Blog – Page 9 – Sutton Coldfield Accountancy

Making Tax Digital – An Overview Of Where We Are

Written by Tony Shackleford on September 22, 2022.

Making Tax Digital (MTD) requires those businesses caught by the MTD rules to record their business transactions on compliant software and to submit quarterly returns to HMRC direct from the...

income tax, Making Tax digital, Making tax digital for income tax, MTD

R&D Tax Relief Changes

Written by Tony Shackleford on June 6, 2022.

The environment surrounding R&D tax relief claims has been changing significantly over the last year and will continue to change significantly. There are 2 conflicting goals, which the...

R&D, R&D tax relief

Pension Access

Written by Tony Shackleford on May 23, 2022.

From April 2028 the earliest an individual will be able to access their pension is by the age of 57. The current access age is 55.

Pensoin access

Interest Rate Rise

Written by Tony Shackleford on May 6, 2022.

The Bank of England has increased the UK base interest rate to 1%. This is the highest UK interest rate for 13 years. Prior to 2009 the interest rate was running at between 4% and 6%. It seems...

Interest rate

VAT on Private Tuition

Written by Tony Shackleford on May 3, 2022.

For tutoring costs provided by the private sector to be exempt from VAT, the primary condition is that the subject being tutored is one which is ordinarily taught in school or university. However...

Vat, VAT Exemption, VAT on tuition

Investigations Into Company Strike off re Covid Grants

Written by Tony Shackleford on April 22, 2022.

In an attempt to restrict the amount of Bounce Back Loan frauds, an Act was recently passed by the government. The purpose of the act is to prevent company strike offs (applications to dissolve...

Bounce Back Loan fraud, Covid grant fraud

SEISS – Repayment of Overclaimed Grants

Written by Tony Shackleford on April 21, 2022.

From April 2022 HMRC is contacting self employed individuals who have been overpaid grants under the 4th and 5th Self Employed Income Support Scheme. The taxpayers will be provided with...

covid, grants, SEISS, SEISS Overpaid

Financing the Spring Statment 2022 NIC Change

Written by Tony Shackleford on April 11, 2022.

The cost, over 5 years, of the increasing the starting point for payment of employees NIC is £26.3bn per the government. The same government document stated that the changes to the student loan...

spring statement

National Insurance Changes

Written by Tony Shackleford on March 25, 2022.

The Chancellor’s Spring Statement announced a significant change to the charging of employees National Insurance Cotnributions (NIC). The change takes place in July 2022 and it aligns the nil...

National Insurance, NIC

MTD VAT Extra Tax

Written by Tony Shackleford on March 22, 2022.

HMRC has rcently announced that an estimated additional tax of £195 million has been collected following the introduction of Making Tax Digital. HMRC stated that the additional tax resulted from a...

Making Tax digital, MTD

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