Chancellor Rishi Sunak gave his Spring Statement on 23 March 2022. The chancellor referred to the on-going war in Ukraine and how he is considering the UK’s responses to that war and to our security in that respect and in the state of our economy.
If an employer provides expenses or benefits to employees or directors, then at the end of the tax year you’ll usually need to submit a P11D form to HM Revenue and Customs for each employee you’ve provided with expenses or benefits. This also includes payments or benefits
New rules mean that UK residents with capital gains tax to pay on the sale of UK residential property must report and pay this to HMRC within 60 days. The new rules apply to all UK residents who exchange contracts on the sale of UK
Introduction The Making Tax Digital Income Tax Self-Assessment (MTD ITSA) legislation will apply to all sole trader businesses and landlord’s whose turnover is more than £10,000. The definition of turnover is amount received before applying expenses. If an individual has a trade and a rental property, they
Employers wishing to pay or reimburse travel expenses may use the meal allowance benchmark rates, these are the amounts that employees can spend while on work trips for meals and have no tax or NI implications where the relevant qualifying conditions are met. These rates
You can reimburse subsistence to employees by making a scale rate payment using the rates below. These rates are the maximum tax and NICs free amounts that can be paid by employers who choose to use the system. An employer can pay less than these rates if
IR35 is HMRC’s intimidating term for “off payroll working”. This is essentially any work engagement where an intermediary such as a limited company owned by an individual takes on a contract that under any other circumstance would be an employment. This would be done generally
An Introduction to Investors’ Relief Investors’ relief is a relatively new scheme (introduced in 2016) that draws many parallels from Business Asset Disposal Relief (BADR- formerly Entrepreneur’s Relief). To claim BADR you need to own more than 5% of voting and ordinary shares, which becomes
Deadlines HMRC must receive your tax return and any money you owe by the following deadlines – Paper tax returns – Midnight 31 October Online tax returns – Midnight 31 January Pay the tax you owe – Midnight 31 January If you want HMRC to
The Government has made recent changes to the Research and Development tax relief for small and medium-sized (SME) enterprises. Budget 2018 Announced in the 2018 Budget, for accounting periods beginning on or after 1 April 2021 R&D tax credit limited to £20,000 plus 300% of
