NEWS
Explore our blog - you'll discover a selection of useful accounting news articles and all the latest updates from MATCH Accounting.
Reduced VAT for Hospitality Ends Today
Since the 8th of July 2020 the government put in place a temporary 5% reduced rate of VAT (usually 20%) to certain supplies relating to hospitality, hotel and holiday accommodation and admission to certain attractions. On 1 October 2021 this was raised to 12.5% and will end TODAY 31 March 2022, going back up to…
Making Tax Digital for VAT Compulsory from April 2022 Reminder
Currently, only VAT-registered businesses in the UK with taxable turnover above £85,000 are required to submit their VAT returns using ‘functional compatible software’ and store their VAT accounting records digitally. From 1st April 2022, all VAT-registered businesses will be required to comply regardless of their taxable turnover. Those businesses will need to follow the Making…
Are You Ready For The New Tax Year 2022-2023?
From 1 April 2022 there will be new rates for National Insurance, National Living Wage/National Minimum Wage and statutory payments, changes to expenses and benefits, and Student Loan deductions. Ensure you are ready to make the necessary changes to your payroll records, send your final Full Payment Submission (FPS) and issue P60s to employees. If…
1.25% Uplift in NICs funds NHS, Health & Social Care
Despite strong opposition to the timing of the levy, the government looks set to introduce the Health and Social Care Levy from 6 April 2022. National Insurance contributions for employees under State Pension age, self-employed people and employers will increase by 1.25 percentage points and be added to the existing NHS funding allocation. If…
The Importance of Mileage Claims
Always on the road or just for the occasional business trip? Either way, keep track of your mileage and reduce your tax bill. Who can claim business mileage? Limited companies and Sole Traders (under certain conditions) can claim business mileage. Employees can also claim from you as their employer. Personal Cars – Mileage…