Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to
VAT Flat Rate scheme
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Second cost of living payment
Back in May 2022, the then Chancellor Rishi Sunak announced a package of support measures targeted mainly to the most vulnerable members of society. One of the main measures was the Cost of Living
Donations through Gift Aid
The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take a taxpayer’s donation and, provided all the qualifying conditions are met,
Deadlines 2021-22 Self-Assessment tax return
The 2021-22 tax return deadline for taxpayers who continue to submit paper Self-Assessment returns is 31 October 2022. Late submission of a Self-Assessment return will become liable to a £100 late
Chancellor statements – 17 October 2022
The new Chancellor of the Exchequer, Jeremy Hunt, was only appointed on Friday 14 October 2022. However, following another turbulent weekend, the Chancellor made not one but two important statements
Prime Minister’s statement – 14 October 2022
The Prime Minister, Liz Truss delivered a hastily arranged press conference on Friday 14 October. At the press conference, the Prime Minister confirmed that she had sacked the Chancellor, Kwasi
Jeopardy amendments
A jeopardy amendment can be made to a taxpayer’s Self-Assessment return as part of an S9A general enquiry. A jeopardy amendment should only be made where an HMRC officer believes there is an imminent
What Self-Assessment items can be stoodover by HMRC?
A stand over can be used to postpone certain Self-Assessment payments due to HMRC. There are two types of stand over payments, a formal stand over and an informal stand over.
A formal stand over is
NI Trader Support Service extended
The Trader Support Service was designed to help businesses moving goods under the Northern Ireland Protocol after the Brexit transition period came to an end. Under the Northern Ireland Protocol, all
Final warning to use MTD for VAT
The Making Tax Digital (MTD) for VAT regime started in April 2019 when businesses with a turnover above the VAT threshold of £85,000 became mandated to keep their records digitally and provide their
Claiming Child Trust Fund cash
If you turned 18 on or after 1 September 2020 there may be cash waiting for you in a dormant Child Trust Fund (CTF). If your children recently turned 18 you should also check if they have claimed the
Residential Property Developer Tax
The Residential Property Developer Tax (RPDT) is a new tax on large residential property developers that came into effect on 1 April 2022. The new tax was first announced in February 2021 as part of a
Statutory interest
Taxpayers that are owed VAT repayments by HMRC are entitled to claim statutory interest under certain circumstances. Where this is the case, a claim should be made in writing to HMRC. VATA s78 (11)
How the VAT Reverse Charge works
The VAT domestic reverse charge accounting mechanism was put in place to help prevent criminal attacks on the UK VAT system by means of sophisticated fraud.
UK businesses receiving certain specified
Small Business rate relief
Business rates are charged on most non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories. Some properties are eligible for discounts from
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