HMRC are aiming to become one of the most digitally advanced tax administrators in the world. They have made significant changes to the way our tax system works to make it more efficient, effective and less complex in order to achieve this. The HMRC carried out live pilot testing in order to prepare for MTD. They invited some businesses to … Read More
Making Tax Digital Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their accounts. HMRC’s plan is to become one of the most digitally advanced tax administrations in the world. MTD is making fundamental changes to the way the tax … Read More
The Budget 2018 has been announced. It will be the final one before the UK leaves the EU. It was put forward on Monday 29th October 2018 by Chancellor Philip Hammond. Here is what it means for businesses. Will I pay less income tax? 31 million people pay income tax in the UK – 18 million men and 13 million … Read More
Here is what you need to know about Insurance Premium Tax (IPT) changes What is it? Although VAT is the most common form of tax, it’s not applicable on insurance — that’s where IPT comes in… There are two rates of IPT: A standard rate (currently 9.5%) which is applied to pet, motor, mobile, contents, buildings and private medical insurance … Read More
New starter checklist. HMRC’s P46 no longer exists and has been replaced by a starter checklist. If you have a new worker who has started with you, we would recommend you ask them to fill in this form (even if they have given you a P45).