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Congratulations Peter G. Ratcliff

Posted: 27 January 2022

Well done to Peter G. Ratcliff on passing his final case study paper and becoming a Qualified Chartered Tax Advisor. Congratulations from all of Burgess Hodgson!

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Congratulations Rachel Pottle and Greig Gaskill

The Partners have been discussing the ways to move the firm forward and have agreed on a new staff development structure. This will ensure the continued growth and advancement within Burgess Hodgson as well as provide an opportunity for colleagues to have a clear path for progression and professional development.

As part of the development, we are pleased to announce that Rachel Pottle and Greig Gaskill have been promoted to Directors. They have shown outstanding leadership qualities as Associates.

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Congratulations Oliver Laughton

Huge congratulations to Oliver Laughton on becoming an Associate at Burgess Hodgson! Oliver has been at Burgess Hodgson since 2012, working directly for the senior partner, Steve Sutton. Whilst managing a diverse portfolio of clients and a busy team of trainee accountants, Ollie assists with annual compliance, providing diligent tax advice to owner managed businesses along the way. Ollie feels that building strong relationships with his clients is key to advising. Ollie also has a special interest in inheritance tax planning and advice.

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Self Assessment Tax Returns Year Ended 5 April 2021 – HMRC Announcement Penalty Waivers

The deadline to file and pay remains 31 January 2022. The penalty waivers will however mean that:

  • No late filing penalty will be issued if filing online by 28 February
  • No late payment penalty will be issued if tax due is paid in full, or a Time to Pay arrangement is set up, by 1 April

Interest will remain payable from 1 February.

The existing Time to Pay service allows any individual or business who needs it, the option to arrange to spread tax payments over time.

Self Assessment taxpayers with up to £30,000 of liability can do this online by following the below link but only once they have filed their return.

https://www.gov.uk/difficulties-paying-hmrc/pay-in-instalments

For larger liabilities clients will need to speak to HMRC directly on 0300 200 3822.

As a reminder the 2020/21 tax return must include payments under

  • Self-Employment Income Support Scheme
  • Coronavirus Job Retention Scheme

Burgess Hodgson recommend that wherever possible the returns should be filed by 31 January.

For more information or advice please contact Burgess Hodgson via info@burgesshodgson.co.uk

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Extension of Making Tax Digital for VAT

The next round comes in from 1 April this year, which will require all VAT registered businesses, regardless of turnover, to submit their VAT returns via MTD compliant software.

Who is likely to be affected

These changes will apply to the approximately 1.1m VAT registered businesses with taxable turnover below the current VAT threshold that are not currently required to operate Making Tax Digital (MTD) for their VAT reporting and record keeping obligations.

General description of the measure

MTD and its extension forms a crucial building block in the government’s 10-year strategy to make the tax system more resilient and effective, to boost business productivity, and support taxpayers.

These changes extend MTD requirements to smaller VAT businesses from April 2022. They build on the successful introduction in April 2019 of MTD for those VAT businesses with taxable turnover above the VAT threshold.

There is a growing body of evidence, from research and insights from taxpayers within MTD for VAT, which demonstrates that MTD is securing a range of benefits for those that use it in practice.

These benefits include reducing or eliminating paper-based or manual processes through use of software and an integrated approach to business administration and tax, allowing for greater accuracy in tax returns. This reduces the time businesses spend on administration, providing businesses more time to maximise business opportunities, productivity and profitability. MTD’s intention is that, for the majority of businesses, tax will be made easier to get right and harder to get wrong.

About a quarter of VAT registered businesses below the VAT threshold have voluntarily chosen to join MTD, demonstrating that a modern, digital approach to managing tax can work for businesses of every size.

MTD aims to tackle that part of the tax gap caused by error and failure to take reasonable care, by removing opportunities to make certain types of mistakes in preparing and submitting tax returns.

Under MTD, businesses must keep digital records and use third-party software to submit their tax returns to HMRC. Under the changes, those who do not already keep their records digitally will need to start doing so for their VAT obligations. The process of then sending returns to HMRC will become more straightforward, with their returns generated and sent directly from the software they are using to keep their records.

The software these businesses use must be capable of receiving information from HMRC digitally via HMRC’s Application Programming Interface (API) platform.

 

For more information or advice, please contact Burgess Hodgson via info@burgesshodgson.co.uk

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HMRC will be pausing most of their webchat services for 3 months

From 4 January 2022, Her Majesty’s Revenue and Customs (HMRC) will be pausing most webchat features for 3 months to review the service it is providing.

