NEWS
Explore our blog - you'll discover a selection of useful accounting news articles and all the latest updates from MATCH Accounting.
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…
Reduced VAT for Hospitality Ends Soon
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 on 31 March 2022, going back up to…
The Super-Deduction
For expenditure incurred from 1 April 2021 until the end of March 2023, companies can claim 130% capital allowances on qualifying plant and machinery investments for the first year, instead of the normal 100% Annual Investment Allowance (AIA). For every pound a company invests, their taxes are cut by up to 25p. Examples Under…
VAT Reverse Charge
Not VAT Registered? The VAT Reverse Charge could still apply, so stick with us. Note that this is separate to the VAT Reverse Charge for Construction. The Reverse Charge is the way you account for non-UK services you receive. The Reverse Charge is the amount of VAT you would have paid on that service if…
CIS Registered with Subcontractors?
If you engage a contractor for work under the Construction Industry Scheme (CIS), it’s your responsibility to establish whether they’ll be employees on payroll (including PAYE and NIC deductions) or subcontractors, even if it’s for a one-off job. If they are being treated as a subcontractor then you will be liable to operating them…
Making Tax Digital for VAT Compulsory from April 2022
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…
Limited Company Accounts: Why do I need to file every year?
What is required? Once a year your company is required to prepare and submit the following: Statutory Accounts – to send to Companies House A Company Tax Return – to send to HMRC What is the purpose? Your company’s statutory accounts are prepared from your financial records at the end of your financial year.…
Additional Restrictions Grant (ARG) – Business resilience grant
The new scheme will support businesses still seriously affected by Covid-19 and help build them to withstand current conditions since entering Step 4 of the “UK Recovery Roadmap”. The aim is to put in place longer-term improvements and lay foundations for future growth. Applications close on 31 January 2022 at 4pm. If new…
MATCH Accounting is 8! Our Year In Photos
Established in 2013 by our Director, Chris Hayers, from his living room in Southsea, the years have seen steady growth with the addition of Aimee Hayers as Director in 2017, building on their original portfolio of clients and establishing the team. Considering the impact the virus has continued to have on the economy and so…