January income tax hits record high of 21.9bn The Treasury is reaping the rewards of freezing tax thresholds as revenue from income tax rose by a third to a record £21.9bn last month This reduced public sector net borrowing with a higher than expected surplus of £5.4bn in January, against a predicted surplus of £500,000.…

VAT penalties change to ‘point based’ from 07 March 2023 HMRC is in the process of contacting 2.5 million businesses reminding them about new points-based penalties for late VAT returns. The first monthly returns and payments affected by the penalties are due by 7 March 2023. HMRC confirmed that ‘VAT customers will be subject to…

Make sure you have paid your tax before 03 March 2023 to avoid an interest penalty. Taxpayers have until 03 March 2023 to pay their 2021/22 self-assessment tax bills or further penalties equal to 5% of the outstanding tax will be charged. The final deadline to settle outstanding tax charges for 2021/22 tax year is…

Key Accounting and Tax dates for 2023 The following dates are reminders as to when certain key tax tasks need to be completed and the implications if they are not. To keep up to date, please visit our Insights page and the Information blogs. 1 January 2023 31 January 2023 1 February 2023 15 March…

Christmas is busy for so many reasons, whatever your circumstances, but it seems many people wanted to get the filing of their self-assessment crossed off the Christmas list on the big day! HMRC have released information that 22,060 customers went online to submit their self-assessment for the 2021 to 2022 tax year between 24 and…

Changes to VAT penalties and VAT interest charges with effect from 1 January 2023 With effect from 1 January 2023, the default surcharge will be replaced by new penalties if you submit VAT returns late or pay your VAT liability late. There are also changes to how VAT Interest will be calculated. Who will this…

The Autumn Statement November 2022 ….., well this couldn’t be any more different to September’s tax-cutting mini-Budget, which the Chancellor Jeremy Hunt reversed quickly after being appointed into the role. With a black hole reported in the Office of Budget Responsibility’s (OBR) forecast, Jeremy Hunt confirmed the expected freeze of the personal allowance thresholds until…

So, you are self-employed and you have found your dream home – may be its an apartment, a place for a growing family or the country estate you’ve always wanted – so what is stopping you from living that dream. Here at Rift Accounting Ltd we are pleased to assist a number of our clients…

Another ‘mini-budget’, only 3 weeks since the previous one was announced, has been put in place by the new chancellor, Jeremy Hunt, who has reversed ‘most’ of the tax measures introduced by the previous chancellor only last month. The updated list is below; National Insurance Contributions The 1.25% uplift that was introduced in April 2022…

The new Chancellor delivered his first mini-budget, which he advises is to simplify the tax system – a summary of the changes that will affect business owners and their employees are below – further details will be advised in due course. Mini-budget Summary Health & Social Care Levy – of 1.25% due to be introduced in…