Tax News
Our latest publications. Straight from the Hawsons' mouth.
MTD: Digital start dates and the reform of basis periods
Making Tax Digital for income tax is being introduced on 6 April 2024. It will affect self-employed individuals and landlords with annual business or property income above £10,000. For general partnerships, the start date has been set at 6 April 2025. LLPs will join...
VAT for Charities
Charity employees and trustees often assume that they receive an automatic VAT exemption on all goods and services that they buy/receive. This is not the case and charities should understand the few concessions in the VAT legislation that can reduce their VAT bills....
Our tax and financial reporting service
Tired of administrative tax and accounting burdens? By combining our in-house expertise Hawsons can provide businesses with an all-around tax and financial reporting service. Hawsons are part of a global network of independent accountancy firms called HLB...
New Chancellor reverses most of the Mini-Budget tax cuts
The new Chancellor Jeremy Hunt has reversed many of the tax cuts announced by his predecessor, Kwasi Kwarteng, just last month in the Mini-Budget. We have summarised the key changes below. Corporation Tax The planned increase to corporation tax, from 19% to...
GP pension tax bills deadline extended
The voluntary ‘scheme pays’ deadline for GPs to claim the NHS pension scheme support with their pension taxes has been extended until March 2023. The original deadline to claim for the 2020/21 tax year was 31 July 2022. Under the current NHS pension scheme, the...
Mini Budget – September 2022
Chancellor brings forward further medium-term fiscal plan measures As the saying goes, a week is a long time in politics. However, recent events have been unprecedented. At the Mini Budget a new Prime Minister and Chancellor launched a new agenda, ‘The Growth Plan’....
Mini-budget announcement – 5 key tax changes
Following the recent appointment of the new Prime Minister, Liz Truss. There has been a cabinet reshuffle with Kwasi Kwarteng appointed Chancellor. Following his appointment, the new Chancellor announced a ‘Mini-budget’ which took place this morning. This was one of...
HMRC confirms MTD penalties from 1 November 2022
Accountancy firms have been informed by HMRC that the “soft landing” penalty waiver for Making Tax Digital for VAT will be removed from 1 November 2022. All businesses that file their VAT returns monthly or quarterly must now sign up to Making Tax Digital (MTD) and...
Easing of tax rules for divorcing couples
The Government has released draft legislation which will ease the tax rules for many divorcing couples from April 2023. The changes follow recommendations made by the Office of Tax Simplification (OTS) in May 2021. What are the proposed changes to tax rules...
How to avoid penalties for Making Tax Digital for VAT?
Filing VAT returns Businesses must file their VAT returns using functional compatible software. Most businesses are doing this successfully, but those who do not may be charged a £400 penalty for each VAT return filed. Keeping records digitally Businesses must also...