If you have found yourself unable to access the HMRC VAT portal due to problems with two-step security then follow our step by step guide to recovering your account… Often, your two-step security code is sent to a mobile phone and unless the holder of the mobile reports back with the security code, the taxpayer is not getting in. This issue can be triggered by an employee leaving the business and taking their personal mobile with them or, if it is a business mobile, the contr

In the Spring Statement, chancellor Rishi Sunak announced the alignment of National Insurance Contributions thresholds for those with the personal income tax allowance. For the 2022/23 tax year, self-employed individuals will be required to pay class 2 and class 4 National Insurance Contributions on their profits above the threshold of £11,908 and then, from 2024, on profits above £12,570 per year. This change does, however, pose a question for the self-employed individuals w

Many taxpayers who are in employment receive their pay slip on a weekly or monthly basis and assume that their tax code is correct and, therefore, they are paying the correct amount of PAYE tax per month. As a result of this, it may go unnoticed when an incorrect amount of tax has been deducted at the end of the year. Generally speaking, if the tax code is 1275L for the 2022/23 tax year then it is probably correct and no further action is needed. However, if your tax code dif

HMRC has suspended the payment of some research and development claims while it investigates irregularities in an attempt to mitigate abuse of the tax relief system. Most R&D claims will not be affected by the suspension, but claimants are advised of potential delays to the processing timescale while HMRC conducts its investigations. Claimants have been asked by HMRC not to chase their R&D claims and instead, to review their online account regularly for updates on the status

Reports suggest that HMRC is set to end it’s relaxed stance on penalties for errors on IR35 employment assessments as well as other off-payroll mistakes. IR35 experts and specialist advisers have reported that HMRC has sent out compliance letters to oil and gas companies as well as larger businesses in the financial sector. In these letters, HMRC has queried the businesses’ application of the off-payroll rules. The April bulletin by HMRC for employers stated that year-long pe

The Treasury has published a policy-paper, inviting businesses to give their views on how the current capital allowance regime could be changed to facilitate investment more effectively. Through doing this, The Treasury is hoping to understand how the investment decisions made by businesses are shaped by the existing policies. Some of the potential changes being considered include: increasing the permanent level of the annual investment allowance; increasing the rat