent announcements show that it will be postponed until April 2026.
Our latest Owner Managed Business (OMB) survey looked at the impact of the pandemic on businesses across the UK. Much of the optimism from last year has eroded, with many businesses now expecting their profits to be impacted by the rising costs across the U.K.
The Partnership Act 1890 defines a General Partnership, otherwise commonly known as an Ordinary Partnership or Business Partnership, as two or more individuals ‘carrying on a business in common with a view of profit’.
Key highlights from the Chancellor's Autumn Statement.
In preparation for the introduction of Making Tax Digital in April 2024 there are significant changes to the way profits from self-employment and partnership profit shares (including LLPs (Limited Liability Partnerships)) will be taxed from April 2023.
1 November 2022 - Due date for Corporation Tax due for the year ended 31 January 2022. 19 November 2022 - PAYE and NIC deductions due for month ended 5 November 2022. (If you pay your tax electronically the due date is 22 November 2022.)
As part of Making Tax Digital for VAT, VAT registrations have changed. The way businesses register for VAT changed on 1 August 2022. A new VAT Registration Service (VRS) has been created to manage the process.