Author Archives: Anna Cummings

Comments Off on The Charity Commission

The Charity Commission

The Charity Commission

The Charity Commission has launched a consultation on its approach to and new proposed questions for the Annual Return for financial years starting on or after 1 January 2023. They want to obtain data to allow them to regulate charities more effectively and allow flexibility to include or omit questions in the Return each year.  … Continued

Comments Off on SMEs unprepared for MTD rollout

SMEs unprepared for MTD rollout

SMEs unprepared for MTD rollout

Small and medium-sized businesses are underprepared for Making Tax Digital (MTD), according to new research by the Association of Chartered Certified Accountants (ACCA). Working with the Corporate Finance Network (CFN), the ACCA’s SME tracker showed that 14% of accountants in the UK say their SME clients are “unprepared and will not be ready” for future … Continued

Comments Off on Bank of England raises interest rate to 1%

Bank of England raises interest rate to 1%

Bank of England raises interest rate to 1%

The Bank of England (BoE) has raised its base interest rate to 1%, marking the fourth rise in a row and the highest base rate in 13 years. The Bank’s monetary policy committee (MPC) voted 6-3 to increase the base rate of interest by 0.25% percentage points from 0.75% on 5 May 2022. The current … Continued

Comments Off on Work from home tax relief may not be available in 2022/23

Work from home tax relief may not be available in 2022/23

Work from home tax relief may not be available in 2022/23

Employees who claimed tax relief for working from home during the pandemic may no longer qualify in the 2022/23 tax year as HMRC changes its guidance for the scheme. During the COVID-19 pandemic, people who could do their normal job at home were required to do so at various times and were allowed to apply … Continued

Comments Off on HMRC raises interest rates on late tax payments

HMRC raises interest rates on late tax payments

HMRC raises interest rates on late tax payments

HMRC has confirmed it will raise interest rates on late tax bills by 0.25 percentage points after the Bank of England increased the base rate of interest to 1%. The announcement means the late payment interest rate and corporation tax pay and file rate will increase to 3.5% from 24 May 2022 (16 May 2022 … Continued

Comments Off on Workplace Charging Scheme: guidance for charities and small accommodation businesses

Workplace Charging Scheme: guidance for charities and small accommodation businesses

Workplace Charging Scheme: guidance for charities and small accommodation businesses

The UK Government is now offering help to businesses with the upfront costs to install charge points. The Workplace Charging Scheme (WCS) is a voucher-based scheme that provides eligible applicants with support towards the upfront costs of the purchase and installation of electric vehicle (EV) chargepoints. The scheme is available for B&Bs, campsites, small hotels, … Continued

Comments Off on MTD for VAT rolls out to all VAT-registered businesses

MTD for VAT rolls out to all VAT-registered businesses

MTD for VAT rolls out to all VAT-registered businesses

All VAT-registered businesses must comply with Making Tax Digital (MTD) rules, regardless of how much they make each year. Kicking in from 1 April 2022, the changes mean all VAT-registered businesses must compile and submit VAT returns using software that connects to HMRC’s systems. They can do that either through a bridging tool or by … Continued

Comments Off on National Insurance and dividend 1.25% uplift underway

National Insurance and dividend 1.25% uplift underway

National Insurance and dividend 1.25% uplift underway

The Government has at last increased National Insurance (NI) and dividend tax by 1.25 percentage points after months of anticipation. The 1.25% uplift came into effect on 6 April 2022 and will apply until April 2023, after which a separate health and social care levy will apply on peoples’ income at 1.25%. The Government said … Continued

Comments Off on New law to resolve Covid rent debt

New law to resolve Covid rent debt

New law to resolve Covid rent debt

The Government has set up an arbitration system to help resolve outstanding commercial rent debts as the general moratorium on commercial eviction ends. From 25 March, a legally binding arbitration process is available for eligible landlords and tenants who have not yet reached an agreement. The Government hopes this will resolve disputes about pandemic-related rent … Continued

Comments Off on IR35 reform landing period ends

IR35 reform landing period ends

IR35 reform landing period ends

Penalties now apply to businesses that make mistakes under new IR35 rules for the private sector. The Government extended the off-payroll working rules reform to the private sector in April 2021, but promised to be lenient on mistakes in the first year. The landing period has now ended, so employers caught within the reformed IR35 … Continued