Category: Tax
Making Tax Digital (MTD) for VAT Extension
The 1st April 2022 marks an important milestone for the Making Tax Digital (MTD) programme.
All VAT registered businesses, regardless of taxable turnover, will legally be required …
Over a million take advantage of extra time to file self assessment returns
Posted on March 25, 2022 | Coronavirus | COVID-19 | Self Employment | Tax
HMRC has revealed that more than one million taxpayers filed their late tax returns in February – taking advantage of the extra time to complete …
MPs call for road pricing to replace motoring taxes
Posted on March 23, 2022 | Environmental | Tax
The government must overhaul motoring taxes as it phases out new diesel and petrol vehicles, according to MPs.
MPs on the Transport Committee say the government …
HMRC raises late payment interest rate to 3%
Posted on March 21, 2022 | Self Employment | Tax
Following the decision by the Bank of England to increase the base rate, HMRC has confirmed that the late payment interest rate rose a quarter …
National insurance rise ‘set to squeeze budgets’, warns CBI
Posted on February 25, 2022 | Employment | Self Employment | Tax
The Confederation of British Industry (CBI) has warned the government that the planned rise in national insurance will squeeze budgets and affect economic growth.
The rise …
Consumer group urges taxpayers to avoid using refund firms to claim tax rebates
Posted on February 23, 2022 | Employment | Self Employment | Tax
Consumer group Which? has urged taxpayers to avoid using so-called 'refund firms' to claim tax rebates.
Which? stated that people are losing hundreds of pounds by …
Self assessment taxpayers must declare COVID grants on tax returns
Posted on January 19, 2022 | Coronavirus | COVID-19 | Self Employment | Tax
HMRC has reminded self assessment taxpayers to declare any COVID-19 grant payments on their 2020/21 tax return.
According to HMRC, more than 2.7 million customers claimed …
HMRC issues warning on self assessment scams
Posted on December 16, 2021 | Self Employment | Tax
HMRC has warned taxpayers completing their 2020/21 tax returns to 'be on their guard' and stay vigilant in regard to tax-related scams.
Nearly 800,000 tax scams …
Government sets out tax details on TAM Day
The UK government marked the inaugural Tax Administration and Maintenance (TAM) Day with the publication of 30 papers covering a wide range of tax issues.
Chancellor …
HMRC’s tax take falls by billions due to pandemic
Posted on December 6, 2021 | Coronavirus | COVID-19 | Economy | Tax
HMRC saw a drop of almost £30 billion in tax revenues in the latest financial year because of the pandemic, according to its annual accounts.
In …