The Construction Industry Scheme (CIS) is a set of special tax and National Insurance rules for those working in the construction industry. Businesses in the construction industry are known as
The Construction Industry Scheme
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Check your State Pension forecast
The State Pension forecast provides an estimate of how much State Pension an individual can expect to receive when they reach State Pension age. The estimate is based on the applicant’s National
Draft legislation published for Finance Bill 2023-24
Legislation Day (L-Day), 18 July 2023, was the date when the government published the draft legislation for Finance Bill 2023-24. This Finance Bill will be colloquially referred to as Finance Bill
HMRC pledges £5.5m in partnership funding
HMRC is awarding £5.5 million to voluntary and community organisations to support customers who may need extra help with their tax affairs.
HMRC is inviting eligible organisations to bid for the
Check a UK VAT number is valid
The check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number.
This service allows users to check:
if a UK VAT registration number is valid; and
the name and address of the
South Yorkshire first UK Investment Zone
It was announced as part of the Spring Budget 2023 measures that the government would establish twelve Investment Zones across the UK, subject to successful proposals. South Yorkshire has now been
Exempt company purchase of own shares
Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions (usually described as dividends) and may be subject to Income Tax.
If certain
Tax on savings interest
If you have taxable income of less than £17,570 in 2023-24 you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of
Business records if self-employed
If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income.
For tax
Connected persons for tax purposes
The definition of a connected person for tax purposes can be complex.
A statutory definition of “connected persons” for Capital Gains Tax purposes is set out in Section 286 of the
What do we mean by cost of living?
A simple dictionary definition of cost of living would probably say something like:
The level of prices relating to a range of everyday items…
The problem is, the price inflation for food, or fuel
Tax Diary August/September 2023
1 August 2023 – Due date for corporation tax due for the year ended 31 October 2022.
19 August 2023 – PAYE and NIC deductions due for month ended 5 August 2023. (If you pay your tax electronically
Cannot pay your tax on time?
The second payment on account for Self-Assessment taxpayers for the 2022-23 tax year is due on 31 July 2023. Taxpayers are usually required to pay their Income Tax liabilities in three instalments
Updating your tax return
There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, tthis can happen if you made a mistake like entering a
Pension Credits
Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced in 2003 to help keep retired people out of poverty. There are two main
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