Latest Accountancy News and Updates
28 May 2023
Proposed reforms to the Construction Industry Scheme
A recent consultation has prompted us to think about the Construction Industry Scheme (CIS) and the potential consequences of non-compliance. It is worth considering whether your clients may have CIS obligations, as the penalties for non-compliance can be damaging.
- Blog
29 Mar 2023
Budget 2023: Key Issues to talk about with your clients
From the Spring Budget announcement on 15th March, we summarise the key issues in our latest blog including pensions tax changes, capital allowances and the corporation tax rate.
- Blog
29 Mar 2023
HMRC halt new entrants to MTD for ITSA pilot scheme until further notice
It has recently been confirmed that HMRC have temporarily closed their doors on new entrants to the MTD for ITSA pilot scheme.
- Blog
29 Mar 2023
ICAEW Audit Monitoring Report 2021/22
The ICAEW’s Quality Assurance Department (QAD) have recently published their Audit Monitoring Report giving feedback on the audit file reviews they conducted in the year to March 2022.
- Blog
29 Mar 2023
New penalty regime for VAT returns
A new penalty regime has been introduced for VAT return periods commencing on or after 1 January 2023, replacing the Default Surcharge Regime. Legislation was introduced in Finance Act 2021, and HMRC published detailed guidance on 4 January 2023. The changes cover penalties for late returns and late payment, in addition to the abolition of the Repayment Supplement. It is expected that the same penalty regime will eventually apply to mandatory MTD filings for income tax.
- Blog
29 Mar 2023
Scottish Budget increases income tax on high earners
The Scottish Parliament has the power to set income tax rates on non-savings and non-dividend income for Scottish taxpayers. This is mainly employment income, self-employed profits and property income. Scottish taxpayers pay the same rates of tax as the rest of the UK on savings and dividend income.
- Blog
29 Mar 2023
Autumn Statement 2022 – 7 key points for busy practitioners
Following the Autumn Statement announcement on 17th November, we have written a blog outlining 7 key points for busy practitioners. These include tax increases, 'the big freeze', dividends and Research and Development (R&D) Reliefs.
- Blog
29 Mar 2023
Moving to a tax year basis and dealing with provisional figures
Further to the our previous article on basis period reform, HMRC been consulting on how to deal with Provisional Figures.
- Blog
29 Mar 2023
Basis Period Reform – for self-employed individuals and all partnerships/partners
New legislation taking effect in 2023/24 will affect non-corporate trading businesses that prepare accounts to a date other than 31 March or 5 April. So, if you work with sole traders preparing accounts to 30 June (for example) or partnerships preparing accounts to, say, 31 December, read on!
- Blog