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…
Category Archives: Blog
28
Mar
Mar
The Test and Trace Support Payment scheme in England has now closed. If you were told to self-isolate before 24 February, you can still make a claim within 42 days of the first day of self-isolation and no later than 6 April. See: Apply for a Test and Trace Support Payment – GOV.UK (www.gov.uk)
25
Mar
Mar
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…
25
Mar
Mar
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…
24
Mar
Mar
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…
24
Mar
Mar
Our summary of the key contents of the Spring Statement 2022 is available to download. The Spring Statement was not meant to be a March mini-Budget, despite what many headlines in the days before suggested. Mr Sunak believes in the once-a-year approach to major tax and spending changes, unlike some of his predecessors. However, in…
23
Mar
Mar
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…
23
Mar
Mar
A recent HMRC tribunal has seen the Court of Appeal side with HMRC’s Upper Tribunal in relation to an organic farming business that had continued to incur annual losses. For around 17 years, the farm business didn’t show a profit, despite increases in land farmed and changes to the running of the business. The case…
22
Mar
Mar
 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…
21
Mar
Mar
The new tax year starts 6 April 2022, so you have less than one month to consider your options, once we pass this date the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned before the 6 April. Do you fall into any of these categories?…