Accounting blogs

After three months of closure HMRC have finally reopened their Self assessment telephone helpline to help clients directly with any personal tax queries, the number is 0300 200 3310.

One of the best ways to reduce company tax liabilities is by paying into a company pension scheme, especially if you are close to retirement age.

Last week the Bank of England raised base interest rates yet again by 0.5% to 5%, with market expectations they can now reach 6.25%.

With many clients being self employed or directors of their own companies receiving dividends free of National Insurance it is vital you keep check of your National Insurance contributions so you receive a full pension.

Please note that all late payments to HMRC now incur interest at 7% or base rate plus 2.5%, which quickly adds up and this is on top of penalties.

Would you like real time up to date Profit and Loss figures for your business? From as little as £100 per month PMC Pomfrey can remotely update your book-keeping leaving you to run your business.

You have until 31st January to file your personal tax return and pay your tax. You can pay at www.gov.uk/pay-self-assessment-tax-bill

From 1st January 2023 the way HMRC issue VAT penalties changes. The biggest change is you will be fined for late filing a fixed fee of £200 whether you owe VAT or are due a rebate.

The superdection tax allowance on qualifying plant and machinery ends on 31st March next year.