Vat on Work in Pharmacies
For a medical service to be exempt from VAT it must generally be performed by a registered health professional or a staff member who is directly supervised by a registered health professional. Pharmacists can also deliver VAT exempt medical services but until recently that exemption…
Vat on Land and Buildings
When purchasing commercial premises you need to know whether VAT will be added to the price as the stamp duty land tax charge (or similar taxes in Wales or Scotland) is calculated on the VAT inclusive value. Most older commercial buildings will be exempt from…
Mtd for Income Tax Delayed Again
Making tax digital for income tax self-assessment (MTD ITSA) was set to take effect from 6 April 2024. This has been postponed until 6 April 2026. The new regime will require sole traders and individual landlords to keep their business records digitally and to send…
Spring Budget 2023
How to Cope With Corporation Tax Rise The Budget confirmed that the main rate of corporation tax will rise from 19% to 25% on 1 April 2023 but the small profits tax rate will stay at 19% where the company’s profits do not exceed £50,000….
New Vat Late-payment Penalties
In addition to the new penalties for late VAT returns (see above) there is also a new system of penalties for late paid VAT. For VAT periods beginning on and after 1 January 2023 you will have up to 15 days to pay your VAT…
New Vat Late-filing Penalties
All VAT returns must now be submitted digitally using MTD compatible software (unless the business has an exemption) so the VAT penalties have been revised to fit with this new regime. If you submit a VAT return late for a period starting on or after…
Mind the Nic Gap
Do you know whether your national insurance contributions (NIC) record is complete and correct? You can check the NIC record over your entire working life on your online personal tax account (www.gov.uk/personal-tax-account). This will also provide an estimate of the state retirement pension you should…
Vat Changes
The VAT registration threshold has already been frozen at £85,000 since April 2017 and it will now be fixed at that level until April 2026. The Chancellor made the point that the UK’s VAT registration threshold is more than twice as high as the average…
Income Tax
The main income tax thresholds and allowances had already been frozen at the 2021-22 levels until 2026 and that has been extended to 6 April 2028. The main income tax rates are unchanged for 2023-24 at: 20%, 40% and 45%. Individuals in England, Wales and…