by Paul Whyatt | Jul 5, 2022 | Business Tax, Personal Tax, Taxation
The rates for national insurance contributions (NIC) increased by 1.25 percentage points for everyone on 6 April 2022. From 6 July, the NIC starting threshold will rise to £12,570 per year (£1,048 per month) for employees. This means that some lower paid employees...
by Paul Whyatt | Apr 1, 2022 | Other Insights
The hospitality and tourist sectors have been supported through the Covid-19 pandemic by being able to pay a reduced amount of VAT to HMRC in respect of most sales. The reduced VAT rate was 5% from 15 July 2020 to 30 September 2021 and 12.5% from 1 October 2021 to 31...
by Paul Whyatt | Apr 1, 2022 | Business Advice, VAT
Contract termination fees can be a bitter pill to swallow when you just want out of an expensive agreement. What’s worse is that some suppliers will charge VAT on top of the cancellation fee, while others will not. The law has been a bit of a mess, but HMRC has...
by Paul Whyatt | Mar 11, 2022 | News, Taxation
HMRC has been accused of imposing an unfair interest rate rise on late tax payments, while the rate paid when it refunds miscalculated and overpaid tax has remained frozen at just 0.5%. Interest on late payments increased from 2.75% to 3% following the Bank of...
by Paul Whyatt | Mar 9, 2022 | Business Advice, News, Other Insights
Businesses are being encouraged to apply for remaining coronavirus (COVID-19) grant funding from local authorities. Hospitality, leisure and accommodation businesses can still apply for one-off cash grants of up to £6,000 through the Omicron Hospitality and Leisure...
