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Blog: Your Business

Brexit: UK launches “world-leading” data council to help seize global data sharing opportunities

The world’s biggest businesses – including Google, Mastercard, and Microsoft – will come together for the first time this week to help Britain “seize the opportunities of better global data sharing” now that it has left the EU. The announcement comes after the European Commission formally agreed to recognise Britain’s high levels of data protection

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New rules to end second home tax loophole

Multiple homeowners who leave “holiday lets” empty will no longer be able to claim tax benefits, it has been announced. The move ends a loophole allowing owners of second homes to avoid paying their “fair share of tax”. Under the current system, owners of second homes in England can avoid paying council tax and access

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Do you know the new UK commodity codes?

From 1 January 2022, businesses may need to change the commodity codes they use for goods that they import or export overseas. The changes come after full customs controls were introduced at the beginning of this year. If you are an international trader, here’s what you need to know. What are the new UK commodity

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HMRC’s guidance on reasonable excuses for late tax payments updated

It should perhaps be no surprise given the circumstances of the pandemic that individuals and businesses might have incurred penalties for late tax payments. But the penalties charged by HM Revenue & Customs can be mitigated if the taxman accepts what is a ‘reasonable excuse’ for failing to meet a payment deadline. HMRC guidelines have

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HMRC gives Self Assessment taxpayers more time to ease COVID-19 pressures

Late filing and late payment penalties are to be waived for one month for Self Assessment taxpayers. HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for Self Assessment taxpayers for one month – giving them extra time, if they need it, to complete their 2020 to 2021 tax return and

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Income tax basis periods – What unincorporated businesses need to know

All unincorporated businesses, including sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April (or 31 March) each year from 2024-25. Here is what you need to know: The Government has proposed changes that will move the tax basis period for all unincorporated businesses This

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How the penalty system for late tax submissions is changing

Under new rules set by the Government, the system of penalties for VAT and Income Tax Self-Assessment (ITSA) are changing. The new system of fines is aimed at tackling non-compliance by taxpayers who repeatedly fail to meet their obligations to provide returns and other information requested by HMRC. Those who make occasional and infrequent mistakes

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Give yourself Time to Pay

Give yourself Time to Pay Taxpayers who are unable to pay their Self-Assessment (SA) bill can use the option of paying by instalments with a Time to Pay arrangement with HM Revenue & Customs (HMRC). If you cannot pay a Self-Assessment tax bill you can make your own Time to Pay arrangement using your Government Gateway account,

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New COVID financial support announced

Following the impact on businesses in England of the current ‘Plan B’ covid measures and the impact of Omicron on trade in the hospitality sector in particular, the Government has announced a new support package. The package comprises three elements: • Dedicated support for the hospitality and leisure sectors in the form of one-off grants

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