Making Tax Digital (MTD) is already here for VAT traders who are over the vat registration threshold.  Starting April 2021 all VAT registered traders will have to utilise MTD compatible software to file VAT returns for periods starting on or after 1 April 2022. Businesses are required to keep the VAT record in digital form. Due to changes being made by HMRC in the transition pe ...

Information Sheets are published by the joint SORP-making body and seek to clarify the application of the SORP, or cover matters not addressed in the SORP but are relevant to charity reporting. Two new Information Sheets have been published, although are likely to be of limited application to most charities. However where relevant, preparers of charity accounts should read them ...

Updated 25th January 2021 Today HMRC has announced that Self Assessment customers will not receive a penalty for filing their 2019-20 tax return late, as long as they file online by 28‌‌ ‌February. Ward Williams are still encouraging customers who have not yet filed to do so by 31‌‌ ‌January, if possible. Customers still need to pay their Self Assessment tax bill by 31‌‌ ‌Jan ...

New customs and tax rules for trading with the EU started on 1 January 2021. To continue trading with countries in the EU, there are actions you must take, to make sure that you are compliant and so that you can minimise costs and delays. Before you move your goods, you will need to: Get ready to make customs declarations, these are now needed for all exports from the UK an ...

To ease the administrative burden on companies during the COVID-19 pandemic a temporary measure to provide additional time for companies to file accounts at Companies House was enshrined in law over the summer with the passing of the Corporate Insolvency and Governance Act 2020. Charitable companies usually have 9 months to file their accounts with Companies House. This is now ...

HMRC is advising the self employed that the Self-Employment Income Support Scheme (SEISS) has been extended. Taxpayers who were not eligible for the first and second grant will not be eligible for the third. To make a claim for the third grant the taxpayer's business must have had a new or continuing impact from coronavirus between 1 November 2020 and 29 January 2021, which th ...

All charities across the UK who do not prepare receipts and payments accounts should adopt the accounting principles set out in the Statement of Recommended Practice for Accounting and Reporting by Charities (‘The SORP’) when preparing their financial statements. The SORP is based upon FRS102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, being ...

Chancellor Rishi Sunak has extended the Coronavirus Job Retention Scheme (CJRS) until the end of April 2021. Businesses adversely affected by the coronavirus (COVID-19) can make use of the CJRS until the end of April, with the government continuing to pay 80% of employees' salaries for hours not worked. Employers will only be required to pay wages, national insurance contribut ...

The deadline for submitting your 2019/20 self assessment return is 31 January 2021. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions (NIC), capital gains tax and High Income Child Benefit Charge liabilities.   There is a penalty of £100 if a taxp ...

Increased minimum wage rates have been announced to take effect from 1 April 2021. The government has announced that the National Living Wage (NLW) will increase by 2.2% from £8.72 to £8.91, and will be extended to 23 and 24 year olds for the first time. For workers aged under 23, Commissioners recommended smaller increases in recognition of the risks to youth employment, whic ...