Anna’s Accountancy Alerts – Week 31 (31st October – 6th November 2022)

Anna’s Accountancy Alerts - Week 31 (31st October - 6th November 2022)

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Paying payroll taxes

HMRC launched its variable payment plan for PAYE and other taxes on 19 September 2022.

The plan simplifies paying your PAYE, NI, CIS etc. by authorising HMRC to collect the amount due according to your payroll reports. It’s worth considering as it prevents inadvertently paying late and so incurring a penalty.

MTD ITSA - new guidance for businesses

HMRC has updated and improved its Making Tax Digital for Income Tax guidance notices.

Four were published at the end of August 2022:

  • check if you can sign up for Making Tax Digital for Income Tax
  • check when to sign up for Making Tax Digital for Income Tax
  • sign up as an individual for Making Tax Digital for Income Tax
  • using Making Tax Digital for Income Tax.

Read more on the .gov website.

Contractors warned of avoidance schemes

If you work through an umbrella company which uses tax and NI-saving arrangements, read HMRC’s Spotlight 60. It contains detailed information to help you check if you’re inadvertently breaking rules that could land you in trouble with HMRC.

Read more on the .gov website

Keep up to date with all things Accounting and Finance with my bi-weekly Accountancy Alerts. 

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.

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