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VAT PENALTIES AND INTEREST

Friday, 17 February 2023 12:32 Written by admin 0 Comments
There have been some significant changes to VAT penalties and interest if you submit a late VAT Return for an accounting period starting on or after 1 January 2023 and / or if you pay the liability later than the due date.
There are separate penalties for late submission and late payment and they can be significant.
If you are struggling to pay your liability on time, then you must consider a Time To Pay arrangement asap to reduce any penalty being charged.
Please contact us should you require any assistance.
All detail can be seen at this link:

COMPANY CORPORATION TAX RATES

Monday, 13 February 2023 14:15 Written by admin 0 Comments

From 1 April 2023, there is no longer a single Corporation Tax rate for non-ring fence profits.

At the Budget, the government announced that the Corporation Tax main rate for non-ring fence profits would increase to 25% for profits above £250,000.

A small profits rate of 19% was also announced for companies with profits of £50,000 or less.

Companies with profits between £50,000 and £250,000 will pay tax at the main rate, reduced by a marginal relief. This provides a gradual increase in the effective Corporation Tax rate.

BUDGET UPDATE MARCH 2021

Thursday, 04 March 2021 13:45 Written by admin 0 Comments

Following on from yesterday’s budget, here is a link to our guide to the various announcements. Thankfully, nothing on pensions or CGT yet.

Budget guide March 2021

As always, please contact us if you have any questions.

 

 

VAT DEFERRAL NEW PAYMENT SCHEME

Wednesday, 24 February 2021 10:41 Written by admin 0 Comments
Businesses that took advantage of the option to defer VAT payments due to Covid last year can join the new scheme to pay it in smaller monthly instalments.
All the information you require is here:

DOMESTIC VAT REVERSE CHARGE FOR BUILDING AND CONSTRUCTION

Tuesday, 16 February 2021 13:10 Written by admin 0 Comments
The new domestic reverse charge is finally being introduced from 1 March 2021.
This applies to the majority of contractors and subcontractors that are registered for VAT and report under the CIS scheme.
Details are here but if you require any further help, please do not hesitate to contact us:
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