You will recall that MTDITSA has been pushed back to 6 April 2024 in order to provide more time for taxpayers and HMRC to make necessary preparations and allow for the continued testing of the pilot. The focus of MTDITSA is currently on self-employed businesses and property owners with annual income above £10,000.  Note that […]

In recent years, there has been an increase in the number of unsubstantiated R&D tax relief claims submitted by companies, prompting concern at HMRC in relation to the level of fraudulent claims being made. HMRC’s response has been twofold. Firstly, HMRC recently announced a pause in some Research & Development Tax Credit payments whilst they […]

Unincorporated businesses generally draw up their accounts to the same date each year, the ‘accounting date’.  Their profit or loss for the tax year is usually the profit or loss for the year to the accounting date, the ‘basis period’. However, the government is looking to align all basis periods for unincorporated businesses with the […]

The payroll tasks which must be completed at the end of the tax year are more straightforward than they were before the introduction of Real Time Information reporting, but there are still a number of tasks and deadlines to be aware of. Final Submission for the Current Tax Year The final payroll must be processed […]

The new tax year is now just around the corner and so it is time to start considering any changes that should be made to your payroll from 6 April 2022. The main changes for 2022/23 are increases in National Minimum and Living Wage rates and the introduction of the National Insurance increase to cover […]

As we approach the end of the tax year, it is time for employers to start thinking about preparing the annual P11D forms which report taxable benefits provided to employees. Many employers offer their staff a reward package that includes benefits-in-kind, such as company cars, private medical insurance and other items such as gift vouchers. […]