2 minutes to readHMRC have announced new VAT late submission, late payment penalties and interest charges for all VAT registered businesses. As part of HMRC’s ambition to become a modern, trusted tax authority, it is changing the way penalties are issued for submitting late VAT returns and paying VAT late. For VAT periods starting on or after 1 …
Continue reading "Changes to VAT penalties"
2 minutes to readWith the economic environment challenging, the government has announced today (19 December 2022) that self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD). The aim is now to implement the change gradually so that MTD works for everyone: taxpayers, tax agents, software developers, as well as HMRC. The significant …
Continue reading "Making Tax Digital: more time to comply"
< 1 minute to readVAT: changes to the notification process for opting to tax land and buildings HMRC have further amended their guidance on the option to tax land and buildings. It is important to note that from the 1 February 2023 no acknowledgement letter will be issued by HMRC. Instead, they are now asking that traders include the …
Continue reading "VAT: changes to notification process"
4 minutes to readThe Chancellor of the Exchequer, Jeremy Hunt delivered his Autumn Statement on 17 November 2022, against a backdrop of record inflation and market instability. This was a Budget of balance, with none of the usual “rabbit out of the hat” announcements. Instead, the emphasis was on financial stability, creating growth and protecting public services. Mr …
Continue reading "Autumn Statement 2022"
2 minutes to readWith employees increasingly able to work from almost anywhere in the world, the Office of Tax Simplification (OTS) is examining the rules around tax and social security as they apply to distance and hybrid working – within the UK and globally. In due course, there may be recommendations easing compliance: but what should you, as …
Continue reading "Staff out of office? Rules under review"
2 minutes to readWhen someone charges a customer to withdraw from an agreement to supply goods or services, the position can be complicated. What is the position as regards VAT – never a set of tax rules to take lightly? And why is it news now? In a nutshell Since 1 April 2022, there’s been something of a …
Continue reading "VAT: Terminating a contract early?"
2 minutes to readExpect change. The General Data Protection Regulation (GDPR) is getting a post-Brexit makeover as new data protection rules are planned. The Data Protection and Digital Information Bill is set to amend existing legislation – such as UK GDPR. The government says this will reduce the burden on businesses, replacing a ‘one-size-fits-all’ approach with risk-based compliance. …
Continue reading "Bye Bye GDPR?"
2 minutes to readSupreme Court judgement clarifies ‘trigger points’ when directors have a duty of care to creditors The potential personal responsibility of directors, if they fail to take into account the interest of creditors, was recently brought to light in the Supreme Court judgement in BTI 2014 LLC v Sequana SA on 5 October 2022. The issue …
Continue reading "Personal responsibility of directors"
< 1 minute to readIn a bid to reassure markets and restore stability, the new Chancellor Jeremy Hunt has reversed the majority of tax cutting measures announced by his predecessor, Kwasi Kwarteng. Mr Hunt has promised further details of his ‘Medium-Term Fiscal Plan’ on 31 October 2022, alongside a forecast from the Office of Budget Responsibility. After a particularly …
Continue reading "Reversal of Emergency Budget Oct 22"
< 1 minute to readNewby Castleman are deeply saddened to announce that Mike Castleman passed away on 18 September 2022. The partners with Mike’s capable team will continue to provide support to clients.
