Category: Tax

Making Tax Digital (MTD) for VAT Extension

Posted on March 30, 2022 | Tax | VAT
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

Posted on December 9, 2021 | Economy | Tax
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 …