International Women’s Day: Women in Accountancy
Story by: Kat Wellum-Kent, director at MHA Monahans I knew I wanted to be an accountant from the young age of 13. Growing up in a household of businesspeople, accounting was part of everyday life. I used to help my dad with the books for his dental practice and loved it when everything reconciled, I […]
HMRC will be calling as national overdue debt rises to £58 billion
LATEST figures released by Her Majesty’s Revenue and Customs show that overdue debt has risen to a record breaking £58 billion. And Sheffield expert Adrian Graham warns that with the support measures put in place throughout the COVID-19 pandemic now coming to an end, HMRC is going to start getting much tougher on repayments. During the […]
Claiming back tax
The question accountants are asked most is, ‘What expenses can claim tax back on in our business?’ Here’s what you can claim for, says Zad Butt of Hillier Hopkin As an accountant, the question I get asked the most is, “What expenses can we put down when it comes to claiming back tax on our […]
Next step of Making Tax Digital delayed by year
HMRC has delayed its switchover to a digital format for income tax self-assessment returns by a year, pushing the start date back to 2024. The pause has come as a result of the challenges associated with the pandemic and their impact on UK businesses and their representatives, according to HMRC. The new Making Tax Digital […]
HMRC postpones Making Tax Digital until 2024
Digital tax changes have been delayed to allow more time for customers taking part in the pilot and for the government to enhance the service HM Revenue and Customs (HMRC) has announced that its initiative Making Tax Digital (MTD) will be introduced a year later than planned, in 2024. MTD, an umbrella term for […]
Finance expert warns 114,000 teenagers could be missing out on £1,500 HMRC payout this month
Around 720,000 of the 6.3m registered Child Trust Fund accounts have now matured. More than 114,000 teenagers in the UK could be missing out on the opportunity to unlock their share of £171.4 million worth of savings in Child Trust Fund accounts, according to new research by NerdWallet. The first Child Trust Fund accounts were launched in […]
Optimism as small businesses start to get back to normal but financial support lagging behind
Small business owners are feeling upbeat about the prospect of trading getting back to normal but are still struggling with their mental health and finding financial support, according to a survey from ACCA UK (the Association of Chartered Certified Accountants) and The Corporate Finance Network (CFN). All owners reported that business trading is at the […]
Small businesses see rise in trading but lag in financial support
Business owners reported an 11% rise in trading this month, however are continuing to report on the struggle to find suitable financial backing now that government-backed loans are winding down. Small business owners have witnessed an 11% jump in trading over the past month, however they are struggling to find suitable financial backing from […]
HMRC issues warning to every self-employed worker claiming fifth and final SEISS grant before September
Claims for the final Self-Employment Income Support Scheme grant worth up to £7,500 must be made by September 30, 2021. The UK Government has paid out £25.2billion in financial support to 2.9million self-employed individuals whose business has been affected by coronavirus through the Self-Employment Income Support Scheme (SEISS). The latest figures from HM Revenue and Customs (HMRC) show that […]
HMRC slaps tax fine on Home Office for wrong IR35 assessments
HM Revenue & Customs has been busy dishing out penalties for unpaid tax due to wrong off-payroll workers’ status. First, it was the Department for Work and Pensions. Now it’s the Home Office that owes HM Revenue & Customs millions of pounds because of incorrect assessments of their contractors’ employment and tax status between 2017 and […]