
Tax Planning for Individuals - 2022-23
Fiscal drag – freezing tax allowances
As announced in the Autumn Statement 2022, most of the personal tax and NIC rates and allowances are to be frozen at current levels for a further two years until April 2028.
This does mean that most…

Self-assessment tax - How to pay your self-assessment bill
Tax returns for 2021/22 must be filed online by midnight on 31 January 2023. The same deadline applies for paying any tax due under self-assessment for 2021/22 and, where relevant, the first payment on account of your 2022/23 tax liability.…

Making Tax Digital for Income Tax - Start date delayed
Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) was due to be introduced in April 2024. However, the start date has been delayed. MTD for ITSA will now be phased in from April 2026, applying initially to self-employed individuals…

Season’s Greetings - A few ideas to improve your Christmas and New Year’s break
No one is going to disagree that the last few years have been stressful. Aside from the gloomy economic indicators we have had to cope with, we have also had to contend with COVID disruptions.
This is why it would be good to relax…

Self-assessment tax return deadlines - File your tax return on time
On 24th October, HMRC issued a news release reminding taxpayers within self-assessment that they had 100 days left in which to complete their 2021/22 self-assessment tax return. However, earlier deadlines apply to taxpayers who want to file…

Mini-Budget U-turns
On 23 September 2022, former Chancellor, Kwasi Kwarteng, announced a number of tax and National Insurance cuts and policy changes as part of his Growth Plan. Some of the measures have already been scrapped. Now new Chancellor, Jeremy Hunt, has…

New government support with energy bills - Government announces new Energy Price Guarantees
Our new Prime Minister, Liz Truss, has announced additional support for families and businesses to help minimise the impact of rising energy bills.
Household costs
It is proposed that typical households will save an average of £1,000…

Cost-of-living crisis - Coping with rising costs
Coping with rising costs
A pincer movement is creating the current cost-of-living crisis. On the one hand pay rates are being held down by under-pressure employers (including the Government) and on the other hand by increases in two commodities…

Filing your VAT return - Have you signed up to MTD for VAT?
Making Tax Digital (MTD) for VAT now applies to all VAT-registered businesses. If your Vatable turnover is below the VAT registration threshold of £85,000 and you did not sign up for MTD for VAT voluntarily, you needed to start complying with…



