HMRC increases late payment

Jun 15

HMRC increases late payment interest rate to 7%

Following the Bank of England’s latest increase in the base rate, HMRC has increased both late paid tax and the rate paid on repayments of tax. The Bank increased the base rate to 4.5% from 4.25% on 11 May, the 12the consecutive rise. The late payment and repayment interest rates follow this rise and are […]

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self assessment filers doubles

Number of early self assessment filers doubles in five years

The number of self assessment taxpayers filing their tax return on the first day of the tax year has more than doubled since 2018, HMRC has revealed. More than 77,500 customers submitted their tax return for the 2022/23 tax year on 6 April 2023, compared to almost 37,000 customers on 6 April 2018. The deadline […]

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tax refund for work expenses

Don’t miss out on a tax refund for work expenses, HMRC urges

HMRC is reminding employed workers they can claim a refund on work-related expenses on the GOV.UK website. More than 800,000 taxpayers claimed refunds for work expenses during the 2021/22 tax year. Although the average claim was £125, over 70% of claimants missed out on getting the full amount they were due because they used an […]

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UK rate of inflation

UK rate of inflation fell sharply in April

The UK rate of inflation fell to 8.7% in April from 10.1% in March, according to the latest data from the Office of National Statistics (ONS). The fall has been attributed to energy price rises slowing from their hikes in 2022. The rate at which grocery prices rose slowed marginally in the year to April, […]

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May 11

Latest guidance for employers May 2023

HMRC has published the latest issue of the Employer Bulletin. The April issue has information on various topics, including: reporting expenses and benefits for the tax year ending 5 April 2023 the annual ‘Tell ABAB’ survey gives small businesses a voice in the tax system understanding your obligations on right to work and National Minimum Wage […]

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Workers must be protected from decisions made by AI, TUC says - blog

Workers must be protected from decisions made by AI, TUC says

The Trades Union Congress (TUC) has stated that UK employees must be protected from workplace decisions made by artificial intelligence (AI) systems. The TUC warned that, in some instances, AI technology is making ‘life-changing’ decisions, including those in relation to line managing, hiring and firing. AI systems are being used to analyse the facial expressions […]

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£177.6 million lost to impersonation scams in 2022

£177.6 million was lost to impersonation scams in 2022, data published by trade association UK Finance has revealed. The data showed that there were 45,367 cases of impersonation scams in 2022. It also revealed that just 51% of individuals always check whether a request for personal data or money is legitimate. Just 38% of 18–34-year-olds […]

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No sign of hiring difficulties easing, says BCC

Businesses are still facing major difficulties in hiring new staff, according to a survey conducted by the British Chambers of Commerce (BCC). The latest Quarterly Recruitment Outlook (QRO), a survey of more than 5,000 UK firms, found that 80% of those attempting to recruit have faced challenges. While recruitment difficulties are being experienced across the economy, […]

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PAC criticises government for billions lost to error and fraud - blog

PAC criticises government for billions lost to error and fraud

The Public Accounts Committee (PAC) has criticised the government for losing billions of taxpayers’ money to fraud and error in pandemic support. The Department for Business and Trade (DBT) is ‘effectively writing off’ nearly £1 billion paid out erroneously by local authorities on its behalf in pandemic support. Meanwhile, of an estimated £2.2 billion lost to […]

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Tax threshold freeze trebles to £25 billion - blog

Tax threshold freeze trebles to £25 billion

Research carried out by think tank the Resolution Foundation has suggested that the size of the UK’s six-year ‘stealth tax’ threshold freeze has nearly trebled to £25 billion. The figure is significantly higher than the previous forecast of £9 billion announced during the 2021 Budget. A small number of tax thresholds have been frozen since 2021/22 and […]

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UK inflation falls to 10.1% in March

UK inflation has dropped, but remains in double-digit levels, as the cost-of-living crisis eased slightly in March. The annual consumer prices index dropped to 10.1% in March, down from 10.4% in February, the Office for National Statistics (ONS) reported. It was widely expected to fall below 10%, but food prices remained stubbornly high, rising at their […]

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Online VAT filing portal to close in May - blog

Online VAT filing portal to close in May

HMRC has reminded businesses that file VAT returns annually that the online VAT filing portal will close from 15 May 2023. The VAT portal closed to standard quarterly filers on 7 November 2022, but was kept open for a longer period for those who file annual returns. In emails to businesses and tax agents, HMRC urged all […]

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ACA Blog April 23

Apr 24

ACA/ACCA qualified individual vacancy North Wales

Careers at Sage & Co   Who said accountancy is boring? Come join a practice where our staff are highly valued, respected and are well looked after. When asked, our team have said they treasure the smaller things, an occasional bacon butty, dress down Wednesdays and our annual staff days out. We recently went to Alton […]

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energy costs rise Blog

Apr 13

Small businesses at risk as energy costs rise

The end of the Energy Bill Relief Scheme (EBRS) on 1 April could threaten the future of hundreds of thousands of small firms, according to research by the Federation of Small Businesses (FSB). The Energy Bill Discount Scheme (EBDS) offers a far lower level of support for small businesses. Although market prices have stabilised for those […]

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Two freeports confirmed for Wales Blog

Two freeports confirmed for Wales

Two freeports have been confirmed for Wales by the UK and Welsh governments. Celtic Freeport, covering Milford Haven and Port Talbot, and Anglesey Freeport will each be backed by £26 million in seed funding by the UK government. The sites were chosen to exploit opportunities from renewable energies and the government said they would ‘make […]

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axpayers given more timeblog

Taxpayers given more time for voluntary national insurance contributions

The government has extended the voluntary national insurance deadline to give taxpayers more time to fill gaps in their contributions and boost their state pensions. The extension comes after members of the public voiced concerns over the previous deadline of 5 April 2023. As part of transitional arrangements to the new state pension, taxpayers have […]

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Late Payment blog

HMRC late payment interest rate hits 6.75%

HMRC has revised interest rates with late payment bills charged 6.75% from 13 April, the highest level since January 2008 The late payment and repayment interest rates follow the rise in the Bank of England base rate to 4.25% on 23 March and are applied to the main taxes and duties that HMRC currently charges and […]

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Bank of England raises UK interest rates Blog

Bank of England raises UK interest rates to 4.25%

Interest rates have been increased to 4.25% from 4% by the Bank of England (BoE) as it tries to slow rising prices. The BoE’s decision to increase rates for the 11th time in a row comes after figures showed that the cost of living has risen by more than expected. Data published recently by the […]

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pensions lifetime allowance Blog

HMRC issues guidance on abolition of pensions lifetime allowance

HMRC recently issued preliminary guidance in regard to the abolition of the pensions lifetime allowance. At the Spring Budget, Chancellor Hunt announced that the lifetime allowance charge will be removed from 6 April 2023. The allowance will be fully abolished from the 2024/25 tax year via a future Finance Bill, HMRC said. HMRC states that pension scheme administrators […]

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Spring Budget Blog

Business groups welcome Spring Budget

The UK’s business groups largely welcomed the measures taken in the Chancellor’s Spring Budget. The Confederation of British Industry (CBI) branded the Budget as a ‘strong second act’ in Mr Hunt’s plan for stability and growth. Matthew Fell, Interim Director General of the CBI, said: ‘The CBI called for action on people and productivity and the government […]

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