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With the launch date confirmed, it’s time to begin preparing for MTD ITSA. The introduction of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) in 2024 forms part of HMRC’s ambitious plans of becoming one of the most digitally…

If you are an employee and you personally incur expenses in carrying out your job, you may be able to claim tax relief on those expenses.  Tax relief is only available for expenses that you must incur, rather than those…

Download our helpful Tax Rate Card for 2022  Following the Chancellor’s Budget announcement in March our Tax Rate Card outlines the business and individual tax rates for the coming tax year of 2022 All the essential tax facts, rates and…

Corporation tax reforms mean companies with profits of more than £50,000 will pay corporation tax at a higher rate than they do now. While the changes do not come into effect for a year, 1 April 2023, their impact will…

The statistics for Company Formations in 2021 have been published and the results suggest that overall, the business landscape across the UK is largely positive. Created using data from Companies House and the Office of National Statistics, Inform Direct have…

Should you be affected, there will be an NIC increase message on payslips from April onwards explaining what the NIC increase is for.  For 2022/23 only, the rates of Class 1 (employer and employee) National Insurance contributions are to be…

Employers who provided their employees with taxable expenses and benefits in 2021/22 need to report these to HMRC by 6 July 2022, unless they have been payrolled or included within a PAYE Settlement Agreement. Taxable expenses and benefits should be…

Chancellor Rishi Sunak has delivered his Spring Statement to the House of Commons, on a day it was revealed inflation had hit a 30-year high. Estimates from the OBR on inflation, growth and debt repayment suggest; Inflation is forecast to…

Funding your business using director’s loans is very common, but if you don’t repay the loan within a certain time period you could end up paying tax on the outstanding amount. In this article you can learn about the tax…

Reforms to the VAT interest payment rules to bring them into line with those for Income Tax have been delayed to January 2023. Current VAT Interest Repayment Rules Under current rules, if a VAT return shows that a repayment is…