Do you have fee protection insurance in place? If not, read on so you are prepared. Did you know every year HMRC undertake a reported 300,000 compliance checks on self-assessment tax returns? And did you know they can do checks…
In addition to self- serve time to pay arrangements for self-assessment, HMRC has now launched self-serve time for VAT registered business subject to certain conditions. These conditions are as below: The business must: Be VAT registered; Owe £20,000 or less;…
Don’t fall into the trap of paying your simple assessment tax bill twice. Small business owners aim to keep their tax bills as low as possible but this year, many using simple assessment are ending up paying twice! The reason…
The national insurance contributions deadline extended by HMRC Further to our previous post on voluntary contributions, the National Insurance deadline has been extended and taxpayers will now have until 31 July 2023 to make voluntary contributions going back to April…
What are National Insurance contributions? National insurance contributions are effectively a tax on the money you earn as an employee or profits you make if self-employed. These contributions build up over the years to give you the entitlement to claim…
Do you need to make voluntary National Insurance contributions? Check your national insurance record before 31 July 2023. The deadline is approaching! If you plan to claim the full UK state pension at any time in the future, ensure you…
Did you know you can now automatically pay your PAYE or CIS using the new HMRC direct debit system to ensure you never again forget to pay? HMRC have now introduced the ability to automatically pay your PAYE or CIS…
Prepare for upcoming changes to HMRC's VAT late payment penalty and VAT interest charges As of November 2022, all VAT-registered businesses were required to submit their returns via Making Tax Digital software. In line with this, from 1st January 2023,…
Further to our article on How to Spot Fake HMRC letters, whilst the number of HMRC scams has somewhat declined over the last 12 months, there is still a huge amount going on. One way to help stop being scammed…
The deadline for Making Tax Digital for VAT is less than a month away. Find out what to do to be ready and avoid any penalties What is Making Tax Digital Making Tax Digital (MTD) is an initiative by HMRC…