Inform Accounting

APRIL 11, 2023

See: Rates and thresholds for employers 2023 to 2024 Read more of Inform's tax blogs : Struggling to pay tax – What should you do? Remember to declare COVID-19 grants on your tax return Taxing cryptoassets: what you need to know Help to grow - Government funded business support programmes

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APRIL 4, 2023

See: HMRC late payment interest rates to be revised after Bank of England increases base rate Read more of Inform's tax blogs : Struggling to pay tax – What should you do? The Bank of England Monetary Policy Committee announced on 23 March 2023 to increase the Bank of England base rate to 4.25% from 4%.

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tax return Tax Government 52

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JANUARY 9, 2023

Read more of Inform's tax blogs : Struggling to pay tax – What should you do? Remember to declare COVID-19 grants on your tax return. Taxing cryptoassets: what you need to know. Launched in April 2021, the scheme has already helped over 24,000 households.

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Government tax return Tax 52

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NOVEMBER 24, 2022

Your non-barcoded stamps can be exchanged for the new barcoded version through the Stamp Swap Out scheme. Read more of Inform's tax blogs : Struggling to pay tax – What should you do? Remember to declare COVID-19 grants on your tax return.

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tax return Tax Government 52

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JULY 18, 2023

From 6 April 2024, all unincorporated businesses will be taxed on their profit or loss arising in the tax year, regardless of their accounting end date. At Inform we work with a number of key partners to ensure our advice on personal wealth planning and tax is backed up by years of expertise. We're here to help.

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FEBRUARY 6, 2023

See: National Minimum Wage and National Living Wage rates Read more of Inform's tax blogs : Struggling to pay tax – What should you do? See: National Minimum Wage and National Living Wage rates Read more of Inform's tax blogs : Struggling to pay tax – What should you do? Accommodation Offset £8.70 £9.10

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tax return Tax Government payroll 52

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APRIL 11, 2023

See: Energy Bills Discount Scheme Read more of Inform's tax blogs : Struggling to pay tax – What should you do? Remember to declare COVID-19 grants on your tax return Taxing cryptoassets: what you need to know Help to grow - Government funded business support programmes

tax return 52

tax return Government Tax 52

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NOVEMBER 24, 2022

surcharge with separate penalties for late returns and late payment of VAT.?At If your business submits its return late (which also applies if you submit a nil or repayment return late), you could face penalty points and a? Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

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AUGUST 4, 2022

Read more of Inform's tax blogs : Struggling to pay tax – What should you do? Remember to declare COVID-19 grants on your tax return. Taxing cryptoassets: what you need to know. Read more on the Bank of England Website here: [link].

tax return 52

tax return Tax Government 52

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JANUARY 30, 2023

The cash for means-tested benefits claimants, including those on Universal Credit, Pension Credit and tax credits, starts in Spring and will go direct to bank accounts in three payments over the course of the financial year.

tax return 52

tax return Government Tax Account 52

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NOVEMBER 14, 2022

If you own a property which is let out, HMRC may contact you with a "nudge letter'', if they believe you have not declared the full rental income on your Tax Returns. As most landlords take the maximum deposit, it is not difficult for HMRC to calculate the expected rental income, which should be included in a tax return.

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tax return Tax Government 52

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JANUARY 23, 2023

See: Far-reaching ban on single-use plastics in England - GOV.UK (www.gov.uk) Read more of Inform's tax blogs : Struggling to pay tax – What should you do? See: Far-reaching ban on single-use plastics in England - GOV.UK (www.gov.uk) Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

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AUGUST 9, 2023

If you have a spare room in your home, you may consider letting it out to raise some much-needed cash to help meet rising living costs. If you do decide to do this, the rent-a-room scheme means that you may be able to enjoy the associated rental income tax-free. This can be done in your tax return.

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Tax tax return income tax Government 52

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MARCH 13, 2023

Chancellor Jeremy Hunt has made it clear that he does not have room for big tax giveaways on March 15, as forecasts for economic growth are still weak. Mr Hunt has stated that he hopes to start the process of business tax cuts in his Autumn statement later this year, dependant on the OBR forecasts for the UK.

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tax return Government Tax business tax 52

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MAY 31, 2022

Unbelievably there were very few changes to the HMRC advisory fuel rates from 1 March 2022, which may not have been your experience at the filling station! Remember that provided any private fuel is fully reimbursed the employee will not be taxed on the fuel benefit and there is no class 1A employers NIC. 1400cc or less.

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tax return Tax Government 52

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JUNE 27, 2022

Following the increase in the Bank of England base rate to 1.25% earlier this week, HMRC has confirmed that it will raise interest rates on late tax bills by a further 0.25%. The corporation tax pay and file rate also increases to 3.75%. Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

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MAY 24, 2022

The Recovery Loan Scheme supports access to finance for UK businesses as they grow and recover from the disruption of the COVID-19 pandemic. Read more of Inform's tax blogs : Struggling to pay tax – What should you do? Remember to declare COVID-19 grants on your tax return.

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JANUARY 10, 2023

The ability to fill historic gaps in National Insurance (NI) records to top up your state pension will come to an end on 5 April 2023. Under normal NI top up rules it is only possible to fill gaps in your NI record for up to six years. However, for some people it could be the best rate of return they could get on any spare capital.

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tax return Tax Government 52

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AUGUST 30, 2022

If you own property there are a number of tax implications which you need to be aware of. Timing of Capital Gains Tax Reporting. Since 6 April 2020, any gain on a residential property where CGT is due must be reported and the CGT paid within 60 days of the sale by using the online property disposal return.

