Budget day expectations are usually highly anticipated with much speculation in the weeks leading up to it. This year however we are witnessing an absolute clamour for information from a Treasury under pressure for a sustained, rapid response, to continually unfolding events. So here is what to expect on budget day. Support packages will remain a hot topic. Last year’s budget on 11 March 2020,...
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 on...
We can expect major tax reform in the new year as we head towards a new economic climate. The Treasury is clamouring to answer how will the government manage the £300bn deficit? Which is forecast for the current fiscal year. As we bear witness to the unfolding financial crisis resulting from the pandemic, tax reform is becoming increasingly necessary. Tax reform could provide the Treasury...
The money in your limited company bank account belongs to the company, however as a director of the company you can make withdrawals using what is known as a director’s loan. Limited Company The main difference between registering a limited company and self-employment, is that a limited company is an entity in its own right. An individual can own part or the whole limited company, but...
Government Review Urges Major Overhaul of Capital Gains Tax Throughout the pandemic outbreak of Covid 19 during 2020 there has been much speculation around how HM government will manage the soaring deficit. Unprecedented government spending to combat the coronavirus has sent the accumulated borrowing for the first five months of the fiscal year to almost £174bn. The highest level for the period since the Office...
The COVID-19 pandemic has upended UK Government rules and regulations on a whole raft of important areas. The massive bailout of business, individuals and the self-employed highlights the damage that this pandemic will do to the wider economy without adequate state support. To help prevent this damage, the Government has announced a selection of payment delays on Self-Assessment and VAT. The Government has announced that...
This is the first Autumn Budget which has taken over from the now defunct Autumn Statement. The Chancellor, Philip Hammond MP, froze the threshold for VAT, introduced reverse charging for construction industry VAT reporting and also introducing new online VAT fraud processes to clamp down on illicit online trading. VAT had made the headlines even before Philip Hammond stood up to present his Budget to...
Get the right Accountancy Support to Succeed As a personal trainer, your role is to help your clients maximise their own returns by focusing on their activities. The more they put in, the more they get out. Your goal is change minds and change behaviour. However, tax returns and VAT, pose an altogether more challenging remit. By partnering with Prestige Business Management, we can provide...