News
A round up of our latest blogs, commentary or office news. Get in touch if you need more details on any of the topics covered.
Latest posts
Self Assessment Tax Return
Your Self Assessment tax return can be complicated, especially when you consider the impact Covid and business support grants have had on your profits.
Omicron Hospitality and Leisure Grant
If you are local to us, here in Derby, then you may be interested to know that Derby City Council suggests that they will open up applications for the Omicron Hospitality and Leisure Grant to eligible ratepaying businesses in those sectors from the beginning of next week.
Penalties for late submissions to HMRC
A recap of HMRC’s proposals to reform the penalties for late submissions to a points based system.
Chartered Institute of Taxation responds to HMRC’s consultation on basis period reform
A summary of the Chartered Institute of Taxation’s response to HMRC’s consultation on proposed basis period reform, allocating trading profits to tax years rather than accounting years.
Residential Property Developers Tax (RPDT)
The government’s consultation on a potential new tax, Residential Property Developers Tax (RPDT) closed last month. RPDT if enacted, will tax profits made from residential property developments from April 2022.
Business Advisory Service – driving your business forward
BW Insight Business Advisory Service uses real time digital business records to provide real time advice to drive business improvements.
Hydrogen Strategy
Government announces first ever UK Hydrogen Strategy as part of its plans for a green industrial revolution and to achieve Net Zero by 2050.
Making Tax Digital for Income Tax
How will making Tax Digital for Income Tax – MTD ITSA – affect your business? An explanation of HMRC’s current proposals.
Tax Administration Framework Review
The ICAEW comments on the Tax Administration Framework Review consultation which closed on 13 July 2021.
Reporting tax on self-employed profits
Consultation document proposes moving from a current (accounting) year basis to a tax year basis for reporting tax on self-employed profits.
NHS QR Codes and the NHS COVID Pass
Hospitality, leisure, tourism and close contact sectors encouraged to continue to use NHS QR codes and, in high risk settings to use the NHS COVID pass. NHS COVID Pass Verifier App launched at the weekend.
Trusts v Family Investment Companies
Are Family Investment Companies (FICs) the best way to preserve family wealth or do trusts still have the edge?
HMRC SEISS Auto-Corrections
HMRC is making SEISS (Self-Employment Income Support Scheme) auto-corrections to 2020/21 tax returns where it believes the total of declared SEISS grants received does not match their records.
Covid-19 Government Support Timeline
A summary of the timelines involved as government Covid-19 support measures are wound down.
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