25/10/2022

Zero Rating of Face Masks

HMRC have issued Brief 11 (2022) on 24 October 2022 to confirm that they now accept face masks that are designed for children under age 14 will qualify as an item of clothing and will therefore fall to be zero rated.

The Revenue are updating their general guide into the zero rating of children's clothing, Notice 714, to reflect this change of view.

As this is not a change of law, but simply a change of HMRC interpretation, it is open to academies that have charged VAT on the sale of face masks to make an error correction, subject to the usual time limits.

Latest Feeds

Directors loan accounts – Avoid the unexpected tax trap

Company owners often withdraw monies from their business that is not salary or dividends, this borrowing can be useful but if it is not managed properly tax charges will arise.

Follow this link to read the full article by clicking the link in our bio.

0 0

Open post by hwbaccountants with ID 17945050353057950

Directors loan accounts – Avoid the unexpected tax trapCompany owners often withdraw monies from their business that is not salary or dividends, this borrowing can be useful but if it is not managed properly tax charges will arise.Follow this link to read the full article by clicking the link in our bio.

...

Zero hours contracts are changing – Why Payroll accuracy will matter more than ever

Zero hours and variable hours working arrangements are under increasing scrutiny, with new employment rights set to reshape how these workers are paid and monitored.

Read the full article by following this link : https://www.hwb-accountants.com/zero-hours-contracts-are-changing-why-payroll-accuracy-will-matter-more-than-ever

0 0

Open post by hwbaccountants with ID 17904912564531694

Zero hours contracts are changing – Why Payroll accuracy will matter more than everZero hours and variable hours working arrangements are under increasing scrutiny, with new employment rights set to reshape how these workers are paid and monitored.Read the full article by following this link : https://www.hwb-accountants.com/zero-hours-contracts-are-changing-why-payroll-accuracy-will-matter-more-than-ever

Energy Cost support for UK manufacturers

The UK Government has announced new long term support to help over 10,000 manufacturing businesses manage high electricity and fuel driven energy costs, through reduced electricity bills rather than grants.

Read the full article by clicking the link in our bio.

0 0

Open post by hwbaccountants with ID 18129332797656779

Energy Cost support for UK manufacturersThe UK Government has announced new long term support to help over 10,000 manufacturing businesses manage high electricity and fuel driven energy costs, through reduced electricity bills rather than grants.Read the full article by clicking the link in our bio.

...

Increase in Property Taxation rates

From 6 April 2027 onwards, HMRC are planning to increase the rate of income tax that applies to rental profits. In short, the rate of taxation will increase by 2 percentage points across each individual tax band.

Read the full article by clicking the link in our bio.

0 0

Open post by hwbaccountants with ID 18452766247189755

Increase in Property Taxation ratesFrom 6 April 2027 onwards, HMRC are planning to increase the rate of income tax that applies to rental profits. In short, the rate of taxation will increase by 2 percentage points across each individual tax band.Read the full article by clicking the link in our bio.

...

Economic Crime and Corporate Transparency Act 2023: changes affecting company accounts

Through the Economic Crime and Corporate Transparency Act 2023, the government is reforming the information reported by companies when filing their annual accounts with Companies House.

Read the full article by clicking the link in our bio.

3 0

Open post by hwbaccountants with ID 17957829117188778

Economic Crime and Corporate Transparency Act 2023: changes affecting company accountsThrough the Economic Crime and Corporate Transparency Act 2023, the government is reforming the information reported by companies when filing their annual accounts with Companies House.Read the full article by clicking the link in our bio.

...

Working abroad: Getting your UK tax residence right

Spending time overseas for work is increasingly common, whether through relocation, remote working, or returning to the UK after a period abroad. However, many individuals underestimate how far UK tax rules can follow them.

To read the full article click the link in our bio.

1 0

Open post by hwbaccountants with ID 17886899127671337

Working abroad: Getting your UK tax residence rightSpending time overseas for work is increasingly common, whether through relocation, remote working, or returning to the UK after a period abroad. However, many individuals underestimate how far UK tax rules can follow them.To read the full article click the link in our bio.

...

Academy Trust Handbook 2026 Changes

We have summarised the changes made to the Academy Trust Handbook (ATH) 2026 in an easy to use factsheet.

https://www.hwb-accountants.com/wp-content/uploads/Academy-Trust-Handbook-2026-Changes.pdf

For further information on the ATH, please contact us on 023 8046 1200 or email [email protected].

1 0

Open post by hwbaccountants with ID 18100411958183322

Academy Trust Handbook 2026 ChangesWe have summarised the changes made to the Academy Trust Handbook (ATH) 2026 in an easy to use factsheet.https://www.hwb-accountants.com/wp-content/uploads/Academy-Trust-Handbook-2026-Changes.pdfFor further information on the ATH, please contact us on 023 8046 1200 or email admin@hwb-accountants.com.

...

Update on Payrolling Benefits

HM Revenue and Customs (HMRC) has updated the interim guidance for mandatory payrolling to announce a new phased approach for all reportable Benefits in Kind (BiKs) and expenses from April 2027.

To read the full article click the link in our bio.

2 0

Open post by hwbaccountants with ID 18400805707090787

Update on Payrolling BenefitsHM Revenue and Customs (HMRC) has updated the interim guidance for mandatory payrolling to announce a new phased approach for all reportable Benefits in Kind (BiKs) and expenses from April 2027.To read the full article click the link in our bio.

...

Let's Talk

Why not arrange a FREE consultation and find out what we can do for your Academy.

Request a FREE consultation