Time is always of the essence with VAT return errors. Put right anything that’s amiss as soon as it comes to light to keep out of the penalty regime.
Basis period reform could lead to higher tax bills for sole traders and partnerships with a tax year end that’s anything other than 31 March or 5 April.
Changes announced in the Autumn Statement will be keenly felt by many company directors, especially those who have traditionally relied on a strategy of low salary and higher dividend payment for profit extraction.
The venture capital tax relief schemes were envisaged as time-limited and given sunset clauses in the legislation. However, the position is now changing.
For VAT accounting periods starting on or after 1 January 2023, it’s out with the old – the default surcharge regime – and in with a new penalty system designed to be fairer and more proportionate.
Relief for Research & Development (R&D) expenditure will change from 1 April 2023.
Whilst relief under the hitherto particularly generous, small and medium- sized enterprises (SME) scheme will go down, relief for the Research & Development Expenditure Credit (RDEC) is going up.
In order to answer questions raised by the data it holds, HMRC is increasingly sending so-called compliance ‘nudge letters’ to businesses.
The HMRC app has been revamped in a move to push taxpayers to using its online services. We take a look at the features that make it worth downloading.
Making Tax Digital for Income Tax (MTD ITSA) has been postponed again and will now not be mandatory for any taxpayer until April 2026. The logic is that this will give all parties more time to prepare in challenging economic conditions. A revised timetable and other changes were set out in December 2022.
HMRC has introduced a new penalty regime for VAT periods which start on or after 1 January 2023. This includes new systems for late filing penalties and late payment penalties.
Q: What do football, rugby, 8-ball pool and Crown Green bowls all have in common? A: They are among the sports and sporting teams that RfM is proud to sponsor in our local communities.
This week (6-12 February) is National Apprenticeships Week 2023, an opportunity for employers and apprentices to share their apprenticeship success stories, and encourage a new generation of apprentices. For our part, we are celebrating the career achievements of former RfM apprentice Joel Procter, who is now Client Manager at RfM Fylde, and our current cohort of apprentices.
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 priorities of stability, growth and public services. The government sought a balanced path to support the economy and return to growth, partially through public spending restraint and partially through tax rises.
When someone charges a customer to withdraw from an agreement to supply goods or services, the position can be complicated. What is the position as regards VAT (never a set of tax rules to take lightly)? And why is it news now?