Child Benefit is a universal benefit; every family with a child under 16 (20 if the child is in approved education or training) is entitled to receive it. However, since 2013, Child Benefit has been clawed back from certain higher rate taxpayers by means of a tax charge. This tax charge applies where the higherRead More
Most VAT-registered businesses have been required to comply with the Making Tax Digital (MTD) regulations for VAT since 1 April 2019. Until now, HMRC has taken a soft approach to those who have not switched to submitting VAT returns using MTD-compliant software, but that is changing. Around 800 businesses have been told that they willRead More
Repayment claims are being challenged by HMRC, do not ignore them when they contact or you risk losing out Many taxpayers are currently claiming tax refunds, as the covid-19 pandemic has turned normally profitable businesses into loss-making ones. Unfortunately, fraudsters are also trying to cash in, by using the ID details of genuine businesses toRead More
Construction Industry VAT changes From 1 March 2021, the responsibility for accounting for VAT on building works will shift up the supply chain to larger contractors. Building sub-contractors will no longer charge VAT to other businesses in the construction industry. Instead, their building customers will account for the VAT as both a purchase and saleRead More
At the start of the coronavirus pandemic, the UK Government gave individuals and businesses the option to defer, until 2021, payments of Income Tax due by 31 July 2020 and VAT due in the period 20 March to 30 June 2020. In both cases, you could pay the tax or VAT by the original dueRead More
In addition to the various coronavirus business loan schemes, the government has allowed businesses to build up tax debt. Payment of the VAT due in the period March 20 to June 30 could be postponed until 31 March 2021. Unincorporated businesses and individuals could delay paying their self-assessment tax due on 31 July until 31Read More
Problems with online HMRC tax systems? Taxpayers that are working on their current tax returns and found that they cannot use the HMRC software correctly because of problems within the system. HMRC has spoken to software producers about revising tax calculations to combat the problems with the online filing of tax returns. Which is expectedRead More
As of the 1st April 2016 all employers will be required, by law, to pay all of their employees over the age of 25 (that are not in the first year of an apprenticeship) a minimum of £7.20 per hour. Anyone employed under the age of 25 will need to be earning their age appropriate minimum
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