HMRC Archives - Page 16 of 37

Oct 06 2022

NIC Cut In November

By admin Budget Update, HMRC, National Insurance, Potts & Co Accountancy & Business Advice News

The Government has decided to reverse the 1.25 percentage point increases in national insurance contribution (NIC) rates which were introduced from 6 April 2022. The rates of Class 1 NIC are taken back to the lev- els that were in place on 5 April 2022 but only with effect for…

Oct 05 2022

Tax Incentives In Investment Zones

By admin Budget Update, HMRC, National Insurance, Potts & Co Accountancy & Business Advice News, SDLT, Special Tax Relief

The Government wants to designate up to 38 areas across England as investment zones which will benefit from special tax reliefs and relaxed planning laws. The tax reliefs will include: • employers' Class 1 NIC at 0% on earnings of new employees employed in the zone for at least 60%…

Oct 04 2022

Crackdown On Cloned Companies

By admin Fraud, HMRC, Potts & Co Accountancy & Business Advice News

The National Crime Agency estimates that £78m was lost in cloned companies scams in 2020 and that is probably an underestimate as many frauds are not reported. Criminals set up companies with names that are nearly identical to genuine trading or finance companies and then approach the customers of the…

Oct 03 2022

Home Buyers To Pay Less Stamp Duty

By admin Budget Update, HMRC, Potts & Co Accountancy & Business Advice News, Property, Stamp Duty Land Tax

When buying a residential property in England or Northern Ireland you have to pay stamp duty land tax (SDLT) if the purchase price exceeds a minimum threshold set at £125,000 since 2006. In last week's Budget, the Chancellor announced that the entry threshold for SDLT payable on residential properties would…

Oct 02 2022

Companies Spared Tax Rise

By admin Corporation Tax, HMRC, Potts & Co Accountancy & Business Advice News

Last year Chancellor Rishi Sunak proposed increasing corporation tax rates such that companies with annual profits of over £250,000 would pay tax at 25%. Those with annual profits of less than £50,000 would continue to pay tax at 19% but a marginal tax rate of around 26.5% would apply on…

Oct 01 2022

IR35: Contractors Delighted By Changes

By admin HMRC, IR35, Potts & Co Accountancy & Business Advice News

The Chancellor has said that he will abolish the hugely complicated off-payroll working rules from 6 April 2023. These rules require large businesses and public sector bodies to decide whether the contractors that they engage act as employees (in tax terms) and should be taxed as such under the IR35…

Sep 29 2022

Income Tax Cuts Next Year

By admin HMRC, Income Tax, Potts & Co Accountancy & Business Advice News

In last week's Budget, the Chancellor stunned his audience by announcing that both the basic rate of tax and the highest 'additional' rate would be reduced from 6 April 2023. Around 50% of taxpayers only pay tax at the basic rate and they will benefit from that rate being reduced…

Sep 15 2022

VAT Portal To Close

By admin HMRC, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, VAT

All VAT-registered businesses are now required to file VAT returns using MTD-compatible software and keep VAT records in a digital format. This applies from the start of the first VAT period for newly registered businesses. The old way to submit VAT returns was to type the figures into a web-based…

Sep 14 2022

Reporting UK Property Gains

By admin Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News, Property, UK Property Account

In 2020 HMRC introduced a new system for paying capital gains tax (CGT) due from selling residential property in the UK, but many solicitors and estate agents are still unaware of the new requirements. You need to report to HMRC your gain from selling a home on: the UK Property…

HMRC

NIC Cut In November

Tax Incentives In Investment Zones

Crackdown On Cloned Companies

Home Buyers To Pay Less Stamp Duty

Companies Spared Tax Rise

IR35: Contractors Delighted By Changes

Income Tax Cuts Next Year

VAT Portal To Close

Reporting UK Property Gains

Recent Posts

or choose a News Category…

Address:

Call: