Our monthly tax, accountancy and practice round up for September 2021.
The month started with the Chancellor releasing information on the national insurance and dividend tax rise due from April 2022. You can read our full article on this here.
HMRC have been sending corrected SEISS grants which have been incorrectly declared in the tax return of the self-employed. This has come to quite a shock to some clients as HMRC has double counted the income and increased the tax owed for the year ending 5 April 2021. You can read our full article here.
We have retrospectively corrected / amended any tax returns which had the errors and sent accompanying letters to HMRC to explain the situation. Our clients tax accounts have been subsequently amended accordingly by HMRC.
HMRC and VAT address
While chasing a VAT refund from HMRC, our team noticed an issue with the VAT trading address of the company. HMRC had changed the trading address of the company to one of HMRC’s internal address.
They had also issued the repayment cheque to that address meaning that HMRC had sent the cheque to themselves!
We have subsequently changed the address and updated the clients bank details on their government gateway account so that all future refunds won't be delivered by post!
Research and Development
Two R&D tax returns have been submitted by Kala Atkinson this month. A bespoke kitchen designer and manufacturer developing their own processes and a client designing and manufacturing new biological materials for use in multiple industries.
Research and development claims can result in a reduction of corporation tax or even in certain circumstances a tax credit from HMRC!
KALA ATKINSON ARE A FIRM OF CHARTERED ACCOUNTANTS BASED IN EAST LONDON.
We have over 30 years experience in helping individuals and small businesses navigate their compliance whilst providing the business advice and the necessary financial tools to grow.
For more information on how we can help you file your tax return contact us today.