The first monthly returns and payments affected by HMRC’s new VAT penalty regime were due by 7 March 2023. The new VAT penalty rules apply to the late submission and / or late payments of VAT returns for VAT return periods beginning on or after 1 January 2023. Under the new regime, there are separate penalties for late VAT returns and...
Topic: Uncategorized
Get information about a company
There is a significant amount of information about companies that can be obtained from Companies House. Companies House is responsible for incorporating and dissolving limited companies, examining and storing company information and making company information available to the public. Much of this information is freely available. This is in line with the government’s commitment to free data and means that all...
Tax Diary April/May 2023
1 April 2023 - Due date for Corporation Tax due for the year ended 30 June 2022. 19 April 2023 - PAYE and NIC deductions due for month ended 5 April 2023. (If you pay your tax electronically the due date is 22 April 2023). 19 April 2023 - Filing deadline for the CIS300 monthly return for the month ended 5 April...
New Energy Bills Discount Scheme launched to support UK businesses
The challenge of increasing energy costs for UK businesses is a significant concern, particularly in the context of ongoing efforts to reduce greenhouse gas emissions and tackle climate change. The current Chancellor, Jeremy Hunt, pledged in his November statement that the government would continue to support those businesses that need it the most. However, the changes to the scheme and its...
Muras Matters: Tax on Residential Property Owned by a Company
This Bulletin is aimed at limited companies who own, develop or let residential property Annual Tax on Enveloped Dwellings (ATED) The ATED charge is a tax on residential property which is owned through a corporate vehicle. It was introduced in 2013 primarily to prevent non-resident investors from avoiding Stamp Duty by owning their UK residence through a company. The legislation is drafted...
HMRC issues VAT guidance to help overseas sellers
Steps have been taken to simplify VAT guidance for overseas sellers that sell goods online into the United Kingdom to help reduce the tax gap. The guidance published by HMRC, Selling goods using an online marketplace or direct to customers in the UK, has also been translated into simplified Mandarin to support sellers exporting goods from China to comply with UK...
Crack your Easter childcare costs with tax-free top-ups
The biting cost of living crisis and yet another rise in interest rates means families need all the financial help they can get. With the Easter school holidays nearly here, HMRC is reminding mums and dads not to miss out on Government help to pay for childcare to help lift some of the burden. Tax-Free Childcare can pay for any approved childcare...
Ready for the new tax year? Follow our tips
As a new tax year approaches, business owners need to prepare their payroll and ensure compliance with the latest tax laws and regulations. April is also an excellent time for businesses to review their financial situation, identify areas for improvement, and plan ahead. Here are some essential tasks for the start of the new tax year: Review and update employee information Before the start...
Muras Matters: Spring Budget 2023 – Capital Allowances
Background In the spring budget last week the Government announced that from April 2023 until the end of March 2026, companies can claim 100% capital allowances on qualifying plant and machinery investments. Full expensing allows companies to write off the cost of investment in one go, with every pound invested resulting in a tax cut of up to 26.5p. Detail Under the new...
Chancellor targets business growth in Spring Budget
A £27 billion tax cut for business to drive investment and growth featured among the headlines of Jeremy Hunt’s Spring Budget. A ‘full expensing’ policy introduced from 1 April 2023 until 31 March 2026 and an extension to the 50 per cent first-year allowance in the same period is a transformation in capital allowances which will benefit businesses over three years. Aimed...