Further changes to National Insurance Contributions (NIC) kick in from July this year and will be a welcome boost for most taxpayers who suffered an increase in April.
Subcontractors: Be aware of your Construction Industry Scheme obligations
If you work for a contractor, you must be on top of your obligations under the Government’s Construction Industry Scheme (CIS).
How hard-pressed SMEs can obtain business support
Small businesses are the lifeblood of the UK economy, but with rapid inflation and other economic headwinds making trade difficult, they can struggle to access support. There is a wide range of important tax reliefs available to SMEs, which could provide some much-needed financial assistance. These include: Employment Allowance claims This scheme allows eligible businesses […]
Be prepared for changes to VAT penalties and VAT interest charges
Changes to charges and penalties applied to late submission of VAT returns will kick in from January next year. For the VAT period starting on or after 1 January 2023, new penalties will replace the default surcharge for returns submitted or paid late. Any VAT returns received late will also be subject to late submission […]
Penalties for misuse of Coronavirus Job Retention Scheme
New legislation allows HM Revenue & Customs (HMRC) to recover Coronavirus Job Retention Scheme (CJRS) grants that have been overclaimed. Those who fall foul of the legislation could face interest charges, financial penalties and even be named and shamed. If a business overclaimed a CJRS grant and has not repaid it, it needs to inform the tax […]
Managing costs to offset spiralling inflation – Our top tips for cutting your bills
A leading business organisation has highlighted the problems faced by industry after new figures show a steep rise in business costs. According to figures from the Office for National Statistics (ONS), producer input price inflation stands at a record-high 18.6 per cent, and the consumer prices index at nine per cent and could go higher. It says the disparity […]