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HMRC to start moving to new IT system

Posted: 24 June 2021

HMRC plans to move taxpayer accounts to a new IT system. They intend to implement these changes from July, till September 2021. This change will affect:

  • VAT-registered businesses that are not signed up to Making Tax Digital, i.e. mainly voluntary registrations; and
  • businesses that pay their VAT bills by direct debit.

HMRC are required by banking regulations compliance to inform businesses paying by direct debit of the amount and payment date before the payment is taken. HMRC will do this via email only to accommodate the short time frame between the return due date and the payment date.  This means that businesses are at risk of late payments as any direct debits will be cancelled if there is no email address on record.

We would encourage businesses to log in to their business tax account to ensure there is a valid and updated email address on record.

If you have any queries on this please contact us at info@burgesshodgson.co.uk

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Tax Tables 2021-22

Click here to download our free and useful tax tables for tax year 2021-2022

 

If you need help with your tax or have any questions please get in touch with our tax team at tax@burgesshodgson.co.uk

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Self-Employed Income Support Scheme

The third grant under the Self-Employed Income Support Scheme can now be claimed (from 30th November).

In order to qualify you must be a self-employed individual or a member of a partnership.

You must have traded in both tax years:

  • 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
  • 2019 to 2020

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Chancellor’s Spending Review

There was an absence of specific tax increases announced by the Chancellor in his Spending Review today, but a clear indication that the Government support will have to be paid for in the future. A public sector pay freeze and a cut in overseas aid have been announced – there will be tax rises to follow at some stage.

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Annual Investment Allowance Extended

Posted: 18 November 2020

The £1 million limit was due to expire on 1 January 2021 – it has been extended until 1 January 2022

https://www.gov.uk/government/news/government-extends-1-million-tax-break-to-stimulate-investment-in-uk-manufacturing

Contact us at info@burgesshodgson.co.uk 

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Does Your Practice Need a Tax and Accounting Health Check?

Simon Bailey hosts our Q&A session with a team of our experts; Kenton May, Guy Vine and Gemma Jordan, with special guest Paul Gordon.

Watch the Q&A here.

If you have any further questions please get in touch at info@burgesshodgson.co.uk

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Major Changes Announced

Posted: 24 September 2020

Major changes have today been announced by the Chancellor. Detailed documents are awaited, summaries of the measures that the government has announced has been published and provide more information:

www.gov.uk/government/news/chancellor-outlines-winter-economy-plan

www.gov.uk/government/publications/winter-economy-plan/winter-economy-plan

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MTD Digital Link Requirement Delayed.

HMRC have announced that the MTD digital link requirement will be delayed by a year to April 2021

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Autumn Newsletter 2019

Last updated on October 28th, 2019 at 09:34 am

Read our Autumn Newsletter 2019 here.

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Tax Investigation Protection Service

Last updated on April 30th, 2020 at 10:42 am

Burgess Hodgson offer a facility to take out insurance with Croner Taxwise, the market leader in the specialist field for Tax Protection Insurance. This was introduced in response to clients’ concerns and the change in HM Revenue & Customs’ approach which was to concentrate their energies into investigations to ensure compliance. This increased the number of cases being reviewed.
If your Tax affairs were investigated, we can help you at every step of the process. There would be substantial accountancy costs involved but these would be covered by the insurance policy offered so you would not be chargeable.

If you have any queries about this policy, please contact your usual Burgess Hodgson contact or email info@burgesshodgson.co.uk

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