Analytia Partners

23/11/2022

A great summary by AccountingWEB.co.uk concerning the issues between HMRC and tax filing software providers.

This is something we know all too well and are under the guise that this problem largely originated from HMRC rather than the software providers. As we have used multiple providers and experienced the same issues being caused.

Although we would strongly advise that you or your advisors, check your corporation tax returns manually. As we have seen a particular software provider, not computing the CT600 correctly (although in these instances these have been complex corporation tax returns) and we were able to rectify the issues at the root rather than being surprised if HMRC was to flag this up.

In a very recent case, HMRC delayed a Creative Industry Tax Relief claim by more than 120 days due to this issue. I'm sure our fellow advisors will agree that from experience trying to reach HMRC for a solution isn't the most relaxing task and therefore we couldn't stress enough to avoid this and get it right the first time around if possible.

Feel free to reach out to know more.



https://buff.ly/3OvzRH7

18/11/2022

Here is our brief overview of the announcements from the and a reminder of the earlier announcements made this year.

bit.ly/3V7ArwZ

If there is anything we can help with or requires further clarification, feel free to get in touch.

16/11/2022

“Salary Advance Schemes”.

These schemes are widely known for promoting employee financial wellbeing and given the current climate for some employees this may be just what they need.

However businesses should be careful and understand the potential compliance / administration requirements for making use of such a scheme.

If this is something you’re interested in implementing in your business speak to your tax or payroll professional.

If we can be of any help, feel free to get in touch.

https://lnkd.in/eendMNeb

28/10/2022

In recent news, it was announced that the Medium-Term Fiscal Plan statement, previously scheduled for Monday 31 October would be moved to Thursday 17 November, and it now will be a full Autumn Statement. We look forward to hearing about the government's plans to stabilise the economy whilst ensuring growth during these times.

We were intrigued to hear about the appointment of Victoria Atkins MP as the new Financial Secretary to the Treasury (Tax Minister) and patiently wait to hear the thoughts. Particularly in reference to the Office of Tax Simplification (OTS) proposed closure. The OTS has played a significant role in the UK tax system over the last 12 years (since its inception) and would hope it is able to continue to play a role in simplifying the administration and technical processes for individuals and businesses.

𝐏𝐨𝐥𝐢𝐭𝐢𝐜𝐚𝐥 𝐮𝐩𝐝𝐚𝐭𝐞: New Prime Minister Rishi Sunak has reappointed Jeremy Hunt as Chancellor and appointed Victoria Atkins as the new tax ...

17/10/2022

As expected the new Chancellor brings forward further reversals from the Mini-Budget ahead of the Medium-Terms Fiscal Plan which will be held in two weeks' time.

Reverse almost all tax measures previously announced:

1. Basic Income Tax to remain at 20%
2. Dividends Tax reforms (cutting tax rate by 1.25%) no longer going ahead
3. IR35 reforms from 2017 & 2021 to remain
4. Not introducing the VAT-free shopping scheme for non-UK visitors
5. Reducing the freeze on alcohol duty rates for a year

Reminders on already reversed tax measures before today:

1. Corporation Tax rates changes have already been reversed Last Friday to the planned 25%
2. Additional Higher Rate Income Tax not to be abolished

Energy bills support review:

1. The Energy Price Guarantee and the Energy Bill Relief Scheme will continue until April 2023, beyond this a Treasury-led review will therefore be launched to consider how to support households and businesses with energy bills.

Finally, it appears from that the Mini-Budget the announcements that are currently planned to be in place are:

1. NIC (H&S Levy) - increased 1.25% charge reversed - from 6th November 2023
2. Stamp Duty Land Tax - Nothing will be paid for the first £250,000 of the property's value - double the current amount allowed.
3. Annual Investment Allowance - remains at £1m permanently instead of letting it return back to £200k in March 2023

The Chancellor of The Exchequer Jeremy Hunt has today, Monday 17 October, brought forward a number of measures from 31 October’s Medium-Term Fiscal Plan.