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Comments Off on Government overhauls audit regime

Government overhauls audit regime

Government overhauls audit regime

The Government has published a response to its consultation on strengthening audits, corporate reporting and corporate governance systems. The long-awaited response outlines the Government’s plans to tackle dominance of large auditors, ban failing ones and bring unlisted companies under the scope of the regulator. The current Financial Reporting Council will also be replaced by a … Continued

Comments Off on National Insurance threshold increases

National Insurance threshold increases

National Insurance threshold increases

The Government is increasing the threshold at which workers start to pay National Insurance contributions (NICs) by £12,570 this month – the largest increase in a basic rate threshold. The increase in the threshold means workers can earn an extra £2,690 before having to pay NICs. The change also brings the NIC and income tax … Continued

Comments Off on Taxpayers not ready for Making Tax Digital

Taxpayers not ready for Making Tax Digital

Taxpayers not ready for Making Tax Digital

People are unprepared and unenthusiastic for Making Tax Digital (MTD), according to a survey commissioned by HMRC. Global market research group Ipsos recently released data suggesting “awareness of MTD in general, and MTD for income tax self-assessment (ITSA) specifically was low”. MTD ITSA will require people with annual business or property income above £10,000 to … Continued

Comments Off on Recovery loan scheme comes to an end

Recovery loan scheme comes to an end

Recovery loan scheme comes to an end

The Government’s flagship Covid business recovery scheme officially came to an end late last month (30 June). The recovery loan scheme opened to applications on 6 April 2021 to help businesses cope with trade lost to the Covid pandemic. The scheme offered £1.06 billion to small businesses through almost 6,200 facilities, with the latest figures … Continued

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