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TaxCalc Blog

News and events from TaxCalc

Dean Shepherd (4)
23 September 2021

MTD legislation day: The BIG reveal

The full MTD regulations have been made public for the first time today. Until now, we have only had an early draft of the regulations to work with and it is fair to say that there were some glaring holes in that draft document – particularly in relation to partnerships, basis periods and when taxpayers could enter or leave the MTD regime. 


We have been waiting a long time for those draft regulations to be updated and our tax experts are now pouring over the contents to disseminate the fine detail. 

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Dean Shepherd (4)
02 September 2021

New penalty regime: points mean prizes (for HMRC)

HM Revenue & Customs (HMRC) has confirmed that their new points-based penalty regime will come into effect from 1 April 2022 and will apply to both Making Tax Digital (MTD) for VAT as well as MTD for Income Tax Self Assessment (ITSA). Their stated aim is to make penalties simple, fair and effective but, as the arguably illustrious ageing rocker, Meat Loaf, might say, “Two Out of Three Ain’t Bad”.

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Andy North (1)
26 August 2021

What do accountants really think about advisory?

Last month, we surveyed over 300 firms across the UK, asking how practitioners felt about the value of compliance and how keenly they were adopting ‘advisory’ services. 

The aim was to understand how well the ‘advisory is the future’ message that’s been broadcast to firms for the past twenty years or so has resonated – that the traditional model of selling compliance services (those which focus on historical data and the reporting regulations that surround them) should be de-emphasised as a source of revenue in favour of proactive ‘advisory’ services. 

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Dean Shepherd (4)
30 July 2021

Have your say on basis period reform

HMRC has opened a consultation on basis period reform which asks for views on how best to implement a proposal to simplify the rules under which profits of an unincorporated trading business are allocated to tax years using basis periods.

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Dean Shepherd (4)
14 July 2021

What you need to know about applying for the fifth SEISS grant.

The fifth Self-Employment Income Support Scheme (SEISS) grant can be claimed by individual taxpayers who are either self-employed or who are a member of a partnership.


Claims must be made by the taxpayer and not by an agent on their behalf; although they can seek assistance from an agent in completing their claim.

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Ben Handley (6)
08 June 2021

Have you paid your COVID19 deferred VAT?

One of the COVID19 relief schemes in 2020 was the 'VAT Payments Deferral Scheme'. This automatically deferred any VAT liabilities from VAT quarters falling due between 20 March 2020 and 30 June 2020. Any amounts due between these dates were given a deferral until 31 March 2021.

If you haven’t yet paid these outstanding liabilities, don't worry – all is not lost!

With these three options, you may still be able to avoid the 5% penalty or interest.

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Chris Norton (12)
07 May 2021

How are electric vehicles being incentivised in 2021?

The UK recently brought forward its ban on the sale of new petrol and diesel cars by an entire decade, with the ruling now slated to take effect from 2030. It came as a surprise to many when a scheme that aims to make electric vehicles (EVs) more affordable was cut.

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Ben Handley (6)
16 April 2021

Covid support for you and your clients

To support you in helping your clients, here are the latest updates from HMRC on the Self-Employment Income Support Scheme (SEISS).

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