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JUNE 27, 2023

Here we look at the penalty regime for late returns. Late VAT returns The late submission penalty regime kicks in whenever a VAT return is filed late. For repayment traders this is a new concept as they have not previously had to worry about penalties for filing their VAT returns late. Quarterly returns: 4 penalty points.

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FEBRUARY 20, 2023

If you are planning to claim the UK state pension you should check your national insurance (NI) record before 5 April 2023. Normally, it is only possible to make voluntary contributions for the past six tax years. This means that in the 2023/24 tax year, it will be possible to make contributions going back to the 2017/18 tax year only.

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tax return Tax Start-ups Government 52

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MARCH 7, 2023

The new penalties will impact businesses who submit their VAT returns or pay their VAT late. The first monthly returns and payments affected by the penalties are due by 7 March 2023. The penalties for late VAT returns also apply to businesses that submit nil returns and repayment returns.

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tax return Tax Start-ups Government 52

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DECEMBER 12, 2022

This is a timely reminder that employers may make small tax-free gifts to employees and directors if all of the following conditions apply: The cost to the employer is £50 or less. Employers do not need to pay tax or National Insurance or let HMRC know, however, they need to keep a record of the gifts should HMRC request the details.

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MARCH 15, 2023

In short, a P11D form allows you to inform HMRC of any benefits you’ve given to employees outside of payroll, so that the correct tax can be paid by your employees. In this blog we take a deeper dive into P11Ds, when they might arise, and what you need to do as a result. What benefits need to be declared on the P11D?

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NOVEMBER 28, 2022

With all of the U-turns on tax policy in the last couple of months, businesses may be confused about what changes are going ahead and which ones have been scrapped by the new chancellor. If the end-user organisation is also the fee-payer, they will need to deduct and pay Income Tax and National Insurance contributions to HMRC.

payroll 52

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JANUARY 9, 2023

The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is being phased in from April 2026. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April 2024. At the end of the year, they can add any non-business information and finalise their tax affairs.

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JUNE 23, 2022

We previously notified agents that we have paused some Research & Development Tax Credit (RDTC) payments while we investigate an increase in irregular claims. For the vast majority of claims, we will aim to either pay the payable tax credit or contact you regarding the claim within 40 days. Message from HMRC.

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OCTOBER 14, 2022

In this press conference, the September tax cuts as promised in the mini-budget have been watered down even further. In this press conference, the September tax cuts as promised in the mini-budget have been watered down even further. What we know so far is that: The Corporation Tax will rise from 19% to 25% in April 2023.

Government 52

Government Tax corporation tax income tax 52

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APRIL 11, 2023

There are tax deductible costs that can be claimed through your limited company for motor vehicle and travel expenses, though these are often misunderstood. There are tax deductible costs that can be claimed through your limited company for motor vehicle and travel expenses, though these are often misunderstood.

tax return 52

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MARCH 21, 2023

In this blog we set out some of the main tax rates. INCOME TAX The personal allowance and basic rate band threshold are now frozen in place until 5 April 2028. As earnings increase, individuals will move into higher tax bands. These allowances are in addition to the personal allowance and attract a 0% rate of income tax.

Tax 52

Tax income tax tax return corporation tax 52

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DECEMBER 14, 2022

Read more of Inform's tax blogs : Struggling to pay tax – What should you do? Remember to declare COVID-19 grants on your tax return. Taxing cryptoassets: what you need to know. Help to grow - Government funded business support programmes.

tax return 52

tax return Government Tax 52

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AUGUST 2, 2022

The Covid-19 pandemic forced large numbers of employees to work from home for the first time. The tax legislation allows employers to make a tax-free payment of £6 per week (£26 per month) to employees who work from home at least some of the time to help them meet the costs. Household expenses. Homeworking equipment.

tax return 52

tax return Tax tax planning Government 52

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JUNE 20, 2022

HMRC have issued guidance for VAT-registered businesses and their agents on how to avoid penalties for non-compliance with the Making Tax Digital for VAT (MTD) rules. In particular, there is a new £400 per return penalty if you file a return but do not use functional compatible software. any adjustments you make to a return.

Tax 52

Tax tax return accounting software Government 52

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MAY 3, 2022

The Annual Tax on Enveloped Dwellings (ATED) is a tax on high-value residential properties that are held within ‘an envelope’, such as a company or a partnership with at least one corporate partner. Need tax planning support? Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

tax planning 52

tax planning tax return Tax Government 52

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AUGUST 25, 2022

Read more of Inform's tax blogs : Struggling to pay tax – What should you do? Remember to declare COVID-19 grants on your tax return. Taxing cryptoassets: what you need to know. require employees to repay the cost of fuel used for private travel. Engine size.

tax return 52

tax return Tax Government 52

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MARCH 15, 2023

Increasing the pensions lifetime allowance from £1.07m to £2m Increasing the amount people can pay into a pension tax free, i.e. from £40k per year to £60k per year. What was hoped was that the chancellor was going to stop the planned corporation tax rise from 19% to 25% for businesses earning between £50k and £250k in profits.

Non-Profits 52

Non-Profits Tax tax return corporation tax 52

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JULY 18, 2023

60% marginal rate of tax The combined impact of the personal allowance taper and the higher rate of tax (at 40%) applying in this band means the marginal rate of tax between £100,000 and £125,140 is 60%. A 60% marginal rate of tax is a high rate. The contribution will also attract tax relief. We're here to help.

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