Income Tax – Sutton Coldfield Accountancy

Autumn Statement 2022

Written by Tony Shackleford on November 17, 2022.

The Chancellor’s Autumn Statement included the following measures: The starting point for the top rate of Income Tax of 45% will be reduced from £150,000 to £125,140. The exempt band for Capital...

Autumn Statement

UK Government Mini Budget

Written by Tony Shackleford on September 23, 2022.

The principal proposals announced by the Chancellor in his recent mini budget are as follows: Both employers and employees National Insurance rates will reduce by 1.25% from 6 November 2022. This is...

IR35, Mini budget

Chancellors Mini Budget

Written by Tony Shackleford on September 22, 2022.

In today’s announcement by the Chancellor, the increase in NIC rates, which came into effect on 6 April 2022, is going to be cancelled from 6 November 2022 Additionally the increase of 1.25% in...

Mini budget, NIC

Use of Home As Office Tax Relief

Written by Tony Shackleford on September 22, 2022.

HMRC guidance currently allows those working full time from home to claim tax relief as follows: Those in employment at the rate of £4 per week. This works out at £208 per year and provides tax relief...

use of home

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 software. In...

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

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 instructions...

covid, grants, SEISS, SEISS Overpaid

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

Directors’ Liability From Insolvent Companies

Written by Tony Shackleford on February 14, 2022.

One of the major reasons for trading through a limited company, as opposed ot being self employed or being in a partnership, is that the owners / managers of the company are generally not liable for...

Directors liability, Directors liability. Insolvency, Tax on insolvency

SSP Covid Reclaim

Written by Tony Shackleford on February 14, 2022.

Following the massive increase in the number of Covid cases since mid December 2021, the government has announced that SSP can again be recliamed from HMRC. SSP paid to employees who are absent from...

Ssp, SSP Covid, SSP reclaim

Making Tax Digital (MTD) For Income Tax

Written by Tony Shackleford on November 3, 2021.

The government has recently published further guidance on the implementation of MTD for Income Tax, which is due to come into effect on 1 April 2021. All self employed and landlords having gross income...

MTD, MTD for Income Tax, MTD transitional year

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