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Are you selling online? Do you know if you need to do a personal tax return?
Are you selling online? Do you know if you need to do a personal tax return? The Low Income Tax Reform Group (LITRG) has allegedly warned HMRC that they need to increase publicity about new online platform reporting rules which will give HMRC access to a database of information about online sales. New rules, as…
Read MoreTreasury confirms extension of the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) tax reliefs to April 2035
Treasury confirms extension of the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) tax reliefs to April 2035 The above-mentioned schemes will now run until 5 April 2035 and are designed to encourage investment into new or young companies through tax-relief incentives, encouraging innovation, creating jobs and stimulating economic growth. The schemes offer incentives…
Read MoreCompanies House is replacing Government Gateway Access
Companies House is replacing Government Gateway Access The government’s new single sign-in service, Gov.uk One Login will need to be used by businesses to access Companies House accounts instead of the Government Gateway process. Companies House has confirmed that from autumn 2024, it will start to move to the new system which will have to…
Read MoreNearly half of all invoices are being paid late
Nearly half of all invoices are being paid late Small business owners and freelancers continue to struggle with their own cashflow due to receiving late payments with stats showing that 49% of all invoices are being paid late, which is a 6% increase on the previous year. It also seems that where the business is…
Read MoreGetting to grips with Research and Development (R&D) – which now seems to have 5 schemes
Getting to grips with Research and Development (R&D) – which now seems to have 5 schemes The changes which came into effect for R&D in April 2024, as per our previous blogs, saw the introduction of a new merged and enhanced research and development intensive scheme (ERIS). This was on top of the R&D intensive…
Read MoreDomestic Reverse Charge VAT
Domestic Reverse Charge VAT VAT reverse charge rules came into effect on 1st March 2021, which altered the way businesses operating the Construction Industry Scheme (CIS) and are VAT registered complete their invoices. These rules can feel complex, and you need to be aware of what they may mean for your business sales invoices and…
Read MoreHMRC launches new VAT registration estimator
HMRC launches new VAT registration estimator HMRC has launched a digital tool to help businesses estimate what registering for VAT means for them. The VAT Registration Estimator has been developed after small businesses suggested that an online tool would be helpful to show when their turnover could require VAT registration and its effect on profits.…
Read MoreConstruction Industry Scheme (CIS) payment deduction statement
Construction Industry Scheme (CIS) payment deduction statement HMRC have withdrawn another service via the telephone systems meaning that in future, HMRC helplines will no longer deal with requests for payment deduction statements (PDS) for the Construction Industry Scheme. With immediate effect, requests will have to be made in writing to HMRC. In the past, contractors…
Read MoreWith only a week to go – are you ready to make your payment on account for self-assessment
With only a week to go – are you ready to make your payment on account for self-assessment The payments on account scheme is designed to help people better manage the cost of their tax bill by splitting the amount into two payments and spreading the payments across the year. However, missing the deadline can…
Read MoreEU e-invoicing rules
EU e-invoicing rules Electronic invoicing and real-time tax reporting are coming and will fundamentally change the way businesses operate. Businesses of all sizes will soon have to issue and accept e-invoices, a standardised electronic form of invoice, and report them to national tax authorities in real-time in an effort to streamline data reporting, improve tax…
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