HMRC Archives - Page 19 of 37

Mar 15 2022

COVID-19 Sick Pay Scheme Ends

By admin Covid-19, HMRC, Potts & Co Accountancy & Business Advice News, Statutory Sick Pay (SSP)

As we are now at the 'living with Covid-19' stage of the pandemic the Government has decided to close the Covid-19- related statutory sick pay (SSP) rebate scheme on 17 March 2022. The scheme re-opened on 21 December 2021 for employers with fewer than 250 employees. It permits the employer…

Mar 14 2022

VAT On Termination Fees

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

Contract termination fees can be a bitter pill to swallow when you just want out of an expensive agreement. What's worse is that some suppliers will charge VAT on top of the cancellation fee while others will not. The law has been a bit of a mess but HMRC has…

Mar 13 2022

Declare Your COVID-19 Grants

By admin C.I.S., Coronavirus Job Retention Scheme (CJRS), Corporation Tax, Covid-19, Grants, HMRC, Potts & Co Accountancy & Business Advice News

The Covid-19 support grants (CJRS, SEISS and Eat Out to Help Out) are taxable and should be declared on your business' tax return. For corporation tax (CT) you must report amounts received in the accounting period covered by the return, not grants claimed for the period and paid in a…

Mar 12 2022

MTD For VAT Is Compulsory

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

For VAT periods starting on and after 1 April 2022 all VAT records must be recorded digitally and returns must be submitted under the Making Tax Digital (MTD) regime. If you are not already submitting your VAT returns using MTD-enabled software (or asking us to do so) you need to…

Dec 21 2021

Use Your Basic Rate Band

By admin Dividends, HMRC, National Insurance, Personal Tax, Potts & Co Accountancy & Business Advice News

Personal tax rates have been held steady for a few years, so it made no difference whether you extracted funds from your company in one tax year or the next. This is no longer the case as on 6 April 2022 the tax payable on dividends and the national insurance…

Dec 20 2021

Correcting Furlough Grants

By admin Coronavirus Job Retention Scheme (CJRS), Covid-19, Grants, HMRC, Potts & Co Accountancy & Business Advice News

HMRC are now actively pursuing incorrect and fraudulent grant claims made under the Coronavirus Job Retention Scheme (CJRS) for wages of furloughed employees. There are four common causes of incorrect CJRS claims: • the employer used the wrong reference pay to calculate the claim; • the amount claimed was not…

Dec 19 2021

HMRC Challenges SEISS Grant Claims

By admin Covid-19, HMRC, Potts & Co Accountancy & Business Advice News, Self-Employed Income Support Scheme (SEISS)

The self-employed income support scheme (SEISS) grants were welcomed when they were distributed during the Covid-19 pandemic. Each recipient had to meet three conditions: • traded in 2019-20; • intended to continue to trade in 2020-21; and • trade was adversely affected by Covid-19. HMRC is now examining the 2019-20…

Dec 18 2021

Paying Tax To Right Account

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

Your business probably pays several different taxes to HMRC: corporation tax or income tax; VAT; and PAYE all at different intervals. If the tax payment is not correctly accounted for by HMRC and set against the right tax account for your business an erroneous tax debt may arise. HMRC receives…

Dec 17 2021

Benefits Of Electric Vehicles

By admin Company Cars, Electric Cars, HMRC, Potts & Co Accountancy & Business Advice News

The fuel crisis last September has encouraged many people to consider buying an electric car. Drivers of company-owned electric vehicles will find it particularly rewarding as the taxable benefit for using an electric company car is currently just 1% of its list price and there is zero taxable benefit for…

Dec 16 2021

New Late VAT Penalties

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

Currently, if you pay your VAT bill late you may receive a penalty of up to 15% of the late paid amount, even for a one-day delay. The Government agrees that this is harsh, so it is reforming the late-payment penalties for VAT periods starting on or after 1 April…

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