HMRC will pay a taxable grant to self-employed individuals and partners equivalent to 80% of their average trading profits for three months, capped at £2,500 per month. Who gets what? It is difficult for HMRC to determine how much self-employed individuals earn in real-time, in order to...
On 17 March, the Chancellor announced an unprecedented package of government-backed and guaranteed loans to support businesses, making available an initial £330bn of guarantees – equivalent to 15% of GDP. This was on top of a series of measures announced at Budget 2020, the government announced £30 billion...
Zak Jakubowski Reporter, Accountancy Daily View profile and articles. The #StoptheOffPayrollTax demonstration, trending on Twitter, was organised to campaign against the rollout of off-payroll rules to private companies. Over 300 campaigners gathered outside parliament to protest IR35 rules that will effectively bring the majority of contractors into income tax...
April 15, 2016 Quarterly tax return plan criticised by watchdog The Administrative Burdens Advisory Board, the independent body that oversees HMRC, has refused to support the Government's plans to force small businesses to submit quarterly digital tax returns. Under its Making Tax Digital strategy, HMRC has proposed that...
Budget 2015 Report Chancellor George Osborne announced his budget on Wednesday 18th March below of which is a summary of the main changes affecting the UK tax system. Personal Income Tax The basic personal allowance will rise to £10,600 from the 6th April 2015 with a further rise...
Announced in the last budget, the HMRC are consulting on the proposal to take funds direct from the bank accounts of taxpayers who are more than £1,000 behind with their tax and/or national insurance payments:- HMRC have published a consultation document about a new power which...
Many small businesses could be sleep walking their way to having difficulties finding a pension scheme for the employees by simply leaving it too late to find a suitable provider:- KPMG has warned that small and medium-sized enterprises that fail to plan so as to meet...
HMRC have issued some guidelines on their 'time to pay' scheme which helps taxpayers who are experiencing difficulties in settling their tax liabilities. HMRC have published an issue briefing explaining what individuals and businesses should do if they have problems paying the tax they owe. HMRC say...
Small businesses such as sole traders have had a record number of their assets seized as a result of non-payment of self-assessment tax bils HMRC made a record number of asset seizures last year from self-assessed taxpayers who could not settle their tax debts, many of...
The Association of Chartered Certified Accountants (ACCA) have warned of the pitfalls of individuals completing their self-assessment tax returns themselves:- Hundreds of thousands of extra people are expected to complete a self-assessment tax return for the first time by 31 October, including people who have won...