AAziz & Co.
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Notices made under regulations 3, 8, 12 and 16 of the Income Tax (Digital Requirements) Regulations 2021 (SI 2021) No. 1076)
Software notice - made further to regulation 3 Functional compatible software must comply with the following condition: once a digital record has been entered into a software program that forms part of the functional compatible software, any transfer, recapture, or modification of that digital record within the functional compatible software mu...
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PAYE rates and Threshold of 2022 - 2023 Tax year
National Wage Rates from April 2022 Age under 18: £4.81 Age between 18 to 20: £6.83 Age between 21 to 22: £9.18 Age 23 and over: £9.5 Apprentice: £4.81 Class 1 National Insurance Threshold from April 2022 Lower Earnings Limit (LEL): £123 per week £533 per month £6,396 per year Primary Threshold/Employee Threshold: From ...
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Dividend Tax Rates and Threshold increased by 1.25% from April 2022
This post is intended as a guide only, for more in-depth and detailed information, please visit the link below or to contact your accountant or financial advisor for more information and/or advice. Plan for Dividends: The best way to plan for the dividends is to make management accounts for every quarter in order to analyze the net profit and ...
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HMRC late payment Interest Rates to be revised after Bank of England increases the Base Rate
Interest Rates for Late Payments: HMRC interest rates for late payments will be revised following the Bank of England interest rate rise to 0.50%. The Bank of England Monetary Policy Committee voted on 2 February 2022 to increase the Bank of England base rate to 0.50% from 0.25%. Since HMRC interest rates are linked to the Bank of England bas...
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HMRC gives Self-Assessment taxpayers a Penalty Waiver
HMRC gives Self-Assessment taxpayers a Penalty Waiver Late filing and late payment penalties are to be waived for one month for Self-Assessment taxpayers. The deadline to file a tax return is extended from 31st January 2022 to 28th February 2022. Penalty Waiver Anyone who cannot file their return by the 31 January deadline will not receiv...
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VAT Rate Scheme Update
What is Value-Added Tax (VAT): A value-added tax (VAT) is collected on a product at every stage of its production during which value is added to it, from its initial production to the point of sale. The amount of VAT that the user pays is based on the cost of the product, less any costs of materials used in the product that has already been t...
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Making Tax Digital (MTD) Initiative by the UK Government
What is Making Tax Digital (MTD): The Making Tax Digital (MTD) is a UK government initiative that sets out a vision for the “end of the tax return” and a “transformed tax system” by 2020. HMRC states that the main goal of MTD is to make tax administration more effective, more efficient, and simpler for taxpayers. HMRC is implementing the ini...
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Hidden Benefit of the New Extended Loss Relief
The new extended tax loss relief seems straightforward, but a closer look reveals an opportunity for sole traders and business partners to save more tax than first appeared. Is this something you can take advantage of? Tax Relief for Trading Losses: Trading losses can be used to reduce tax payable on the income of the current year and previo...
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Fifth Self Employment Income Support Scheme Grant
Eligibility: If you’re eligible based on your tax returns, HMRC will contact you in Mid of July to give you a Personal Claim Date. Eligible customers can apply anytime from their personal claim date from July 2021 until 30 September 2021. HMRC will contact the eligible customers either by email, text message, letter, or within the online ser...
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Apply to the EU Settlement Scheme
Apply to the EU Settlement Scheme If you are an EU, EEA, or Swiss citizen, you and your family can apply to the EU Settlement Scheme to continue living in the UK after 30 June 2021. You can also apply if you’re the family member of an eligible person from Northern Ireland. You may be able to stay in the UK without applying - for example, if ...
