by Paul Whyatt | Apr 14, 2023 | News, Taxation, VAT
All VAT returns must now be submitted digitally using MTD compatible software (unless the business has an exemption) so the VAT penalties have been revised to fit with this new regime. If you submit a VAT return late for a period starting on or after 1 January 2023,...
by Paul Whyatt | Mar 30, 2023 | Business Advice, Business Start-up, Business Tax
Last Autumn the Chancellor cut the enhanced deduction for expenditure by SME companies on R&D projects from an extra 130% to 86% and the payable tax credit from 14.5% of the loss surrendered to 10%. These new rates will come into effect for qualifying R&D...
by Paul Whyatt | Mar 30, 2023 | Business Tax, Personal Tax, Taxation
Marketing companies know that personal letters sent directly to customers are more powerful than broadcast or printed adverts. HMRC is now using this technique to recover unpaid tax. HMRC matches data from a wide range of sources to tax returns and will write to...
by Paul Whyatt | Mar 24, 2023 | Business Tax, Personal Tax, Taxation
Making tax digital for income tax self-assessment (MTD ITSA) was set to take effect from 6 April 2024. This has been postponed until 6 April 2026. From this new date, the new regime will require sole traders and individual landlords to keep their business records...
by Paul Whyatt | Mar 16, 2023 | Business Advice, News
The national minimum wage (NMW) and national living wage (NLW) rates are due to rise significantly for pay periods starting on and after 1 April 2023. See below for the new rates. Workers aged 23 and above – hourly rate from 1 April 2023 – £10.42...
