accountancy Archives - Newby Castleman

28th February 202320th March 2023

Spring Budget: Our summary

4 minutes to read As anticipated, Chancellor Jeremy Hunt’s first Budget was heavily focussed on a push for economic growth, by offering tax breaks to stimulate business investment, and address pressures on the UK’s workforce by providing incentives to remain in or return to employment. Whilst few would have been expecting much in the way of tax giveaways, the …

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17th January 20237th February 2023

Changes to VAT penalties

2 minutes to read HMRC 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 …

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23rd November 202217th January 2023

VAT: changes to notification process

< 1 minute to read VAT: 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 …

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17th November 202215th March 2023

Autumn Statement 2022

4 minutes to read The 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 …

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16th November 202216th November 2022

Staff out of office? Rules under review

2 minutes to read With 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 …

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8th November 20228th November 2022

VAT: Terminating a contract early?

2 minutes to read When 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 …

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2nd November 20222nd November 2022

Bye Bye GDPR?

2 minutes to read Expect 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. …

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26th October 202226th October 2022

Personal responsibility of directors

2 minutes to read Supreme 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 …

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