Inform Accounting

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%.

tax return 52

tax return Tax Government 52

Inform Accounting

DECEMBER 12, 2022

If you use Royal Mail to deliver your goods you should be aware of planned industrial action that is due to take place on: Wednesday 14 December 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.

tax return 52

tax return Tax Government 52

Inform Accounting

JANUARY 9, 2023

Under the scheme the government offers lenders the financial guarantees they need to provide mortgages that cover the other 95%, subject to the usual affordability checks, on a house worth up to £600,000. Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

Government 52

Government tax return Tax 52

Inform Accounting

MARCH 22, 2023

See: Government and Bank of England facilitate sale of Silicon Valley Bank 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

Government 52

Government Sales tax return Tax 52

Inform Accounting

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? 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 Tax Government payroll 52

Inform Accounting

NOVEMBER 24, 2022

You can either use up these stamps before the deadline or swap them for the new barcoded ones. The stamps that are changing are the stamps that will be very familiar to you. Read more of Inform's tax blogs : Struggling to pay tax – What should you do? Taxing cryptoassets: what you need to know.

tax return 52

tax return Tax Government 52

Inform Accounting

DECEMBER 6, 2022

HMRC is reminding taxpayers that they must declare COVID-19 payments in their tax return for the 2021 to 2022 tax year. These grants are taxable and should be declared on tax returns for the 2021 to 2022 tax year before the deadline on 31 January 2023. Remember to declare COVID-19 grants on your tax return.

tax return 52

tax return Tax Government 52

Inform Accounting

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

Inform Accounting

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

Inform Accounting

NOVEMBER 24, 2022

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?£200 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.

tax return 52

tax return Tax Start-ups Government 52

Inform Accounting

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?

tax return 52

tax return Hospitality Tax Government 52

Inform Accounting

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.

tax return 52

tax return Government Tax business tax 52

Inform Accounting

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.

Tax 52

Tax tax return income tax Government 52

Inform Accounting

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.

tax return 52

tax return Tax Government 52

Inform Accounting

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?

Tax 52

Tax corporation tax income tax tax return 52

Inform Accounting

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

payroll income tax tax return Tax 52

Inform Accounting

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. We recommend you take financial advice when making that decision as, amongst other factors, it requires predicting what contributions will be made before state retirement.

tax return 52

tax return Tax Start-ups Government 52

Inform Accounting

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

tax return Tax accounting software Government 52

Inform Accounting

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.

Tax 52

Tax tax return Government Retail 52

Inform Accounting

MAY 31, 2022

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. Note that for hybrid cars you must use the petrol or diesel rate. You can continue to use the previous rates for up to 1 month from the date the new rates apply. Engine Size.

tax return 52

tax return Tax Government 52

Inform Accounting

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.

income tax 52

income tax Tax tax return Government 52

Inform Accounting

JANUARY 10, 2023

If you are thinking of topping up your state pension for these earlier years, you must check with the Future Pension Centre at DWP before making such contributions. When working with us, you'll get an inter-connected plan that suits your specific financial and practical needs. Taxing cryptoassets: what you need to know.

tax return 52

tax return Tax Government 52

Inform Accounting

OCTOBER 14, 2022

Ahead of this press conference, it was announced that the Chancellor had resigned/been sacked (depending on whose version of the truth you are listening to). In this press conference, the September tax cuts as promised in the mini-budget have been watered down even further. Remember to declare COVID-19 grants on your tax return.

Government 52

Government Tax corporation tax income tax 52

Inform Accounting

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. Why do you have a P11D?

payroll 52

payroll Tax tax return Legal 52

Inform Accounting

JUNE 27, 2023

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. Please talk to us about any tax related questions you may have and if you’re in need of a financial adviser. Penalty points The penalty regime works on a penalty point system.

tax return 52

tax return Tax Start-ups Government 52

Inform Accounting

MAY 24, 2022

Whilst the government guarantees 70% of the finance to the lender, it is important to be aware that as the borrower, you are always 100% liable for the debt. 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.

tax return 52

tax return Government Finance Tax 52

Inform Accounting

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.

Tax 52

Tax tax return Government 52

Inform Accounting

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

Inform Accounting

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

Inform Accounting

OCTOBER 17, 2022

In short, most of what he announced has been ditched by the new chancellor Jeremy Hunt. What we know now: The basic rate of income tax remains at 20% and likely to stay there for the foreseeable future. The 45% higher tax rate is here to stay. What is clear that the Conservative government is in turmoil right now.

income tax 52

income tax tax return Tax payroll 52

Inform Accounting

MARCH 7, 2023

This brings the new regime in line with other taxes. See: VAT penalties and interest - GOV.UK (www.gov.uk) Read more of Inform's tax blogs : Struggling to pay tax – What should you do? The penalties for late VAT returns also apply to businesses that submit nil returns and repayment returns.

tax return 52

tax return Tax Start-ups Government 52

Inform Accounting

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.

Tax 52

Tax tax return corporation tax online accounting 52

Inform Accounting

JULY 4, 2022

As companies struggle to find the talent they need, now is the time to invest in new and more strategic approaches to developing an early talent pipeline. There is a free government scheme (outlined below), although you may have your own business costs. You work with a training provider to design what is included in the programme.

tax return 52

tax return Construction Government Education 52

Inform Accounting

MARCH 15, 2023

What we did find out yesterday is that UK PLC is in a better position than feared. 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. Sadly, this tax rise and all its complications still take effect.

Non-Profits 52

Non-Profits Tax tax return corporation tax 52

Inform Accounting

NOVEMBER 14, 2022

Reports over the weekend have, as expected, suggested tax rises by stealth and spending cuts. We have put together below a quick summary of what could be announced on Thursday: The freezing of all personal allowances and income tax thresholds, potentially until 2028. This will mean more people paying tax at 40%.

income tax 52

income tax tax return Tax Government 52

Inform Accounting

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. How the gain is calculated is dependent on whether you are a UK tax Resident or not - this is outside the scope of this Blog. Timing of Capital Gains Tax Reporting.

tax return 52

tax return Tax Maine Sales 52

Inform Accounting

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. 1400cc or less.

tax return 52

tax return Tax Government 52