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…

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…

A temporary return of three-year loss carry back

Unincorporated businesses and companies will welcome the increased flexibility to carry back losses arising during the period of the pandemic an additional two years. The extended relief will allow for…

Capital allowances April 2021

Capital Allowances A “super-deduction” will be introduced from 1 April 2021 until 31 March 2023 allowing companies to benefit from a 130% first-year allowance for capital expenditure on qualifying new…