Changes to VAT penalties and VAT interest charges with effect from 1 January 2023 With effect from 1 January 2023, the default surcharge will be replaced by new penalties if you submit VAT returns late or pay your VAT liability late. There are also changes to how VAT Interest will be calculated. Who will this…

The Autumn Statement November 2022 ….., well this couldn’t be any more different to September’s tax-cutting mini-Budget, which the Chancellor Jeremy Hunt reversed quickly after being appointed into the role. With a black hole reported in the Office of Budget Responsibility’s (OBR) forecast, Jeremy Hunt confirmed the expected freeze of the personal allowance thresholds until…

So, you are self-employed and you have found your dream home – may be its an apartment, a place for a growing family or the country estate you’ve always wanted – so what is stopping you from living that dream. Here at Rift Accounting Ltd we are pleased to assist a number of our clients…

Another ‘mini-budget’, only 3 weeks since the previous one was announced, has been put in place by the new chancellor, Jeremy Hunt, who has reversed ‘most’ of the tax measures introduced by the previous chancellor only last month. The updated list is below; National Insurance Contributions The 1.25% uplift that was introduced in April 2022…

The new Chancellor delivered his first mini-budget, which he advises is to simplify the tax system – a summary of the changes that will affect business owners and their employees are below – further details will be advised in due course. Mini-budget Summary Health & Social Care Levy – of 1.25% due to be introduced in…

The increases have been put in place to fund the NHS, including the impact of the pandemic and to help fund the gap in social care costs. Dividends – what is changing? Just like in previous years, there are not any plans to change the ‘dividend allowance’ on the first £2,000 of dividend income that…