Changes to VAT Default Surcharges for late filing & late payment

In the Spring 2021 Budget, the government announced that there would be changes to the way penalties are incurred on late VAT return submissions and/or payments from 1st April 2022.…

Self Assessment Filing Deadline & Payment Extension

Today HMRC has announced that they will not charge: Late filing penalties for those who file online by 28 February 2022. Late payment penalties for those who pay the tax due…

Super-deduction for investment in new equipment

In order to encourage companies to invest in new capital equipment, earlier this year the chancellor announced a radical new “super deduction” of 130% where they invest in new plant.…

Dividend rates also set to increase by 1.25%

Following the announcement 7th September, in an attempt to fund health and social care, Dividend rates will also increase by 1.25%, starting 2022/23. If you would like to know how…

1.25% NI Increase from April 2022

Yesterday the government announced tax changes to fund £12 billion a year to be spent on the NHS and social care across the UK. National Insurance contributions (NICs) will increase…

HMRC Enquiries on the Increase as New Task Force Announced

Each year HM Revenue & Customs (HMRC) will undertake a number of tax enquiries into individuals and businesses in order to ensure that they have paid the right amount of…

Customs & VAT Transition Update – UK clients doing business with or in the EU

If your business moves goods between the UK and countries in the EU, You’ll need to follow new customs and tax rules. Businesses will be affected by the new rules…

New VAT Penalty System

HMRC have announced a reform of the current penalty system relating to late submission of VAT returns and late payment of VAT liabilities. Instead of an automatic financial penalty being…

National Living Wage age lowered to 23

The National Minimum Wage and National Living Wage rates will increase on 1‌‌ ‌April. In addition to the new rates, the age from which workers become eligible for the National…

Corporation tax changes

from 1 April 2023 where profits exceed £250,000 Corporation tax will be charged at 25%. For profits under £50,000, the rate of 19% will remain unchanged. For profits between £50,000-£250,000…