Category Archives: Blog

National Living Wage and National Minimum Wage rates increasing from 1 April 2022

From 1 April the National Living Wage and National Minimum Wage rates are: Rate from April 2022 Current rate (April 2021 to March 2022) Increase National Living Wage £9.50 £8.91 6.6% 21-22 Year Old Rate £9.18 £8.36 9.8% 18-20 Year Old Rate £6.83 £6.56 4.1% 16-17 Year Old Rate £4.81 £4.62 4.1% Apprentice Rate £4.81…

Are you ready for Making Tax Digital for VAT from 1 April?

From 1 April 2022, all VAT registered businesses must file digitally through Making Tax Digital, regardless of turnover. Are you signed up to file your VAT returns digitally from 1 April? If your business is VAT registered, it will need to file VAT returns directly from MTD compatible software. Within the software, there should be…

Missing out on help with childcare costs?

Tax Free Childcare

The government are concerned about the lack of take up of tax-free childcare accounts, with HMRC estimating that only about 25% of families eligible for the scheme had joined. With many parents returning to work following the pandemic, they should be encouraged to set up a tax free childcare account to help with their childcare…

Changes to accounting for VAT on imports

HMRC have recently updated their guidance for VAT registered importers. These traders must account for postponed import VAT on their VAT returns for the accounting period which covers the date they imported the goods. The normal rules apply for what VAT can be reclaimed as input tax and the trader’s monthly statement will contain the…

Chancellor’s Spring Statement Summary

Today’s spring statement brought a welcome announcement of the increase in the national insurance primary threshold. Below is a brief summary of some of the measures to be introduced: National insurance – The threshold at which individuals start paying National insurance will rise to £12,570 in July this year bringing it into line with the…

Annual Tax on Enveloped Dwellings (ATED) Rate Changes  

 ATED is an annual tax payable mainly by companies that own UK residential property valued at more than £500,000. You will need to complete an ATED return if your property is a UK dwelling and was valued at more than £500,000 and is owned completely or partly by a: company partnership where any of the…