Although it sounds like a culinary dish – a cabbage compote (?) – cabotage is defined as the transport of goods or passengers between two places in the same country by a transport operator from another country.
Its present relevance is a rule that restricts hauliers from the EU who can only make two cabotage trips...
The temporary reduced rate of VAT (5%), introduced to assist qualifying hospitality trades disrupted by COVID lockdown measures, was increased to 12.5% from 1 October 2021. Based on present information, from 31 March 2022, this 12.5% rate will revert to the 20% standard rate.
This reduction in VAT applied to the sales of hospitality trades will...
At present, self-employed traders (sole traders and partnerships) are taxed for each tax year on profits for the accounting period ending in that tax year.
Therefore, if a trader’s accounting year end is 31 December, their assessment for 2021-22 will be based on adjusted profits for the year ending 31 December 2021. Which means that actual...
A recent HMRC press release confirmed that sole traders and buy-to-let property businesses (but not incorporated businesses) will have an extra year to prepare for the digitalisation of Income Tax.
Recognising the challenges faced by many UK businesses and their representatives as the country emerges from the pandemic, and having listened to stakeholder feedback, the government...
The UK Government has announced that further measures will be put in place to help ease supply chain pressures as spikes in demand for fuel create a panic buying hysteria.
This added pressure to already stretched supply chains is a further blow to affected businesses across the UK.
The Government has announced the new measures in a...
If you have been keeping up with announcements from Downing Street, you will know that from April 2022 the hybrid rates of Income Tax on dividend income are increasing by 1.25 percentage points.
The changes from April 2022 are:
From April 2022, in line with announcements made last month, National Insurance Class 1 contributions (that will affect employed persons and their employers) and Class 4 contributions (that will affect the self-employed), are increasing by 1.25%.
These increases will affect all employed and self-employed workers that presently pay National Insurance.
This increase will only apply to NIC...
In a recent press release issued by the Department for Digital, Culture, Media and Sport, with the leading title “Unleashing Data’s Power”, it was announced:
“The Information Commissioner’s Office (ICO) is set for an overhaul to drive greater innovation and growth in the UK’s data sector and better protect the public from major data threats, under...
University students taking part-time jobs are at increased risk of falling victim to scams, HMRC is warning.
Higher numbers of students going to university this year means more young people may choose to take on part-time work. Being new to interacting with HMRC and unfamiliar with genuine contact from the department could make them vulnerable to...
1 October 2021 - Due date for Corporation Tax due for the year ended 31 December 2020.
19 October 2021 - PAYE and NIC deductions due for month ended 5 October 2021. (If you pay your tax electronically the due date is 22 October 2021.)
19 October 2021 - Filing deadline for the CIS300 monthly return for...