OUR BLOG

Extension of Making Tax Digital for VAT

Extension of Making Tax Digital for VAT

Making Tax Digital (MTD) for VAT is currently only compulsory for VAT-registered businesses whose turnover for VAT is above the VAT registration limit of £85,000. However, this is set to change from April 2022. Extension to all VAT-registered businesses Currently, if...

read more
Plan ahead for increases in the dividend tax rates

Plan ahead for increases in the dividend tax rates

As part of the Government’s funding strategy for health and social care, the dividend tax rates are to be increased from April 2022, alongside the temporary increases in National Insurance, and, from April 2023, the introduction of the Health and Social Care Levy. The...

read more
National Insurance rises and the Health and Social Care Levy

National Insurance rises and the Health and Social Care Levy

Temporary National Insurance increases For 2022/23 only, the rates of primary and secondary Class 1, Class 1A, Class 1B and Class 4 National Insurance contributions will all rise by 1.25%. The revenue raised as a result will go directly to support the National Health...

read more
Basis period reform

Basis period reform

HMRC have been consulting on the reform of the basis period rules in preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA), which comes into effect from April 2023. A consultation paper was published in July 2021, which sets...

read more