IR35 reform will be reversed to pre-2017 rules from next April Kwasi Kwarteng, Chancellor of the Exchequer, has announced that IR35 reform will be reversed to pre-2017 rules from next April. The 2017 and 2021 reforms to IR35 (the off-payroll working rules) will be repealed from 6 April 2023. From this date, limited company contractors will once again be responsible for determining their employment status and […] By Lisa Brownlow, 23 September 2022
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National Insurance rethink will make the poorest 63p a month better off! It has been calculated that Britain’s poorest 3m households will be as little as 63p a month better off under Prime Minister Liz Truss’s plans to cut National Insurance (NI) contributions. With Chancellor Kwasi Kwarteng expected to reverse this year’s 1.25% NI increase in his mini Budget, the Institute for Fiscal Studies (IFS) analysis also […] By Lisa Brownlow, 21 September 2022
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Sunak handed businesses and the wealthy £36bn in tax cuts Tax Justice UK analysis suggests that businesses and wealthy people received almost £40bn in tax cuts while Rishi Sunak was Chancellor. A review of tax “winners and losers” across every Budget that took place while Boris Johnson was Prime Minister and Mr Sunak was Chancellor found that the Treasury had favoured tax breaks for business […] By Lisa Brownlow, 25 August 2022
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HMRC clamps down on R&D tax relief fraud A clampdown by HMRC on fraudulent claims for R&D tax relief will mean companies face a longer wait for their claims, experts have warned. Where payments used to be made in 30 days, earlier this month HMRC told tax advisers to prepare their clients to wait up to two months. Fraudulent claims increased to 4.9% […] By Yinka Brownlow, 24 August 2022
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Sign up for MTD to file VAT returns now! From ‌‌1st Nov 22, you will no longer be able to use your existing VAT online account to file your quarterly or monthly VAT returns. Annual VAT returns can be used until 15‌‌‌th May 23. By law, VAT-registered businesses must now sign up to Making Tax Digital (MTD) and use MTD-compatible software to keep their […] By Lisa Brownlow, 23 August 2022
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Firms fail to register for plastic packaging tax Research by law firm Pinsent Masons shows that fewer than one in twenty liable businesses have registered for the new plastic packaging tax. This has raised concerns that HMRC will not pull in the £235m it expected and firms will be hit by fines for non-payment. Businesses that manufacture or import ten tonnes or more […] By Lisa Brownlow, 23 August 2022
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