Upcoming changes to VAT penalties and VAT interest charges
Upcoming changes to VAT penalties and VAT interest charges For VAT periods starting on or after 1 January 2023, the default surcharge will be replaced by new penalties if you submit VAT returns late or pay VAT late....
Autumn Statement 2022
The Autumn Statement 2022 On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession. The Chancellor laid out three core...
Spring Statement 2022
Introduction Just before Christmas, the Chancellor asked the Office for Budget Responsibility (OBR) to produce an economic and fiscal forecast for 23 March. The timing and brief nature of the accompanying Treasury...
Budget Summary Autumn 2021
Budget highlights Substantial amounts of revenue over the next five years will be raised from previously announced measures, such as the freezing of tax allowances and the introduction of the Health and Social Care...
Self-Employment Income Support Scheme fifth grant
HMRC have published further guidance in relation to the fifth grant. A summary of this is provided below:- To be eligible for the grant you must be a self-employed individual or a member of a partnership. When you...
Brexit Support Grants
This week, HMRC has updated its guidance on which businesses will be able to apply for the SME Brexit Support Fund. This is a new grant worth up to £2,000 that can be used for training or professional advice. Below is a...
Budget Summary 2021
Budget highlights The main rate of corporation tax will be increased to 25% from April 2023 for companies with profits of at least £250,000. At the same time, a new small companies’ rate of 19% will apply to companies...
Late payment penalties deferred
Self Assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April 2021, HM Revenue and Customs have announced. The payment deadline for Self Assessment is...
Paying VAT deferred due to COVID-19
HMRC have released further guidance in relation to paying the VAT that was deferred between 20 March and 30 June 2020. Please see below a summary of the announcement:- If you deferred VAT payments due between 20 March...