Tax

NEW Health & Social Care Levy

In our last round-up, we reported on the Times article suggesting National Insurance contributions were likely to rise. That speculation has now been confirmed – almost! We now have a new Health & Social Care Levy. Rather than being an increase in National Insurance contributions, the increase will be deemed a separate levy, the income […]

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HMRC late payment penalties are changing!

HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to reform sanctions for late submission and late payments to make them ‘fairer and more consistent across taxes’. Initially the changes will apply to VAT and Personal Tax. The changes will […]

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Digital Marketplaces to report sellers’ incomes from 2023

HMRC has published a consultation that outlines plans to implement reporting rules for digital platforms first put forward by the Organisation for Economic Co-operation and Development (OECD). This consultation was first announced in the Budget 2021. In February 2020, the OECD consulted on proposed rules setting out how digital platforms should collect information about the […]

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SEISS Tax Return issues!

In the last week we’ve been hearing reports from our industry colleagues that HMRC’s system is corrupting figures for Self Employed Income Support Scheme grants (SEISS) as the related Tax Returns are submitted. These initial reports of issues are across differing software packages, and across the country, suggesting the issue is at HMRC’s end. HMRC […]

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National Insurance contributions to rise?

A recent Times report has claimed that National Insurance contributions (NICs) could be set to rise. Despite the Conservative party manifesto pledge not to increase rates of NIC, senior ministers have apparently agreed to do exactly that. The increase is allegedly to be an extra 1% to be paid by both employees and employers, which […]

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Corporation Tax Return changes…

A Corporation Tax Return is filed with HMRC each year to report a company’s tax liability. We prepare them for our clients once we’ve prepared the annual accounts, and submit them to HMRC once they’ve been approved by the Directors. The format of the Corporation Tax Return has changed recently, and those changes could have […]

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