HMRC’s latest wave of ‘nudge letters’ – used to prompt a response from the recipient – has been targeted at online sellers, influencers and content creators warning them that they may not have paid enough…
Are you on top of Making Tax Digital’s latest developments?
The widening scope of Making Tax Digital (MTD) is highlighting several issues, including the limited availability of the MTD for income tax pilot scheme, and low awareness of the recent expansion of MTD for VAT…
Sharp rise in higher rate taxpayer numbers…….
......and if that’s you, then advice is now more important than ever. There was once a time when paying tax at more than the basic rate made you a member of a somewhat select club.…
A new breed of digital nomad
The pandemic has freed many workers from the confines of the office, leading to the emergence of a new breed of digital nomad – people who can take their laptop, jump on a plane and…
NICs boost for the self-employed
Prior to the March Spring Statement, most self-employed individuals were facing increased national insurance contribution (NIC) bills this year. However, those with profits up to and just over £28,000 will now see a fall in…
What is a ‘reasonable excuse’ for tax penalties?
Having a reasonable excuse can be a get-out-of-jail-free card if you are charged a tax penalty. However, there is no statutory definition of the term, and what might constitute a reasonable excuse for one person…
Keeping it in the family – tax saving salary strategies
An easy way to reduce a business’s tax bill – and also increase the amount of funds withdrawn from the business – is to put a family member on the payroll. Of course, the salary…
Universal Credit eligibility expands to higher rate taxpayers
Autumn Budget reforms have created a surprising clash of benefits and income tax. The Covid-19 pandemic was the first time many people utilised Universal Credit (UC) for the first time – between February and May…
Changes afoot for Basis period tax rules
Although it looks like the next Budget will be pushed back to spring 2022, several tax changes are already on the cards, some more certain than others. The government’s fast progress with reform of the…
Some ‘new’ tax year opportunities
"A bit late in the day, Femi" I hear you thinking. But is it? Some tax planning should happen before the end of the tax year; but the start of a new tax year also…