We are delighted to announce that yesterday, 19th December, the Government announced that self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA). The Government has recognised that self-employed individuals and landlords are currently facing a challenging economic environment, and the transition to Making…

For the third time in three months, the Government has made another fiscal statement – lots of changes to be aware of. Below is a list of bullet points giving the main things to take away from this latest fiscal statement, from the point of view of tax and national insurance.   We shall refrain from…

The new Chancellor, Mr Jeremy Hunt, has reversed “almost all” of the tax cuts in the mini-budget.   So with Kwasi Kwarteng’s Mini Budget, followed swiftly by his U-turns on a couple of issues, and then Jeremy Hunt’s statement yesterday, you could be forgiven for being confused!!  Below is a brief summary of what Mr Hunt…

This morning, the Chancellor Kwasi Kwarteng announced that he would scrap his plan to abolish the 45% tax rate – so another U turn by the government. Pleased to hear that the 45% tax rate is no longer going to be scrapped, but all these U-turns do not inspire confidence! Let’s see what the medium…

The Chancellor of the Exchequer, Kwasi Kwarteng, has just announced a whole load of tax cuts for the UK – lots of reversals of previous increases are included in this.   The main points are shown below: The proposed rise in corporation tax will be scrapped, and will not rise to the previously proposed 25% in…

With heartfelt thanks for your years of service, may you enjoy eternal rest.

At the beginning of August, HMRC issued a press release to all eligible married couples or people in a civil partnership, urging them to say yes to the Marriage Allowance Proposal.  Eligible married couples or people in a civil partnership could reduce their tax by up to £252 a year by doing this. You can read…

Making Tax Digital for Income Tax (ITSA) Some of you may remember Making Tax Digital for VAT, introduced in April 2019, which required all VAT registered businesses to report their VAT returns through digital software.   Up until now, some VAT registered businesses have continued to use manual records and used the HMRC portal to file…

Yesterday’s statement was supposed to be an economic update not a mini-budget. Lots of rather depressing, but not altogether surprising, statistics, such as the highest rate of inflation in 30 years, and the level of debt and growth being re-forecasted downwards. However, we were delighted to see that among the measures introduced by the Chancellor,…

No, we are not referring to the BBC programme “This is going to hurt!” – instead we are referring to the Health and Social Care Levy (HSCL) which was announced in the last budget and is coming in from April 2022. This is a new tax which the government has set up to help fund…