Where grants claimed under the self-employment income support scheme (SEISS) do not correspond with records held by HM Revenue & Customs (HMRC), it will auto-correct 2020-21 tax returns and issue a new SA302 calculation to both taxpayer and acting agent. Corrections may be necessitated if: The grant amount was omitted; The amount received appears in … Continue reading
With predictions that the UK economy is set to grow at its fastest pace in 80 years and could recover to its pre-pandemic size by the end of this year, SME owners are feeling more optimistic and are keen to invest in growth. However, they are also frustrated by the mix of financial options open … Continue reading
HM Revenue & Customs (HMRC) has warned that debt collection will resume as the UK emerges from the pandemic and it will be contacting taxpayers who have fallen behind with their taxes. During the Coronavirus crisis, HMRC tax debt collection was paused as businesses grappled with the disruption caused by the pandemic. However, on 30 … Continue reading
As the UK economy gets back to full speed and confidence grows amongst small businesses, the impact of the ‘super-deduction’ and the ‘special rate allowance (SRA)’ should encourage even stronger growth. The super-deduction will allow companies to cut their tax bill by up to 25p for every £1 they invest, ensuring the UK capital allowances … Continue reading
Taxation and other measures to be included in the Finance Bill for 2021-22 have now been announced. The draft legislation largely covers pre-announced policy changes, along with accompanying explanatory notes, tax information and impact notes, as well as responses to consultations and other supporting documents. In addition to previously announced measures that include changes to … Continue reading
Thousands of people who put money into their pension each year are inadvertently failing to declare pension tax charges, according to HM Revenue & Customs (HMRC). This can lead to an unexpected and costly tax bill. Your annual allowance is the maximum you can save in your pension pots in a tax year (6 April … Continue reading