Submitted by
Holly Nesbitt | on Wed, 05/08/2024 - 14:45 | In
HMRC When running a business, keeping on top of things like tax submissions and regulatory changes isn’t just smart; it’s crucial.
So, since it’s the end of the financial year, and we’re accountants, we thought we’d help you out with this.
To help you prepare for the financial year of 2024, here are the key financial dates to remember.
April 2024
6th April: New Tax Year and Employment Law Updates The new tax year starts on 6 April, bringing updates in employment law, [- -]
Submitted by
Holly Nesbitt | on Wed, 05/08/2024 - 13:28 | In
HMRC Just the thought of an HMRC investigation can send shivers down the spine of any business owner, but fear not!
We’ve got precautions and strategies to share with you that can significantly reduce the likelihood of finding yourself under HMRC’s microscope. They will also help guide you through an investigation smoothly.
What is an investigation from HMRC?
An HMRC investigation is a thorough review of an individual’s or business’s financial records to verify tax compliance. These investigations can range from simple checks of [- -]
Submitted by
Sestini & Co | on Mon, 10/02/2023 - 11:00 | In
HMRC HMRC’s annual report 2022-23, published in July 2023, includes as one of its strategic objectives “Make it easy to get tax right and hard to bend or break the rules”.
The latest UK tax gap published shows it is 4.8% (reduced substantially from 7.5% in 2005-06).
The tax gap from small businesses accounts for the largest proportion by customer group, at £20.2 billion or 56% in 2021 to 2022.
And the report notes that “We’re also seeing more small business customers getting into tax [- -]
Submitted by
Sestini & Co | on Fri, 07/28/2023 - 11:30 | In
digital tax,
HMRC The Draft Finance Bill 2023-24 includes a Policy Paper on ‘Changes to data that HMRC collects from customers’. If accepted, the changes will come into effect from tax year 2025-26.
Around 1.2 million self-employed businesses, 1.9 million PAYE-registered businesses, and 900,000 businesses which include shareholders of an owner-managed business, will need to submit the additional data.
Submitted by
Sestini & Co | on Mon, 06/26/2023 - 10:50 | In
HMRC June 2023 // As part of HMRC’s ongoing efforts to collect as much tax as possible, the government department will shortly be sending ‘nudge letters’ to people who are on the HMRC horizon but who do not currently file UK tax returns.
Submitted by
Rachel Sestini | on Mon, 09/26/2022 - 15:52 | In
Budget Termed a ‘mini budget’, yet without the usual independent OBR research or illustrations showing impact of tax cuts on different earning brackets, those measures that have been announced today (23 September 2022) are impactful, with a focus on overall economic growth rather than redistribution of wealth. Measures supporting businesses will have an effect across the income brackets however certain changes such as the abolition of the higher tax rate will initially benefit high net worth individuals and higher earners before [- -]
Submitted by
Rachel Sestini | on Wed, 03/23/2022 - 15:02 | In
Budget,
HMRC,
National Insurance Rishi Sunak’s tax reforms as set out in the 2022 Spring statement including NIC aligment and employers NI allowance
Submitted by
Sestini & Co | on Mon, 11/01/2021 - 9:19 | In
Budget,
Pensions,
Tax planning and pensions Chancellor Rishi Sunak in the 27th October Budget freely acknowledged that taxes are at their highest for 70 years, but pledged to cut them against a backdrop of positive news from the OBR calculating that the economy will hit pre-Covid levels by the end of 2021, and that the economy is expected to grow by 6% in 2022.
“By the end of this Parliament, I want taxes to be going down not up,” he said.
We’ve highlighted below key tax points from [- -]
If you’re facing a demand from HMRC you don’t agree with or you’d like help with your tax, don’t struggle alone, contact our experts at Sestini & Co.
Sam Hawkins of Hawkins Insolvency explains why having an understanding of the impact of insolvency is useful for you as a company director, whether it affects your company directly or whether you are a creditor impacted by a debtor of your company, who is facing an insolvency event.
