The impact of IR35 changes
Changes to the rules around IR35 and the legislation being applied rigorously by HMRC is resulting in a number of high profile cases making headlines.
Business news and opinion from Evans Weir > Category: Tax | Page 4
A Truly Conservative Prime Minister?
As the runners and riders begin to line up, one thing is for sure, the subject of taxation will play a key part in the election process as each candidate tries to woo their colleagues and prove that they truly are a Conservative Prime Minister.
MTD for VAT comes into force
Making Tax Digital (MTD) for VAT became mandatory for all companies from April 2022. But despite the impending deadlines for registration and first returns to be made under the new scheme, many companies are still not ready, with some suggesting the figure could be as high as 80% of companies not prepared.
New Tax Year – Get Planning
With such uncertain times and increased pressure on personal finances, there’s no better time than the start of the new tax year to do a bit of financial planning. With the cost of living rising (the year to March 2022 inflation sitting at 7%) and energy prices and taxes following suit, it’s important to make the most of allowances and reliefs.
Spring Statement 2022
The Chancellor, Rishi Sunak, delivered his 2022 Spring Statement on 23rd March, reducing fuel duty and making some concessions on taxes. Read more and download our FREE Guide here.
Are Limited Companies still attractive from a personal tax perspective?
Limited companies have always been a very tax efficient vehicle for companies and their Directors, but various changes in other taxes and allowances mean this may not continue to be the case.
Crack down on second home tax relief
Second home owners that make their properties available for holiday rentals are being targeted under new rules outlined by the Levelling Up Secretary, Michael Gove. The change to the rules will specifically target those whose second homes are registered for business rates as they are let out for holiday rentals.
Don’t delay in submitting and paying self-assessment tax
Whilst HMRC has announced that it is waiving late filing and late payment penalties on self-assessment tax returns for one month, those required to submit a self-assessment tax return are being urged not to use this as an excuse to delay.
How do I to complete a self-assessment tax return?
Over twelve million people are now required to submit a tax return and with that number growing each year, more and more people are coming to the process for the first time. The rise in AirBnB lettings, self-employment, the ‘gig economy’ and people having multiple sources of income are the factors driving more taxpayers to self-assessment.
HMRC shuts phone lines to deal with backlog
HMRC has announced that it will be closing its telephone lines for 3 days during December, to redirect staff time into dealing with a backlog of letters and queries. The phone lines are those primarily dealing with VAT and Corporation tax queries but other services may also be affected as the department tries to deal with a backlog that has built up during the pandemic.
It’s time to simplify the tax system
As the dust settles on the 2021/22 budget and we absorb another round of tax increases and changes to reliefs and tapers, we are once again reminded of just how complex the UK tax system is. Managing this on an individual level is hard enough, imagine having to control and account for it across an […]
How much can I spend on staff and client entertainment?
September 2021 marked the return to normal business life for many, following the hiatus caused by Covid, multiple lockdowns and the work from home rule. But as we head back into the office, into networking events and even begin entertaining colleagues and clients again, it’s perhaps a good time to remind ourselves of some of […]