Making Tax Digital for Income Tax Self-Assessment (MTDITSA) Change is coming

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 […]

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R&D Claims – Changes are afoot and preparation is key

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 […]

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HMRC is changing the way trading income is allocated to tax years

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 […]

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Businesses urged to be prepared for furlough inspections

Despite Covid restrictions and support schemes being wound down across the country, leading independent accountancy firm Kilsby Williams is urging businesses to continue to ensure that their records are in order, in preparation for potential furlough inspections being carried out by HMRC. The Coronavirus Job Retention Scheme, commonly referred to as furlough, protected nearly 12 […]

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Payroll End of Year 2021/22

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 […]

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Changes to Payroll Legislation for the 2022/23 Tax Year

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 […]

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