Extension of Making Tax Digital for VAT

Extension of Making Tax Digital for VAT

Making Tax Digital (MTD) for VAT is currently only compulsory for VAT-registered businesses whose turnover for VAT is above the VAT registration limit of £85,000. However, this is set to change from April 2022. Extension to all VAT-registered businesses Currently, if you are registered for VAT, but your turnover for VAT purposes is less than […]

Plan ahead for increases in the dividend tax rates

Plan ahead for increases in the dividend tax rates

As part of the Government’s funding strategy for health and social care, the dividend tax rates are to be increased from April 2022, alongside the temporary increases in National Insurance, and, from April 2023, the introduction of the Health and Social Care Levy. The increases in the dividend tax rates will affect you if you […]

End of the CJRS

Paying tax and National Insurance

The Coronavirus Job Retention Scheme (CJRS) came to an end on 30 September 2021. The scheme has provided financial help to employers and employees during the COVID-19 pandemic, allowing employers to claim grants with which to pay furloughed and flexibly furloughed employees. If you still have employees who are on furlough, or who are flexibly […]

Get ready for the plastic packaging tax

Get ready for the plastic packaging tax The plastic packaging tax is a new tax which is being introduced from 1 April 2022. The tax aims to provide a financial incentive to use recycled plastic in plastic packaging, which in turn will boost recycling and divert plastic away from landfill. You may have to pay […]

Check you are paying the NMW

Check you are paying the NMW The Government have recently named and shamed well-known employers who have fallen foul of the National Minimum Wage legislation. They have also published a list of ‘outrageous excuses’ cited by employers who have failed to pay the minimum wage. Legal requirement to pay at least the minimum wage As […]

Reclaiming SSP for periods of self-isolation

The recent ‘pingdemic’ has resulted in large numbers of employees self-isolating. Where an employee meets the qualifying conditions, you must pay them SSP while they are self-isolating. As qualifying periods of self-isolation count as a Coronavirus-absence, if you are a small employer, you may be able to reclaim the SSP paid to self-isolating employees from […]

Kickstart Scheme

Kickstart Scheme You may be able to benefit from funding under the Kickstart Scheme if you are looking to create new jobs for young people. Information on the scheme can be found in the Kickstart Scheme Employer Prospectus. Nature of the scheme The scheme aims to create jobs for young people who are unemployed. The […]

MTD ITSA – Basis period reform

Basis period reform HMRC have been consulting on the reform of the basis period rules in preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA), which comes into effect from April 2023. A consultation paper was published in July 2021, which sets out new simplified basis period rules. Comments were […]

NMW reminder for summer staff

If you take on temporary staff over the summer, you will need to pay them at least the National Living or Minimum Wage appropriate to their age. Workers aged 23 and over Workers aged 23 and over are entitled to be paid at least the National Living Wage (NLW). This is set at £8.91 per […]

2020/21 self-assessment tax return

SEISS grants that were received in the 2020/21 tax year (i.e., between 6 April 2020 and 5 April 2021) should be reported on your 2020/21 self-assessment tax return, regardless of the date to which you prepare your accounts. The return must be filed online by midnight on 31 January 2022 (or by 31 October 2021 […]