4 minutes to read The Chancellor, Rachel Reeves, was keen to remind us that today’s announcements were not a Budget, and that the Spring Statement did not raise any taxes for “working people”. Whilst that was a relief for many taxpayers, a closer examination of the documents published alongside the Spring Statement reveals a raft of tax announcements. Administration …
Autumn budget 2024
7 minutes to read ‘Difficult choices’ was the phrase repeated at regular intervals by Chancellor Rachel Reeves in the first Labour Budget for 14 years, to ‘fix the foundations’ and ‘deliver change’. At 77 minutes, Ms Reeves’s speech was the longest we have heard for a while and contained a vast array of announcements on tax and spending. The …
VAT and private school fees
2 minutes to read It was confirmed last week that VAT will be charged on private school fees across the UK. This will take place from 1 January 2025. In addition, business rates charitable relief for private schools in England will cease. The tax changes will also enable private schools to recover VAT they have incurred on their expenditure. …
Changes to VAT registration details? Update online only
< 1 minute to read HMRC is withdrawing the paper form VAT 484 used to notify changes to a trader’s VAT registration information. From 5 August 2024, changes will need to be made either: – by a trader’s agent through their Agent Services Account, or – through a trader’s own business VAT online (gateway) account. However, changes to bank details …
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VAT fraud: check your details
2 minutes to read There have been recent cases where taxpayers’ bank account details have been amended on the HMRC portal, without their knowledge, so that VAT repayments have been diverted to a third party. Has HMRC contacted you to say your details have been changed? It is understood that Large Business ‘customers’ are being contacted by HMRC to …
VAT threshold changes
< 1 minute to read 1 April 2024 saw the VAT 12-month taxable turnover threshold rise from £85k to £90k. This measure was announced by the Chancellor in the Spring Budget with the aim of helping to support small and medium-sized enterprises (SMEs). The deregistration threshold limit also increased by £5,000 from £83,000 to £88,000 from 1 April 2024. For …
2024/2025 Tax Data
< 1 minute to read In an easy-to-read format, our tax data cards contain a snapshot of the tax rates and bands for individuals and businesses for the financial year 2024/25. Download a copy here, or get in touch with either our Leicester or Loughborough offices for a printed card. Rates, bands and allowances covered include those for: Income Tax …
VAT payment plans – how to qualify
< 1 minute to read Would your VAT-registered business qualify for a payment plan? As a start, it would need to owe less than £20,000. Our VAT expert outlines the full qualifications for the ‘Self-serve time to pay for VAT’ service from HMRC below. Also known as time to pay agreements, the online VAT payment plan is available if a …
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 …
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 …