Overclaimed SEISS grants are now being contacted by HMRC. Following an amendment to self-assessment tax returns made after 2nd March 2021, taxpayers are now being contacted by HMRC where it has been identified they need to repay all or part…
If you have paid taxable expenses on behalf of or provided benefits to an employee or director between 6 April 21 and 5 April 22, you may need to report these to HMRC by 6 July At the end of…
Making Tax Digital for VAT registered businesses for businesses above the VAT threshold of £85,000 has been compulsory since 2019. However, from April 2022, all VAT registered businesses must comply with Making Tax Digital (MTD) and submit returns using MTD…
The self assessment deadline is just about upon us on 31st January and yet according to HMRC, more than 4 million are still to file their 2020 to 2021 Self Assessment tax return. Whilst HMRC has provided a one-month penalty…
Are you getting the input tax relief you are entitled to on your farmhouse costs? What is input tax? Input tax is the VAT that a VAT registered business incurs on its business costs. Where a business cost is incurred,…
Fake HMRC letters are getting more and more common. Did you know there were a staggering 915,762 reports of HMRC scams in 2020? It’s a frightening statistic and one we suspect will be even higher in 2021. So, what steps…
What you need to know about claiming VAT on an electric car for your business Whether a business can reclaim VAT on electric cars is a question being asked more frequently by business owners. With COP26 currently taking place, more…
The Let Property Campaign and all you need to know The Let Property Campaign applies to you if you are an individual landlord and have received rental income that you have not declared to HMRC. If this does apply to…
A simplified tax reporting system may be coming into play after HMRC announces proposed radical changes to the way businesses are taxed Under the current system, tax returns filed by the self-employed, sole traders and partnerships are based on a…
HMRC have a new turnover test for SEISS 5. They have now published their full guidance on the eligibility criteria to receive the 5th instalment of the Self Employed Income Support Scheme (SEISS). Most of the eligibility remains unchanged from…