Between the 2020/21 and 2022/23 tax years, there was a 21 per cent rise in tax investigations into SMEs, highlighting the fact that HM Revenue & Customs (HMRC) has ramped up its interest in this area.
Getting the tax year off to a good start will help you to optimise your overall financial position. But you need to plan ahead.
A roof replacement company has been hit with a £2.5 million tax bill after a ruling that the insulated roof panels it supplied did not qualify for a VAT-reduced rating.
Taxpayers have been reminded that a penalty deadline for unpaid Self-Assessment tax is imminent.
More than 22,000 taxpayers went online over Christmas Eve, Christmas Day and Boxing Day to complete their Self-Assessment tax return.
Chancellor Kwasi Kwarteng’s mini-Budget has scrapped a planned rise in Corporation Tax as part of a wide-ranging raft of tax-cutting measures announced last week.
According to HMRC, 323,700 customers are yet to renew their tax credits, with just one month left to do so.
Tax credits offer targeted financial aid to working families, so to ensure you receive what you are eligible for, it is crucial that you renew before the deadline of 31 July.
Failure to do so by this date will result in your payments coming to a halt.
How do you renew?
Tax credits can be renewed for free via GOV.UK by searching ‘tax credits’, or via the HMRC app.
Renewing online is a fast, simple process. By logging into GOV.UK, you can check on the status of your renewal, see that it is being processed, and know when to expect a response from HMRC.
The other option to consider is downloading the HMRC app on your smartphone. Through the app, it is possible to:
To help, HMRC has provided a video to explain how tax credits customers can use the HMRC app to view, manage and update their information.
Have your circumstances changed?
If there is a change in your circumstances that could affect your tax credits claims, these changes must be reported to HMRC.
Circumstances that could affect tax credits payments include changes to:
It is also important to remember that tax credits will be replaced by Universal Credit by the end of 2024.
If you move from tax credits to Universal Credit, you could be at a financial advantage. To check this, you can use an independent benefits calculator.
For help and advice with related personal tax matters, please get in touch with our team today.
The hard-pressed hospitality industry is facing some difficult choices after the temporary cut in VAT to 12.5 per cent reverted to the full 20 per cent. It will result in double-digit price increases for consumers as operators struggle to survive, leading industry body UKHospitality says.
No one wants to pay more tax than they are required to and yet every year hundreds of thousands of taxpayers miss out on opportunities to reduce their tax bill. Read More
Hopes that the temporary VAT cut for hospitality would be extended were dashed in Chancellor Rishi Sunak’s Spring Statement this week.