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HMRC to replace Government Gateway accounts with One Login
HMRC to replace Government Gateway accounts with One Login The government is investing millions of pounds in a single login system for taxpayers and agents using online services with the launch of GOV.UK One Login. The new login service which will have two factor authentication and will be rolled out across all government web services…
Read MoreWith only 2 weeks to go until the self-assessment deadline on Friday 31 January, here are some tips for working on your tax return
With only 2 weeks to go until the self-assessment deadline on Friday 31 January, here are some tips for working on your tax return Whether you are an individual taxpayer or a sole trader, it is important to gather all the right information in advance of sending the information to your accountant for them to…
Read MorePAYE celebrates its 80th birthday!
PAYE celebrates its 80th birthday! It will be 80 years ago this year since the introduction of PAYE. When PAYE was introduced, it meant that tax was collected on a weekly and monthly basis rather than twice a year for anyone earning over £100! So, on 6 April 1944, PAYE was introduced to streamline the…
Read MoreApril 2025 – Changes to Company accounts thresholds
April 2025 – Changes to Company accounts thresholds The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 have now been passed into legislation, which are designed to reduce reporting burdens on companies and address stakeholder concerns. The effective date is 6 April 2025 with transition measures to allow companies to compare prior years…
Read MoreClaims for R&D tax relief have slumped for SME’s
Claims for R&D tax relief have slumped for SME’s The amount paid out to SMEs in research & development (R&D) relief has been declining since 2021/22 as less companies have attempted to claim. Back in 2021-22 £4.7bn was claimed by SME’s with an estimated total of claims in the region of 74,000. Since then, the…
Read MoreHow did you spend your Christmas?
How did you spend your Christmas? On Christmas Day, an impressive 4,400 people filed their tax return. On Christmas Eve, another 23,730 filed their tax return… Then on Boxing Day another 11,930 decided to file their tax return, with over 1,100 filing between 4 and 5pm. This means that over these 3 days, HMRC received…
Read MoreRecord amount paid out in film and TV tax breaks
Record amount paid out in film and TV tax breaks As we all watch more films over the Christmas period than any other time of the year, it’s interesting to know how the arts are supported to provide our entertainment. In 2023 the most amount paid out in creatives tax relief ever was made with…
Read MoreMarriage Allowance for Self-Assessment Tax Returns
Marriage Allowance for Self-Assessment Tax Returns As the deadline for self-assessment tax returns edges closer, the complicated process for anyone who claims marriage allowance to follow, related to timings, is proving difficult for many. Here at Kennedys Accounting, we are experienced in complex self-assessments and are happy to assist with your return, the following information…
Read MoreVAT penalties when payments are 31 days late or more!
VAT penalties when payments are 31 days late or more! HMRC have updated the guidance about how to settle VAT payments which are overdue by 31 days or more when penalties come into play. Since the VAT accounting periods starting on or after 1 January 2023, late payment penalties have applied to late VAT payments.…
Read MoreTax Code changes in the Scottish Budget
Tax Code changes in the Scottish Budget The finance minister for the Scottish government, has set out her tax and spending plans for Scotland for 2025-26 with a commitment to a 3.5% rise in the two key tax thresholds, affecting the majority of taxpayers. The Scottish government advised that the decision to increase thresholds was…
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