Timing can be important when deciding to switch accountants, as certain factors can influence the process and make the transition smoother. While there is no specific “best” time to switch, considering the following aspects can help ensure a successful transition: End of the Tax Year: It can be beneficial to time your switch around your…
A quick list of the changes to taxes and related legislation from April 2023 – These have been in the pipeline for a few years now, the impending March 2023 budget may alter some of these. ** Now updated for March 2023 budget** £900 Cost of Living Payment for households on means-tested benefits in 2023-24…
If you live in the UK, you will be very aware of the current economic and political situation that we’re currently being faced with. The announcement on the 6th of September of the new Prime Minister and Chancellor of the Exchequer’s appointment, Liz Truss and Kwasi Kwarteng respectively signalled the start of a new…
Are you dreading filing your UK tax return? Do you find the whole process confusing and overwhelming? If so, you’re not alone. In fact, research shows that nearly 60% of small businesses in the UK don’t use an accountant to file their taxes. While it’s certainly possible to file your own taxes, there are…
With a turbulent start to September 2022, the announcement of a new Prime Minister, and new Chancellor, It was expected that there would be some changes to existing policies as the new government starts to make its claim on the economy of the Nation. There was some delay in this due to the passing…
Earlier today Chancellor Rishi Sunak announced some economic updates and changes following the UK’s current inflation rise at the start of 2022. He also announced the publishing of a “Tax plan”, that ensures the government will take a “Principled approach to cut taxes” which will help the government to achieve their “overarching ambition to reduce…
On the 6th January 2022, HMRC announced that they were waiving late filing and late payment penalties for Self Assessment taxpayers who either hadn’t yet filed their tax returns or paid their personal tax liabilities. HMRC is still encouraging taxpayers to file and pay in time if they can, but they recognised that just over…
Making Tax Digital for Income Tax is a part of the government’s plans to make it easier for businesses and individuals to manage their tax affairs and get their taxes right. Their main element is to move the recording keeping from manual records, over to software, which in HMRC’s eyes will: enable some efficiencies,…
From April 2019 VAT registered businesses with sales of more than £85,000 must follow the rules for Making Tax Digital for VAT. This is currently also an option for those VAT registered businesses with sales of less than £85,000, who can follow the rules voluntarily. (from 1st April 2022 all VAT registered businesses must adhere…