Anna’s Accountancy Alerts

This week’s Accountancy Alerts – HMRC’s Making Tax Digital Pilot Update – AIA Claim Time Limit – Working From Home Expenses

This week’s Accountancy Alerts – Student loans and off-payroll warning – New VAT penalty rules guidance – Staff summer party tax exemptions.

This week’s Accountancy Alerts – HMRC off-payroll penalties – Renew your tax credits – New guidance on tips and gratuities.

This week’s Accountancy Alerts – HMRC Official Tax Rate – Help Employees Understand Child Benefit Entitlement – HMRC One-off Mistake Penalty.

From April, HMRC started writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid.

As savings rates are low, most people don’t need to worry about any interest taking them over their tax-free personal savings allowance (£1,000 a year for basic rate) taxpayers, £500 for higher-rate).

Tax reliefs available. A new page on HMRC’s website, titled Check what financial help you can get from HMRC has been published.

For directors and the self-employed special rules mean the NI threshold is applied for the year as a whole rather than for each pay period as it is for employees.

With fuel prices increasing, you may be thinking of paying a higher rate than the HMRC rate but will it trigger extra Tax and NI?

HMRC has increased the current late payment interest rate applied to the main taxes and duties to 3% from 2.75% with effect from 21 February 2022. This is the second rate rise due to consecutive rises in the Bank of England base rate.