Wells Associates

All farmers who currently receive Basic Payment Scheme payments can now apply for the Sustainable Farming Incentive Scheme. For more information and to find out how to apply visit HMRCs website at: gov.uk/guidance/how-t…

The Customs Handling Import and Export Freight (CHIEF) system closes on 30 September 2022 and all importers will need to register with the Customs Declaration Service instead. For more information and to register please visit HMRCs website at: gov.uk/government/new…

A new points based system is being introduced in April 2022 for late VAT returns and for other tax returns in 2024 and 2025. HMRC have now published detailed guidance on how this will work: gov.uk/government/pub… Contact us for help with your reporting requirements.

The intro of ‘making tax digital’ for income tax and the reform to the tax basis periods have been pushed back by 12 months to 2024/25. This gives more time to plan for these changes. For help understanding how this might impact you and your business contact the team at Wells.

Proposed changes to NIC and dividend rates, as well as the introduction of a new ‘social care levy’, have been announced by the government to support the NHS and Social Care system. This will impact the self employed, employees/employers and anyone in receipt of dividend income.

An extra £500m was paid in Inheritance tax from April-July 2021 when compared to 2020. With the freezing of the nil rate band thresholds, more people will continue to be brought within the scope of IHT. To understand how this might impact you and your family, please contact us.

From April 2023 the self-employed & landlords with turnover over £10k pa will be required to submit quarterly tax updates to HMRC using compatible software. Submissions will be due within 1 month. Payment of tax will remain due by 31 January following the end of the tax year.

HMRC have launched a consultation to change the way profits of unincorporated trading businesses are taxed from April '23. Businesses would then be taxed on actual profits arising during a tax year rather than on the 12 month accounting period ending in the relevant tax year.

HMRC have announced a deferment of the 5% surcharge normally charged if tax due on 31 January remains unpaid on 28 Feb 2021. The surcharge will not be charged provided taxpayers pay their tax or set up a ‘Time to Pay’ arrangement by 1 April.

New technical guidance on the VAT reverse charge for building and construction services: gov.uk/guidance/vat-r… The changes come into force from 1 March 2021 and all affected VAT registered businesses should ensure they are familiar with the new rules.

Please visit our new blog - Taxing coronavirus support payments: wellsadvisory.co.uk/taxing-coronav… If you require any further advice or information, please email us at info@wellsassociates.com

How are you helping your staff to return from flexible furlough? linkedin.com/pulse/flexible… #COVID__19 #flexibility #furlough #CJRS #leadership #Management #HR

GOOD NEWS! There will be a temporary exemption to ensure that no tax or NICs are charged where an employer reimburses employees personal expenditure on home office equipment. From 16 March 2020 until the end of the 2020/21 tax year. This is for home working enforced by Covid-19.

Visit out new blog to find out what you need to know about working from home - bit.ly/2YL3QD9 If you require any further advice or information, please email us at info@wellsassociates.com

Please read our latest blog on 'Guidance for landlords' - bit.ly/2wrYOjl Please do not hesitate to contact us for more information on info@wellsassociates.com

UPDATE - IMPORTANT NEWS FOR COMPANY DIRECTORS #coronavirus #accountants #tunbridgewells #companydirectors #tax

Visit our new blog to find out about financial support for employees and the self employed - bit.ly/2wIhvPF If you require any further advice or information, please email us at info@wellsassociates.com

HMRC have confirmed that individuals stuck in the UK due to the current situation will be able to apply for special treatment under ‘exceptional circumstances’ regulations in order to avoid losing their non residence status. For further guidance visit bit.ly/33HDy5b

Following the Prime Minister's announcement last night, guidance on staying at home and away from others has been published at bit.ly/39fwxtJ We'llcontinue to monitor the financial support packages that are available and we will provide you with updates as soon as we can

The HMRC helpline for businesses and individuals who are having difficulty paying their taxes due to the current Coronavirus outbreak is now active. For further information visit bit.ly/2TVPM6U - call 0800 0159 559. Contact us at info@wellsassociates.com for more advice.