UTR stands for Unique Taxpayer Reference. A UTR number is a ten-digit code issued by HMRC which uniquely identifies you, or your company, for tax purposes. HMRC (HM Revenue & Customs) uses this unique identity number to track your tax obligations. Your UTR number remains your unique tax identity usually throughout your life, just like your National Insurance (NI) Number. Do I Need a UTR...
Tax is a charge paid to the government by individuals, consumers and businesses. A direct tax is paid directly by a person or business to the government from wages or profits. These are known as income tax and corporation tax. An indirect tax is applied to goods or services at the point of sale, known as value added tax (VAT). These are the government’s main...
You are probably familiar with VAT. VAT stands for Value Added Tax. You pay VAT attached to every purchase of a product or service you make as a consumer. As a business owner VAT can quickly become much more confusing. However it’s important to understand the VAT on goods and services that you sell and how to charge it both within the UK and abroad....
The government has recently confirmed that Making Tax Digital (MTD) will apply to income tax self assessment (ITSA) from 6th April 2024. This includes all unincorporated businesses. This applies to sole traders, partnerships and landlords, who file their taxes via self assessment, and are earning over £10,000. MTD for ITSA Start Date Confirmed On 23 September parliament legislated this new start date for MTD for...
In his 2021 budget announced in March, Mr Sunak promised tax reform in an attempt to raise £2.2 billion towards erasing the national deficit, alongside increased investment in compliance capabilities for HMRC to get tough on fraudulent furlough claims. HMRC Gets Tough The chancellor promised to sharpen up on fraud, tax avoidance and tax evasion, hoping to raise £2.2 billion over five years. We are...
It has been announced that the portal for applications for the fourth Self-Employment Income Support Scheme (SEISS) Grant, will open on 22 April. Self employed workers have been waiting since February for further guidance about the fourth SEISS Grant, which has been promised since October, but was not confirmed until the 2021 Budget on 3 March. Late Opening of the Fourth SEISS Grant Portal A...
The government confirmed in November 2020 that Making Tax Digital (MTD) will be extended to apply to corporation tax. It was announced that MTD for corporation tax will come into practice in 2024 and will be enforceable from 2026. Making Tax Digital (MTD) makes it mandatory for businesses to keep digital accounting records and complete their VAT submissions to HMRC via an Application Programme Interface...
Self Assessment Deadline Extension Article Amended on 25 January On 25 January HMRC announced that self-assessment customers will not receive a penalty for their late online tax return if they file by 28 February. Taxpayers are still obliged to pay their bill by 31 January. Interest will be charged from 1 February on any outstanding liabilities. Taxpayers who cannot afford to pay their tax bill...
Expect the need to do more towards MTD despite postponement.
In the wake of the Covid-19 global pandemic follows a financial crisis in the making and a huge question is how will the government manage the £300bn deficit? Covid-19 has caused a seismic economic shock and the aggregation of a staggering national debt with the bill rising by £20bn in a fortnight as tax revenue dwindles and state spending soars to head off economic meltdown....
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