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Maxing Tax Digital delayed until 2024

In recognition of the challenges to many businesses due to the pandemic, the government has delayed the introduction of Making Tax Digital (MTD) for income tax self-assessment (ITSA) by a further year. MTD will not be mandatory for self-employed individuals and landlords until accounting periods commencing on or after 6 April 2024. The start date […]

‘No jab, no job?’ and other workplace challenges

Retirement planning

Now that more employees have been returning to the workplace, employers face several potentially challenging issues. Vaccination is one of the most problematic – businesses may wish to insist on employees being vaccinated, but there is concern that such policies could leave employers open to a legal claim of unfair dismissal or discrimination. Reluctance to […]

Capital gains tax receipts underline tempting target for Chancellor

Tax Header

New HMRC data shows that in 2019/20, £9.9 billion of capital gains tax (CGT) liabilities were created. Source: HMRC In July last year, the Chancellor unexpectedly asked the Office of Tax Simplification (OTS) to review “capital gains tax (CGT) and aspects of the taxation of chargeable gains in relation to individuals and smaller businesses”. The […]

New VAT penalties regime on the horizon

The existing penalty regime for VAT returns has the advantage of simplicity, but it’s something of a blunt instrument. The new system coming in for return periods beginning on or after 1 April 2022 will be fairer, but some businesses will find themselves caught up in a complex web of escalating penalties. The penalty scheme […]

Are you ready for MTD?

Cloud accounting with wimborne accountants (1)

Making Tax Digital for income tax self-assessment may still be 18 months away, but if you are self-employed or a landlord, it is time to get ready for digital record keeping, ahead of the deadline. MTD ITSA (as it’s known) is set to begin on 6 April 2023, and it looks like businesses will need […]

Managing the end of furlough

When to choose a Ferndown Accountant

After playing a crucial part in managing the impact of Covid-19, the Coronavirus Job Retention Scheme (CJRS) is set to end on 30 September. Although some business sectors, such as hospitality, are currently seeing severe staff shortages, other employers may struggle when furlough is phased out. For September, the CJRS only covers 60% of an […]

No room for giveaways in OBR risk report

The Office for Budget Responsibility has given Rishi Sunak its new worry list. It gives the Chancellor little wriggle-room for potential Budget generosity. Every other year the Office for Budget Responsibility (OBR) must issue a Fiscal Risks Report (FRR). Unlike the six-monthly economic outlooks the OBR produces for Budgets and (theoretically) Spring Statements, the FRR […]

Scammers step-up sophisticated frauds

When to choose a Ferndown Accountant

One side effect of the pandemic has been a surge in scams, with around £535 million reported as lost to investment fraud in the year to April 2021. One investment scam involving a retired detective shows just how sophisticated they can be. Cloning fraud A retired detective was pursuing a recommendation to invest in Vanguard, […]

Probate fees reform, round three

Pensions

The Government’s third attempt at revamping the cost of obtaining grant of probate in England and Wales is much more modest in scope than the previous two. The introduction of the new fee structure is planned for early 2022. Proposal There is a two-tier fee structure under the current system. The cost is £215 for […]

Basis period rules among tax changes coming up

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Although it looks like the next Budget will be pushed back to spring 2022, several tax changes are already on the cards, some more certain than others. The government’s fast progress with reform of the basis period rules for unincorporated businesses has taken some by surprise. Basis period rules The basis of taxation for sole […]

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