HM Revenue and Customs (HMRC) issued a press release recently reminding working families to save money on their childcare costs in time for the school holidays by making use of the Tax-free Childcare support. With the Easter break looming, families yet to sign up for Tax-Free Childcare could be missing out on annual savings of […]

As we have mentioned in previous posts, Companies House have been tasked with introducing a number of changes introduced by the Economic Crime and Corporate Transparency Act 2023 (ECCT Act), that came into force on Monday 4 March 2024. Changes introduced 4th March include: greater powers to query information and request supporting evidence; stronger checks […]

We all knew that the Chancellor would have restricted options when considering the contents of his recent spring budget announcement on 6 March. But it seems he has the skills after all to “play tennis” with his arms tied behind his back… Would there be a combination of tax cuts and public expenditure cuts, or […]

1 March 2024 – Due date for Corporation Tax due for the year ended 31 May 2023. 2 March 2024 – Self-Assessment tax for 2022-23 paid after this date will incur a 5% surcharge unless liabilities are cleared by 1 April 2024, or an agreement has been reached with HMRC under their time to pay […]

The coding out threshold may entitle you to have tax underpayments collected via your tax code when you are in employment or in receipt of a company pension. Instead of paying off debts in a lump sum, money is collected in equal monthly instalments over the tax year. If you want to benefit from this […]

There are rules that businesses must follow when they are reporting employee changes. These changes must be sent to HMRC using a Full Payment Submission (FPS). The FPS is a submission that is required every time you pay your employees and must be submitted on or before the usual date you pay your employees. The […]

The VAT Flat Rate scheme is open to VAT registered businesses that expect their taxable turnover in the next 12 months to be no more than £150,000, excluding VAT. The annual taxable turnover limit is the total of everything that a business sells during the year that is not VAT exempt. Under the scheme rules, […]

HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails, phone calls and texts are being sent from around the world as HMRC and other agencies continue to combat the problem. These messages aim to obtain taxpayers personal and or financial information such as passwords, […]

As expected, the Chancellor has found wriggle room in his fiscal rules that have allowed him to please his fellow Conservatives by reducing the impact of taxation. Not an unfamiliar tactic for a government in a general election year.   The impact of tax changes announced are summarised below.   Impact on personal finances   […]

Government has announced a new package of measures to help families save on energy costs and access cheaper deals as figures published recently show energy prices are set to fall to their lowest level since Putin’s invasion of Ukraine. Ofgem confirmed the price cap The maximum amount a typical household pays for gas and electricity […]