HMRD are running a pilot of Making Tax Digital Income Tax Self-Assessment (MTD ITSA) although they are not actively promoting it as yet. In order to join the pilot, taxpayers need to have maintained digital records and have software compatible with MTD. At the present time, you can only sign up through a software developer. You can join the pilot if you meet the following criteria: · Your accounting period aligns exactly with the tax year (NOT 31st March) · Yo

The final pieces of the MTD VAT puzzle are being put into place this month. If you have any concerns or questions about the final touches you need to make simply get in touch and our team of tax experts will point you in the right direction.

HMRC has begun writing to taxpayers who need to repay some or all of their fourth or fifth self employment income support scheme (SEISS) grant following an amendment on their tax return. They are also checking whether amendments mean that the taxpayer claiming the grant will now be entitled to the lower level grant (30%) as opposed to the higher level (80%) when they receive their fifth instalment. HMRC based their calculations for the fourth and fifth grant payment on the 20

HMRC has provided a useful checklist to help taxpayers understand any tax relief they may be entitled to. While the list is not comprehensive, it does offer some help in understanding what is available for those struggling financially. Here we break down the key points and offer a few pieces of information that may help you decide what to claim as you scan HMRC’s checklist. Child Benefit – There is no mention in HMRC’s information of the high income child benefit tax charge w

Since April 2021, companies can claim class 1 secondary (employer’s) national insurance contributions relief for veterans in their first year of civilian employment. This relief applies to the veteran’s upper secondary threshold of £50,270 per year. If the employee previously had NI category ‘A’ applied, you can claim the contributions paid for veterans in the 2021/22 tax year through payroll reporting. You will need to submit a final payment submission after the 6th April 20

The Museum and Galleries Tax Relief has not been taken up by nearly as many companies and charities as anticipated by HMRC. This tax relief allows qualifying businesses to develop new exhibitions and claim a cash benefit up to a maximum of 40%. It was expected that many more would take up this credit in the wake of the pandemic as the sector reopened. HMRC collaborated with 35 such eligible companies and charities for a research paper which explored the experiences of applyin