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Making Tax Digital (MTD) is designed to simplify the tax process for business owners.
Category Archives: Tax News
Government to change tax law twice before election – How to prepare
The Chair of the Conservatives, Richard Holden, has said that there could be two more changes to UK tax law before the election – which is expected to be called in the latter part of this year.
Attention UK Taxpayers – do you understand the 500T tax code?
The 500T tax code in the UK is a temporary, non-cumulative code used by HMRC when they lack information.
Understanding Inheritance Tax and the implications for your finances
Inheritance Tax (IHT) can be a sensitive and uncertain topic when discussing with loved ones, but it is something that cannot and should not be avoided.
How SMEs should prepare for and handle tax investigations
Between the 2020/21 and 2022/23 tax years, there was a 21 per cent rise in tax investigations into SMEs, highlighting the fact that HM Revenue & Customs (HMRC) has ramped up its interest in this area.
Is your business ready for the new tax year?
Getting the tax year off to a good start will help you to optimise your overall financial position. But you need to plan ahead.
Supreme Court rules roof replacement company must pay £2.5 million VAT bill
A roof replacement company has been hit with a £2.5 million tax bill after a ruling that the insulated roof panels it supplied did not qualify for a VAT-reduced rating.
Self-Assessment taxpayers warned of next payment deadline
Taxpayers have been reminded that a penalty deadline for unpaid Self-Assessment tax is imminent.
Corporation Tax rise axed as Chancellor aims for growth
Chancellor Kwasi Kwarteng’s mini-Budget has scrapped a planned rise in Corporation Tax as part of a wide-ranging raft of tax-cutting measures announced last week.
Have you renewed your tax credits?
According to HMRC, 323,700 customers are yet to renew their tax credits, with just one month left to do so.
Tax credits offer targeted financial aid to working families, so to ensure you receive what you are eligible for, it is crucial that you renew before the deadline of 31 July.
Failure to do so by this date will result in your payments coming to a halt.
How do you renew?
Tax credits can be renewed for free via GOV.UK by searching ‘tax credits’, or via the HMRC app.
Renewing online is a fast, simple process. By logging into GOV.UK, you can check on the status of your renewal, see that it is being processed, and know when to expect a response from HMRC.
The other option to consider is downloading the HMRC app on your smartphone. Through the app, it is possible to:
- Renew your tax credits
- Make changes to your claim
- Check your tax credits payments schedule
- Find out how much you have earned for the year.
To help, HMRC has provided a video to explain how tax credits customers can use the HMRC app to view, manage and update their information.
Have your circumstances changed?
If there is a change in your circumstances that could affect your tax credits claims, these changes must be reported to HMRC.
Circumstances that could affect tax credits payments include changes to:
- Living arrangements
- Childcare
- Working hours
- Income (increase or decrease).
It is also important to remember that tax credits will be replaced by Universal Credit by the end of 2024.
If you move from tax credits to Universal Credit, you could be at a financial advantage. To check this, you can use an independent benefits calculator.
For help and advice with related personal tax matters, please get in touch with our team today.
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