Mar 07

Spring Budget March 6th. 2024

This Summary covers the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances. At the back of the Summary you will find a calendar of the tax year with important deadline dates shown. We recommend that you review your financial plans regularly as some aspects of the […]

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Advisory fuel rates for company cars March 2024

New company car advisory fuel rates have been published and took effect from 1 March 2024. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on […]

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Latest guidance for employers March 2024

HMRC has published the latest issue of the Employer Bulletin. The February issue has information on various topics, including: 2024 National Insurance contributions rate changes end of year reporting basis period reform simplifying the reporting of income tax and National Insurance contributions on benefits in kind Help for Households upcoming changes to Paternity Leave and […]

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More than 500 firms named and shamed for underpaying staff

The government has named and shamed over 500 UK employers for underpaying their employees. 524 businesses were named for failing to pay the minimum wage to pay 172,000 workers, with offending employers ordered to pay nearly £16 million plus an additional financial penalty. The National Living Wage (NLW) is set to rise to £11.44 an […]

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Pensions income needed to retire rises

The amount needed for a single person to have a moderate retirement has risen to £31,300, according to the Pensions and Lifetime Savings Association (PLSA). The rising cost of living and an increased importance on socialising following the pandemic had pushed up the income required by £8,000, the PLSA said. The PLSA uses evidence from focus groups to make […]

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Double-cab pickups go back to being vans as guidance reversed

Just a week after HMRC released new guidance that classed double-cab pickups as cars rather than vans, the government reversed the decision. On 19 February, HMRC confirmed that it’s reversing the updated guidance announced on 12 February, meaning that double-cab pickups will continue to be treated as goods vehicles rather than cars. The government said […]

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HMRC warns self assessment taxpayers as scam referrals rise

HMRC is warning people to be wary of bogus tax refund offers following the self assessment deadline on 31 January. The tax authority says that fraudsters could set their sights on self assessment taxpayers, with more than 11.5 million submitting a tax return by last month’s deadline. HMRC warns that taxpayers who completed their tax […]

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Over one million miss self assessment deadline

Over one million self assessment taxpayers missed the filing deadline at midnight on 31 January, according to data published by HMRC. A record 11.5 million taxpayers did file their 2022/23 self assessment tax returns by the deadline. HMRC’s figures also showed that 1.1 million missed the deadline. The final day saw 778,068 beat the clock to complete […]

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hmrc publishes guidance blog

HMRC publishes guidance on MTD for ITSA for sole traders and landlords

HMRC has published guidance on the Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) requirements for sole traders and landlords. MTD for ITSA will require businesses and landlords with qualifying income to maintain digital records and update HMRC each quarter via compatible software. In the guidance, HMRC stated that MTD for ITSA […]

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Feb 20

Double-Cab Pickups Get Tax Reprieve: Government Scraps U-turn

Government Caves to Backlash, Maintaining Current Tax Treatment for Pickups In a surprising turn of events, the government has reversed its decision to reclassify double-cab pickups as company cars, effectively scrapping a planned massive increase in tax contributions. This U-turn follows a week of vocal opposition from motorists, farmers, and businesses who faced significant financial […]

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Feb 13

Only a third of UK adults confident with self assessment

Just 35% of UK adults are confident they could complete the self assessment tax return form correctly, according to research by Standard Life. Three in ten UK adults admit they do not feel confident they could complete the form correctly. A further 18% said they felt neither confident nor unconfident while 17% were not sure. The […]

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Over 50s bucking decline in freelance numbers

Tens of thousands more over 50s are now running their own businesses despite an overall decline in self-employment since 2020, according to the Association of Independent Professionals and the Self-Employed (IPSE). IPSE’s research found that the number of self-employed business owners aged 50 and over increased to 1.1 million in 2023 – 89,000 more than […]

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Artificial Intelligence will affect jobs and worsen inequality, says IMF

Artificial intelligence (AI) will affect almost 40% of all jobs around the world and deepen inequality, the International Monetary Fund (IMF) has warned. In a new analysis, IMF researchers examined the potential impact of AI on the global labour market. It found that, in advanced economies, around 60% of jobs may be impacted by AI. […]

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Clarity on new border checks is vital, says BCC

The government must clarify plans around new customs processes as firms remain in the dark about crucial aspects of their operation, says the British Chambers of Commerce (BCC). The first phase of the UK’s Border Target Operating Model began on 31 January, with imports of plant and animal products now requiring export health certificates. It […]

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Raise VAT threshold to £100,000, says FSB

The government should raise the turnover threshold for VAT from £85,000 to £100,000, according to the Federation of Small Businesses (FSB). The business group said that this would give firms stepping into the VAT-paying ring crucial breathing space. It would also be an incentive to grow their turnover without fear of having to charge customers […]

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HMRC sends warning to cryptoasset users

As the use of cryptoassets continues to grow HMRC is warning people to check if they need to complete a self assessment tax return for the 2022/23 tax year to avoid potential penalties. Anyone with cryptoassets should declare any income or gains above the tax-free allowance on a tax return. Tax may be due when a person: […]

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Tax cuts may have to be scrapped due to ‘economic bind’, warns IFS

Tax cut promises may need to be scrapped as a result of the UK being in an ‘unfortunate economic and fiscal bind’, the Institute for Fiscal Studies (IFS) has warned. The next government is likely to face some of the most difficult economic and fiscal choices the UK has faced outside of pandemics, conflicts and financial crises, […]

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Government borrowing falls as Chancellor hints at tax cuts in Spring Budget

Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget. The Office for National Statistics (ONS) data revealed that government borrowing for last December was around half of that borrowed in December 2022. It also showed that interest payable […]

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Jan 12

Latest guidance for employers Jan 2024

HMRC has published the latest issue of the Employer Bulletin. The December issue has information on various topics, including:   •         National Minimum Wage, Geographical Compliance Approach – support for employers •         payrolling expenses and benefits for the 2024/25 tax year •         off payroll working rules (IR35) – opportunity to pause settlement •         help to […]

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Businesses say hybrid working is here to stay

Less than 30% of firms expect their workforce to fully return to the workplace over the next five years, according to research by the British Chambers of Commerce (BCC). The survey of over 1,000 businesses found just 27% of respondents predict their employees will be fully physically present in the workplace over the next five […]

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