Tax

Plastic Bag Tax charge changes coming…

The fee for plastic shopping bags in England will be doubled to 10 pence and extended to all shops from April 2021. Small retailers, those employing 250 people or fewer, will no longer be exempt, the Department for Environment, Food and Rural Affairs (Defra) said. According to Defra, since the charge was first introduced in […]

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Have you overpaid Corporation Tax?

UHY Hacker Young have identified that UK Businesses overpaid at least £9.1billion in Corporation Tax in the year to 31st March 2020. This was an increase of 12.4% over the previous year, and is likely to be much higher this year, as the impact of Coronavirus reduces profits. Many larger businesses have to make payments […]

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Employment Allowance Claim confusion persists…

In our blog posts we try really hard to keep things simple, and to offer solutions. Sadly, this one may not hit either of those goals! There is a lot of confusion around claiming the Employment Allowance for this tax year, and HMRC’s own system is ignoring some of those claims if they are made. […]

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Chancellor asks the OTS to Review Capital Gains Tax

Chancellor Rishi Sunak has asked the Office of Tax Simplification (OTS) to carry out a thorough review of capital gains tax (CGT). In a letter to the OTS, the Chancellor requested that the independent office review CGT and aspects of the taxation of chargeable gains in regard to individuals and small businesses. Mr Sunak requested […]

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Making Tax Digital is to be extended.

The Government has announced that Making Tax Digital (MTD) will be extended in April 2022 and again in April 2023. MTD currently affects businesses above the VAT threshold of £85,000, who are required to keep digital records and submit their VAT Returns through Government approved software. What changes in April 2022? In April 2022 this VAT […]

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Remember to pay your Class 1A National Insurance!

Forms P11D(b) tell HMRC how much Class 1A National insurance is due on expenses and benefits employers have provided to their employees. The filing deadline for these was the 6th July 2020. The deadline for paying over the Class 1A National Insurance is 22nd July 2020 if you pay by direct transfer or 19th July 2020 […]

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