The government has doubled the period for filing and payment of capital gains tax (CGT) on residential property from 30 days to 60 days. The measure was announced by Chancellor Rishi Sunak in the recent Autumn Budget. The change applies from 27 October 2021. It sees the deadline for residents to report and pay CGT… Continue reading Payment period on residential CGT is doubled
On 27 October 2021 the Chancellor, Rishi Sunak, presented his latest Budget. Overall it seemed more of a “spending” budget than a “tax" budget and there was very little that was actually new, with major policy changes having been leaked in advance or announced previously…. Given there have been grants and reliefs dished out over… Continue reading Autumn Budget 2021
HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to reform sanctions for late submission and late payments to make them 'fairer and more consistent across taxes'. Initially the changes will apply to VAT and Income Tax Self Assessment (ITSA). … Continue reading HMRC outlines changes to late payment penalty regime
HMRC has confirmed that the fifth Self-employment Income Support Scheme (SEISS) grant covering the period May 2021 to September 2021 will open to claims from late July. To be eligible for the grant, an individual must be self-employed or a member of a partnership. They must have traded in the tax year 2019/20 and submitted… Continue reading Fifth SEISS grant will be open to claims from late July
The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2021, are due for submission to HMRC by 6 July 2021. The process of gathering the necessary information and completing the forms can take some time, so it is important that this process… Continue reading Forms P11D – reporting employee benefits
It’s that time of year again. Please get in touch if you would like to discuss this further.
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From 1 April 2021 the National Living/Minimum Wage rates will increase as follows: • £8.91 an hour for workers aged 23 and over - previously £8.72 The National Living wage now applies to workers who are 23 years of age or older (previously 25). • £8.36 an hour for workers aged 21 to 22 – previously £8.20 • £6.56 an hour… Continue reading National Living/Minimum Wage Changes from 1 April 2021
Yesterday, Chancellor Rishi Sunak presented his Budget, which as expected focussed a lot on continuing short-term measures to help support both individuals and businesses through the next few months, but also included some longer-term plans in the government’s attempt to try and reduce the national borrowing. Here is a summary of some of the key… Continue reading Spring Budget 2021
After three false starts the VAT reverse charge will now come into effect on 1st March 2021. The reverse charge represents part of a government clampdown on VAT fraud. Large amounts of VAT are lost through 'missing trader' fraud. As part of this type of fraud, VAT is charged by a supplier, who then disappears,… Continue reading VAT reverse charge for construction services
Each year at Torr Waterfield we choose a charity, local or national, to represent and raise money for. This year we have chosen to support The Sparks Arts for Children. The Spark Arts for Children is a busy children’s art organisation based in the LCB Depot (Leicester City Council managed workspace for creative industries), in… Continue reading The Spark Arts for Children – Our Charity of the year.