Jan 12

Countdown for 5.7 million to file their 2022/23 self assessment tax return

With less than a month to go to the self assessment deadline 5.7 million taxpayers have been urged to file their 2022/23 tax returns by HMRC. HMRC data shows almost 6.5 million customers have already beaten the self assessment clock by filing their tax return. This includes 49,317 taxpayers who used the New Year holiday […]

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HMRC updates off payroll compliance guidance

HMRC recently updated its guidance on off payroll working compliance for employers. The new guidance sets out ‘practical steps’ for organisations to follow. It affects employers who are responsible for operating off payroll working rules and who engage workers who provide their services through their own intermediary. The guidance states that organisations should apply the new guidelines to ‘reflect the […]

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Dec 07

Advisory fuel rates for company cars – December 2023

New company car advisory fuel rates have been published and took effect from 1 December 2023. 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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HMRC is ‘Making Tax Difficult’ with MTD programme

HMRC is ‘Making Tax Difficult’ for taxpayers as Making Tax Digital (MTD) adds to the burdens they face, according to a report by the Public Accounts Committee (PAC). The report says that HMRC has lost sight of the need to put taxpayers at the heart of changes to the tax system. The PAC says that […]

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Autumn Statement cuts won’t stop tax revenues rising to highest ever levels

The tax cuts announced in the 2023 Autumn Statement won’t prevent tax revenues rising to their highest ever levels, the Institute for Fiscal Studies (IFS) has warned. The IFS stated that announcing tax cuts in response to ‘highly uncertain’ changes in assumptions about the UK’s medium-term economic prospects ‘does not feel like a recipe for good […]

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Chancellor makes Full Expensing permanent in Autumn Statement

Chancellor Jeremy Hunt used his Autumn Statement to make Full Expensing permanent for those businesses investing in IT equipment, plant and machinery. The Chancellor said he was aiming to stimulate economic growth and highlighted 110 measures for businesses in the Statement. Full Expensing was first announced in the March Budget and was scheduled to last for […]

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Autumn Satement 2023 Blog

Nov 23

Autumn Statement 2023

Further to the chancellor Jeremy Hunt’s delivery of the Autumn statement yesterday, we attach a summary of what he announced, please do note that some of the information contained will apply to England only. Click here to download Further guidance for Wales/Scotland/Ireland can be found on Gov.uk.

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Nov 06

Latest guidance for employers November 2023

HMRC has published the latest issue of the Employer Bulletin. The October issue has information on various topics, including: electric charging of company cars and vans at residential properties paying your PAYE Settlement Agreement reporting PAYE information when payments are made early at Christmas new guidance for employment businesses who use umbrella companies to employ […]

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Many firms still facing recruitment problems

Many UK firms are still facing hiring issues as a result of challenging economic conditions, according to a report from the British Chambers of Commerce (BCC). 73% of firms surveyed by the BCC reported having recruitment problems, with businesses in the hospitality sector the most likely to report challenges. The construction and manufacturing industries are also experiencing […]

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Online platforms should sign up to Prompt Payment Code

Online platforms should commit to paying small businesses within a maximum of thirty days in line with the Prompt Payment Code, according to the Federation of Small Businesses (FSB). The FSB has set out a range of proposals to protect small business owners who use online sales platforms to ensure that small firms can make […]

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Scams warning issued to 12 million self assessment taxpayers

Self assessment taxpayers must be on the lookout for scam texts, emails and phone calls from fraudsters, HMRC was warned. HMRC has received more than 130,000 reports about tax scams in the past year, with 58,000 of those offering fake tax rebates. With around 12 million people expected to submit a self assessment tax return […]

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Chancellor must use Autumn Statement to cement commitment to small firms

The Chancellor should cement the government’s commitment to small businesses in his Autumn Statement, according to the Federation of Small Businesses (FSB). The FSB has called for a strong stand against late payments; an extension to the 75% business rates discount for retail, hospitality and leisure businesses beyond March 2024; and training in new skills […]

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cash transactions

Oct 09

Number of cash transactions rises for first time in a decade

The number of payments made with cash rose for the first time in a decade in 2022, according to data published by UK Finance. According to UK Finance, the total number of payments made last year increased to 45.7 billion from 40.4 billion in 2021. 50% of all payments in the UK were made using […]

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net zero help

Less than 1% of small firms receiving net zero help

Less than 1% of small firms have benefitted from key local support schemes across England on net zero, according to research from the Federation of Small Businesses (FSB) and Warwick Business School. The research has raised concerns over the reach and accessibility of the programmes as the UK’s 2050 target edges closer. Small businesses also face […]

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Government slow to recover over £1 billion Covid grant fraud

The government has been slow to recover losses of £1.1 billion from fraud and error in Covid grant schemes, according to MPs in the Public Accounts Committee (PAC). The latest PAC report found that after spending £22.6 billion on business support schemes during the pandemic, the government had only recovered £20.9 million of the estimated […]

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SMEs struggling blog

SMEs ‘struggling to access finance’

Small and medium-sized enterprises (SMEs) are struggling to access finance and working capital, according to a report published by the Association of Chartered Certified Accountants (ACCA). The ACCA’s data showed that small firms are struggling to access finance for a range of reasons, including rising interest rates. 57% of firms reported that borrowing in order […]

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Firms looking to Autumn Statement for help with rising operating costs

Small firms will look to the upcoming Autumn Statement for signs that the government understands their operating concerns, says the Federation of Small Businesses (FSB). The business group said that UK businesses need urgent action to help stem the issue of late payment. It says that large corporates use late payments to offset interest rate rises […]

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Sep 12

Latest guidance for employers September 2023

HMRC has published the latest issue of the Employer Bulletin. The August issue has information on various topics, including: tax relief on employee contributions to registered pension schemes ceasing your PAYE scheme the National Minimum Wage helping customers steer clear of tax avoidance schemes income tax self assessment – preparing for the new tax year basis helping […]

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Government launches Business Climate Hub

The government has launched the UK Business Climate Hub to offer firms advice and support on reducing their energy bills and cutting their carbon emissions. The Hub includes a free carbon calculator and a suite of new tools to help businesses measure, track and report on their emissions. It also offers detailed advice on topics, […]

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Another million savers to be hit with tax on interest

The frozen Savings Allowance combined with rising interest rates will push over one million taxpayers into paying tax on their savings this tax year, according to research by investment platform AJ Bell. In the 2023/24 tax year it is estimated that over 2.7 million individuals will pay tax on interest, up by a million in […]

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