by Paul Whyatt | Apr 14, 2023 | News, Taxation, VAT
In addition to the new VAT late-filing penalties there is also a new system of penalties for late paid VAT. For VAT periods beginning on and after 1 January 2023, you will have up to 15 days to pay your VAT, or arrange a time to pay agreement, before HMRC charge a...
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 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 10, 2023 | Personal Tax, Taxation
The annual capital gains exemption (currently £12,300) may cover most of the capital gains that you make on your share portfolio. However, that exemption will be cut to £6,000 on 6 April 2023 and £3,000 in April 2024. If you are planning to make large capital gains in...
by Paul Whyatt | Mar 6, 2023 | Business Advice, Business Tax, Personal Tax, Taxation
Owners and directors of family businesses often take a small salary from the company and any extra funds as dividends. Other family members may also hold shares in the company and receive a dividend each year. Currently, the first £2,000 of dividends received by each...
