Reforming registration for individuals with income from self-employment of property
The Government is calling for evidence on income tax self-assessment (ITSA) registration to find out whether bringing forward the point...
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- Nov 4, 2021
Budget confirms one-year delay to basis period reform
A Budget policy paper confirms that the switch from currently a basis to the tax year basis will happen for all self-employed individuals...
- Oct 28, 2021
Autumn Budget and Spending Review
Rishi Sunak delivered his third budget as chancellor to the Commons on Wednesday 27 October 2021 where he announced a series of measures...
- Oct 20, 2021
Budget 2021 predictions
The Chancellor, Rishi Sunak, will reveal his Budget and Autumn spending review to the Commons on 27 October 2021, The government spending...
- Sep 27, 2021
Businesses get more time to prepare for digital tax changes.
The Government has delayed the introduction of Making Tax Digital for Income Tax self-assessment (MTD for ITSA) to 6 April 2024 to give...
- Sep 24, 2021
Shareholders and directors hit by dividend tax rate rise
The government plans to increase dividend tax by 1.25 percentage points, which means investors will have to pay more on the money they...
- Sep 22, 2021
NIC increase: What it means for small businesses
If you're an employer, the rate changes could make the process of hiring staff more expensive. Looking ahead, you will likely need to cut...
- Sep 8, 2021
PM announces 1.25% National Insurance hike
National Insurance contributions will rise by 1.25% to pay for the social care system in England, with the levy expected to raise about...
- Aug 31, 2021
Changes to late payment penalty regime for taxpayers
HMRC has clarified changes to the late payment penalty scheme which will start to come into force from April 2022. There are two late...
- Aug 6, 2021
Government announces simplified tax reporting for self-employed and small businesses
Reforms to the tax system aim to make it easier for self-employed workers and small businesses to fill out their returns have been...
- Jul 23, 2021
SEISS fifth grant: Personal claim dates
The claims service for the fifth SEISS grant will open from late July. The grant covers lost or reduced earnings from May to September...
- Jul 19, 2021
Self Employment Income Support Scheme: Fifth grant turnover test
Unlike the previous four grants, the fifth grant will be worth different percentages of average trading profits depending on the...
- Jul 6, 2021
LITRG releases guidance on how SEISS is taxed
The Low Income Tax Reform Group ("LITRG") is warning people who have claimed Self-Employment Income Support Scheme ("SEISS") grants that...
- Apr 12, 2021
Self-employed Income Support Scheme
The fourth Self-employed Income Support Scheme (SEISS) grant covers the period February to April 2021. It will now be open to individuals...
- Apr 2, 2021
IR35 changes: What the new rules mean from April 2021
The private sector reform was due to take place in April 2020, but was delayed because of the Covid-19 pandemic. Key points IR35 refers...
- Mar 18, 2021
How to claim the 4th SEISS grant
The Chancellor unveiled more details about the fourth self employed grant during the budget on 3 March. Key Points The Chancellor...
- Mar 11, 2021
UK introduces tougher penalties for late payment of income tax
A significantly tougher regime of penalties for late income tax payment was released in the Budget announcement on 3 March. Key Points...
- Feb 18, 2021
Proud to be selected....
In February 2021, Foxmain Associates was selected as one of the UK’s leading accountancy firms by Handpicked Accountants. With over...
- Feb 11, 2021
Tax planning
It's just over 50 days until the end of the tax year, so don't leave it last minute to undertake some tax planning to legally mitigate...
- Jan 15, 2021
Self assessment tax return deadline
31 January 2021 is looming... It's the deadline for submission of 2019/20 tax returns to HMRC. If you need help with your tax return,...