Apr 08

HMRC’s services having a negative impact on SME productivity

The productivity and efficiency of SMEs is suffering as a result of poor HMRC services, according to members of the Association of Chartered Certified Accountants (ACCA). In a survey of ACCA members, 66% said that poor HMRC services were having a negative impact on their clients, with small businesses ‘bearing the brunt’ of this issue. […]

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Business groups say challenges remain despite encouraging Budget

The UK’s business groups warned that challenges remain despite the Chancellor delivering an encouraging Spring Budget. The British Chambers of Commerce (BCC) said that while the cut to NICs would ‘boost jobs’ it had failed to ‘shift the dial’ for business. Shevaun Haviland, Director General of the BCC, said: ‘Following the Autumn Statement this Budget was […]

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Jeremy Hunt cuts NICs again in the Spring Budget

The Chancellor made further changes to National Insurance contributions (NICs) following the cuts made in the Autumn Statement 2023. The rates for NICs will be cut by two percentage points for both employees and the self-employed from 6 April 2024. This will see Class 1 employee NICs reduced from 10% to 8% from 6 April […]

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Relief at HMRC’s reversal of helpline closures

HMRC’s decision to halt its plans to restrict taxpayer helplines and direct people to online services instead has been met with relief by the Federation of Small Businesses (FSB). The tax authority had announced that it was closing its self assessment helpline for six months every year. It was also restricting the opening times of […]

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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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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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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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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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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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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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Spring Budget 2024 date confirmed for 6 March

Chancellor Jeremy Hunt will deliver the 2024 Spring Budget on 6 March, the government has confirmed. The Budget will include the government’s tax and spending plans as well as new growth and borrowing forecasts. It could be the last chance for the government to announce significant changes to tax policy before the general election. 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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National Insurance changes ‘ease burden on strivers’

The changes to National Insurance contributions (NICs) announced by Chancellor Jeremy Hunt in the Autumn Statement will help to ‘ease the burden on strivers up and down the country‘, according to the Federation of Small Businesses (FSB). Mr Hunt used his Autumn Statement speech to cut the main rate of employee NICs from 12% to 10% […]

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