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…