As mentioned in a previous blog, and trailed in the media for the last couple of years, the rate of corporation tax has changed from 1st April 2023. For the last few years, corporation tax for small companies has been relatively simple, there has been a single rate of corporation tax, which was 19%. From …
As part of HMRC’s ambition to become a modern, trusted tax authority, it is changing the way penalties are issued for submitting late VAT returns and paying VAT late, which will affect all VAT registered businesses from 1st January 2023. The new penalties replace the default surcharge system and now also apply to clients who …
On 23rd September 2022 Kwasi Kwarteng, the new Chancellor, delivered a ‘mini’ Budget with some quite significant changes to the tax system. There have been a lot of changes in respect of tax increases announced by the previous Chancellor (& Prime Minister). The following is a summary of the changes which impact small business. National …
On 3rd March 2021, the Chancellor Rishi Sunak delivered the 2021 Budget, which had the task of balancing potential tax hikes to pay for the massive cost of support during the Coronavirus pandemic with helping to kick start a fragile economy coming out of lockdown. There were some interesting announcements, some which will be helpful …
The VAT Domestic Reverse Charge is a change to charging VAT within the construction industry. It is essentially an anti-fraud measure designed to deal with ‘missing trader’ fraud, where companies charge and receive VAT from customers but have no intention of paying this VAT to HMRC. When Does It Apply From? The Domestic Reverse Charge …
On Friday 29 May 2020, the Chancellor announced plans to extend the Self-Employment Income Support Scheme (SEISS) for those people whose trade continues to be, or is newly, adversely affected by the Coronavirus (COVID-19). Eligible self-employed people will be able to claim a second and final SEISS grant in August; this will be a taxable …
The Chancellor announced the latest support for small businesses on Thursday 26th March 2020, in the form of the Self Employment Income Support Scheme. This is aimed at people who are self employed, and importantly were self employed before the beginning of the current tax year. It is aimed at levelling the position of the …
The Coronavirus (Covid-19) pandemic is having a profound and unprecedented effect on all aspects of our lives. The situation seems to be changing on a daily basis. In respect of how this affects small businesses, since the Budget on 11th March, there have been further announcements in respect of assistance. There were a raft of …
Here’s my story about how I was invited to the House of Lords to talk about Making Tax Digital for VAT. The issue of Making Tax Digital (MTD) has been with us for a couple of years now. This is HM Revenue and Customs (HMRC) dictating how taxpayers should send information to them. It was …
HMRC launched a scheme 8 months ago (September 2017) called the Growth Support Service. The service was set up to provide advice from a dedicated tax expert to British Companies with a turnover of more than £10m or more than 20 employees. It is estimated that there are 170,000 such companies. The intention of the scheme …