Sunder & Thandi Accountants

For the attention of all Company Directors.

Soon micro and small limited companies will need to file their P&L showing revenue and profits. This is not currently the case. This is the plan in the next few years.

There has been a petition set up in the link below. Please sign this petition (confirm email) as the value of this change is debatable.

Petition: Do not require publication of full accounts for small/micro businesses We believe the option to file abridged accounts should continue to be available to small/micro entities. When a company is small/micro we believe there is no benefit to commercially sensitive information, such as the profit and loss account, to be made public.

ANOTHER SELF ASSESSMENT TAX RETURN SEASON DONE!

Be aware of HMRC tax refund text message scams

This gets the message across in a funny way

A very Happy New Year to you all

May 2024 bring you peace and prosperity

A very Merry Christmas to all

Make memories and have a great time with loved ones

11 years ago we started our business

Thanks for your support 🙏🏾

🙏🏾

HMRC cracking down on people earning money through a 'side hustle' from 1 January 2024. HMRC will get access to this information

If you earn over £1,000 a self assessment tax return has to be completed

HMRC 8-week warning to millions of Brits over new £1,000 rule A tax change comes into effect from January 1, 2024

Those parents that receive child benefit and earn over £50,000 per annum will no longer need to register for Self Assessment tax returns in the future

Over paid child benefit will be clawed back through tax codes

Big change to child benefit could help thousands of parents avoid HMRC fines People earning more than £50,000 a year and their partners will not need to fill in self-assessment tax form

For those that use an accountant please ensure they have the necessary qualifications

Gambling addict pocketed £45,000 in tax fraud before HMRC bust Ashely Johnson pleaded guilty to cheating the public revenue after he submitted dozens of false tax returns

Another self assessment tax return season done

3.4m self assessment tax returns still to be filed

Have you done yours before deadline of 31st January?

One week left to file for fewer than 3.4 million Self Assessment customers Millions of customers still to file their Self Assessment tax return with one week left until the deadline.

What hope is there!

He was going for PM

Nadhim Zahawi to pay millions in tax after dispute over family finances Questions were raised over Tory chair’s use of offshore company to hold shares in polling firm YouGov

Self Assessment Tax Return deadline fast approaching 31st January 2023

Have you done yours?

Wishing everyone celebrating a very Merry Christmas

Season's greeting to all

Less than 2 months until the Self Assessment Tax Return deadline (31/1/2023)

Do you have it in hand?

From April 2023 the onus is back on the contractor to assess whether their role falls within IR35

Many many contractors will appreciate this rather than blanket approaches from many employers

What do IR35 changes mean for contractors? | BCS Changes to IR35 were outlined in the recent mini-budget. Dave Chaplin, CEO of IR35 compliance solution IR35 Shield, explores and explains what these changes could be and how they might work.

Today we remember and reflect on the life of Queen Elizabeth II: her qualities of integrity and inclusion, and her dedication to bringing people of different nations and backgrounds together.

Inheritance Tax is one that is normally considered in line with PAYE, National Insurance, Corporation Tax, VAT etc...

Please read this guidance and understand any potential impacts to you and your family

How Inheritance Tax works: thresholds, rules and allowances Inheritance Tax (IHT) is paid when a person's estate is worth more than £325,000 when they die - exemptions, passing on property. Sometimes known as death duties.

The First Self-Assessment tax return for year ended April 2022 submitted..

HOME STRAIGHT
LIGHT AT END OF TUNNEL

The Self Assessment Tax Return deadline has been extended to 28 February 2022 from 31 January 2022

Any tax will need to be paid by 31 January 2022, to prevent interest accruing

Get in touch if assistance is needed

Further details below:

https://www.gov.uk/government/news/hmrc-gives-self-assessment-taxpayers-more-time-to-ease-covid-19-pressures

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.

Please bear in mind if applying for a mortgage

https://www.bbc.co.uk/news/business-57843756

Mortgages refused for self-employed who took Covid grants Mortgage brokers say self employed and furloughed workers are being turned down by some high street lenders.

Please read if you trade in Crypto Currencies as there can be tax implications

HMRC now receives information direct from UK crypto exchanges/platforms and so not disclosing transactions will most likely result in a HMRC enquiry and could lead to HMRC imposing penalties and costing you more.

https://www.thisismoney.co.uk/money/investing/article-9330575/amp/Do-pay-tax-Bitcoin-profits-tax-expert-replies.html?ico=amp_articleInlineText

Do I have to pay tax on my Bitcoin profits? A tax expert replies Like any form of asset, there are various UK tax implications from buying and selling cryptoassets. Here, tax expert David Britton answers some the most common questions currently being asked.

Key Budget 2021 highlights below:

Personal tax thresholds frozen from 2022
Furlough scheme extended to Sept 2021
New self employed people can claim 4th and 5th grant from April 2021
Minimum wage increasing from April 2021 to £8.91
Some restart grants for businesses
VAT remains at 5% for hospitality until June 2021

Further details below:

https://www.mirror.co.uk/news/politics/budget-2021-summary-key-announcements-23597483

Every key announcement in the Budget at a glance as Covid spending hits £407bn Chancellor Rishi Sunak has announced huge changes to tax, furlough and Stamp Duty in his 2021 Budget - along with eye-watering spending for coronavirus. Here are all the policies that hit you at-a-glance