HMRC have found that the webchat works best when used for simple queries and to educate about the digital tools available on GOV.UK. Where it is not helpful is longer queries, such as tax coding issues for PAYE customers, where such queries take 84% longer via webchat compared to a phone call.

This Pause will allow HMRC to fully assess and improve the service to help customers in the most effective ways possible. While this is in effect, the following lines will still be available:

• Online Services Helpdesk
• Self-Assessment
• National Clearance Hub
• Imports and Exports
• Debt Management
• Extra Support
• Support for pandemic-related activity will continue

For any advice or assistance contact Burgess Hodgson via info@burgesshodgson.co.uk

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£1 billion in support for UK businesses most impacted by Omicron

• Businesses in the hospitality and leisure sectors in England will be eligible for one-off grants of up to £6,000 per premises, plus more than £100 million discretionary funding will be made available for local authorities to support other businesses
• Government will also cover the cost of Statutory Sick Pay for Covid-related absences for small and medium-sized employers across the UK
• £30 million further funding will be made available through the Culture Recovery Fund, enabling more cultural organisations in England to apply for support during the winter

Existing measures referred to in the Treasury statement – These additional measures will reinforce the existing package of business support, including:

• business rates relief meaning that the majority of businesses in the hospitality and leisure sectors will see a 75% reduction in their business rates bill across the entire financial year and a new 50% capped business rates relief next financial year;
• a 12.5% reduced rate of VAT for hospitality and tourism to support the cash flow and viability of around 150,000 businesses and protect over 2.4 million jobs, until the end of March;
• the £1.5 billion Covid Additional Relief Fund for businesses that have not previously had business rates support;
• businesses will be protected from eviction if they are behind on rent on their premises, thanks to the moratorium in place until March 2022;
• access to finance for SMEs through the Recovery Loan Scheme to June; and
• Bounce Back Loan repayment flexibility, with borrowers having the option to take a 6 month repayment holiday, three 6 month interest only periods or extend their loan to 10 years, which almost halves the monthly payment.
• support for the aviation and travel sectors, including over £12 billion since the beginning of the pandemic, and the Airport and Ground Operations Support Scheme (AGOSS) until the end of March 2022.
• HMRC stand ready to support any business impacted by the coronavirus pandemic through its Time to Pay arrangement, and the Chancellor has asked them to offer businesses in the hospitality and leisure sectors in particular the option of a short delay, and payment in instalments, on a case by case basis, as part of this.

For more information or advice on business grants, please contact info@burgesshodgson.co.uk

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Statutory Sick Pay self-certification period temporarily extended to support vaccine rollout

In an amendment to the Statutory Sick Pay (SSP) Regulations, employees will be allowed to self-certificate for up to 28 days starting from 17 December 2021 through to 26 January 2022.
This will apply to workers whose spell of incapacity for work commenced before 17 December 2021(but is not yet longer than seven days) or any spell that begins within this period.

This is being introduced in order to allow GP capacity to be increased and support for the coronavirus vaccine booster program can be maximised.

For more information and advice, contact us at info@burgesshodgson.co.uk

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HMRC issue Capital Gains Tax letters to those who have had Crypto Assets

Last updated on November 19th, 2021 at 12:56 pm

HM Revenue and Customs have recently begun sending notices to individuals such as the one included that they believe have, or may have had crypto assets on which they potential need to pay Capital Gains Tax (“CGT”) if there has been a disposal.

HMRC has advised ICAEW that, although the letters are not being sent out to non-UK domiciled individuals, this is not an indication that its views on the situs tests for cryptoassets has changed. In its cryptoassets manual at CRYPTO22600, HMRC considers the situs of a cryptoasset for capital gains tax (CGT) and inheritance tax (IHT) and conclude that a UK resident individual will always need to pay tax on the disposal of such assets if they are the beneficial owner, regardless of their place of domicile.

Continue reading here: Crypto Capital Gains Tax

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What is a TRONC scheme & do I need one?

A TRONC scheme is a separate organised pay arrangement used to distribute tips, gratuities and service charges to employees. Largely TRONC schemes are used in the leisure and hospitality sector.
A TRONCMASTER (person who runs the TRONC scheme) must run a separate payroll (separate PAYE scheme) from that used to process employees hourly / salary pay and report the ‘tip’ information paid to employees to HMRC.

Find out more on our TRONC Scheme Fact Sheet

Get in touch with our Payroll Department: Payroll@burgesshodgson.co.uk

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