Taxation

National Insurance Contributions (NICs) Despite lobbying to delay the upcoming 1.25% increase in NICs payable by employees, employers and the self-employed, the government has decided to go ahead as planned…

The government are concerned about the lack of taking up of tax-free childcare accounts, with HMRC estimating that only about 25% of families eligible for the scheme had joined. With…

HMRC are encouraging more employers to payroll employee benefits in kind rather than declaring benefits on the end of year P11d forms. If employers haven’t already done so they should…

HMRC have recently updated their guidance for VAT registered importers. These traders must account for postponed import VAT on their VAT returns for the accounting period which covers the date…

Early in the COVID-19 pandemic, the Chancellor reduced the rates of VAT for the leisure and hospitality sector to just 5%. That reduced rate applied from 15 July 2020 until…

A new, and arguably fairer, system for determining penalties for late returns and late payment of VAT was due to be introduced from April 2022. However, it has been recently…

Normally self-assessment tax returns need to be submitted by 31 January, otherwise, there is an automatic £100 late filing penalty. Don’t panic, however, as HMRC have recently announced that provided…

At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year…