Posted 29/09/2022 In a change from the current system where only a single payment can be made via direct debit, employers will be able to take advantage of the new direct debit payment plan for PAYE and national insurance contribution liabilities from 19 September. The service can be accessed through Pay employers’ PAYE or directly through the…Read More
Posted 28/09/2022 We have noticed that it is currently taking longer for VAT numbers to be issued by HMRC following registration. However, you should receive your VAT registration certificate within 30 working days from registration, whereas previously the VAT number was being issued sooner. Whilst you are waiting for your VAT number, you must charge…Read More
Posted 27/09/2022 The Department for Business, Energy & Industrial Strategy has a webpage listing 151 schemes both locally and for all the UK. If your business needs support, it may be worth looking through the webpage which is in alphabetical order. You can search for specific topics such as finance, grants, loans and other support. …Read More
Posted 26/09/2022 On 23 September 2022, Kwasi Kwarteng, the new Chancellor delivered a Tax Cutting “Fiscal Event” or Mini-Budget. Please find to follow the details announced. The 1.25% percentage point rise in National Insurance contributions will be reversed from 6 November 2022 and the government will not go ahead with the planned April 2023 levy…Read More
Posted 05/09/2022 Companies House will soon be introducing a new WebFiling account that will have more functionality with improved security features. It is the first step in creating a single sign-in across all Companies House services. The benefits of the new WebFiling account include: Multi-factor authentication. The ability to link your company to your WebFiling…Read More
Posted 01/08/2022 The government scheme that cuts the price of leading software will now benefit even more firms. The Digital Scheme eligibility has now been expanded to businesses with at least one employee, previously only businesses with more than 5 employees were eligible. This means businesses can now access a £5,000 discount on 30 software…Read More
Posted 12/07/2022 Last week, the Sustainable Farming Incentive (SFI) opened for applications in England. The scheme is available to all farmers who currently receive Basic Payment Scheme (BPS) payments. It is designed to be accessible and will reward sustainable practices which support food production and benefit the environment. The Sustainable Farming Incentive is the first of…Read More
Posted 11/07/2022 Making Tax Digital (MTD) for Income Tax will apply to sole traders, property landlords and certain other businesses with gross turnover and/or property income over £10,000 a year and will commence in April 2024. The system will then be extended to partners from April 2025 and LLPs and partnerships with corporate members from…Read More
From 6 July 2022, some National Insurance Contributions (NICs) thresholds will increase. The primary threshold for 6 July 2022 to 5 April 2023 will rise to: £242 per week £1,048 per month £12,570 per year To accommodate this change, payroll software, including HMRC’s Basic PAYE Tools, will need to be updated. This may happen automatically,…Read More
Posted 06/06/2022 HMRC is urging businesses to move to its new customs IT platform now to continue trading and is writing to businesses to support them with the changes. The letters and emails include further information about making the move to the UK’s single customs platform – the Customs Declaration Service – and sets out the…Read More
Posted 30/05/2022 New legislation taking effect in 2023/24 will affect non-corporate trading businesses that prepare accounts to a date other than 31 March or 5 April. The new rules will alter how the taxable profits of accounting periods are matched into tax years for the purposes of self-assessment profit reporting and income tax calculation. At…Read More
Posted 25/05/2022 The following is a list of letters that have recently been sent out by HMRC: Letter OCA300 — repayment of Student Loan deductions Overpaid Self-Employment Income Support Scheme (SEISS) grants Research about employee experience of the Coronavirus Job Retention Scheme Research about the digitisation of Child Benefit Refund of Income Tax from changes…Read More
Posted 23/05/2022 The Employment Allowance (EA) is a £5,000 allowance set against employers National Insurance Contributions (NICs) and has to be claimed each tax year if the employer qualifies. This allowance was introduced in 2014/15 and was increased to £5,000 from 2022/23. Employers make a claim for the Employment Allowance through their payroll software. They…Read More
Posted 20/05/2022 Do you use Sage Version 26.2 or below, whether it is the Desktop or Cloud version? From 30/09/2022, you will no longer be able to access your software. Sage are updating their services so that clients using Version 26.2 or below will no longer be able to access their software/data after the update…Read More
Posted 09/05/2022 Introduced on 1st April 2021, the super-deduction allows companies to cut their tax bill by 25 pence for every £1 they invest in any qualifying machinery and equipment. This can include the purchase of computers, most commercial vehicles and office furniture. Qualifying purchases must be new & not bought 2nd hand. The temporary…Read More
Our monthly newsletter contains a round up of the latest tax news and updates of what's happening at Hammond McNulty
As a subscriber you will automatically receive our newsletter direct to your inbox