HMRC extends deadline Blog

Jul 11

HMRC extends deadline for voluntary NICs to April 2025

HMRC has extended the voluntary national insurance contributions (NICs) deadline until 2025. Extending the voluntary NICs deadline until 2025 will give people more time to consider whether paying voluntary contributions is right for them, and also ensures individuals do not miss out on the possibility of boosting their State Pension entitlements. The original deadline was […]

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Advisory fuel rates June 2023

Jun 15

Advisory fuel rates for company cars June 2023

New company car advisory fuel rates have been published and took effect from 1 June 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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One in five workers

One in five workers will be higher rate taxpayers by 2027, says IFS

The number of people paying income tax at 40% or above will reach 7.8 million by 2027/28, according to research published by the Institute for Fiscal Studies (IFS). This represents one in five taxpayers and one in seven of the adult population – a near-quadrupling of the share of adults paying higher rates since the […]

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‘Fresh thinking’ needed in regard to MTD for ITSA

The Institute of Chartered Accountants in England and Wales (ICAEW) has written to HMRC regarding how Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) can be better shaped to suit the needs of small property businesses and the self-employed. On 19 December 2022, HMRC announced the deferral of MTD for ITSA’s start date […]

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HMRC increases late payment

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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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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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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axpayers given more timeblog

Apr 13

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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Mar 16

SPRING BUDGET 15 MARCH 2023

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 Blog

Mar 09

Advisory fuel rates for company cars March 2023

New company car advisory fuel rates have been published and took effect from 1 March 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 urges eligible couples to claim Marriage Allowance

HMRC has reminded married couples eligible for the Marriage Allowance to make use of the tax relief. Over 2.1 million couples currently benefit from the Allowance, HMRC said. Married couples could save up to £252 a year, it added. Eligible couples are those who are married or in a registered civil partnership; one spouse or […]

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Record 11.7 million tax returns received on time

A record 11.7 million self assessment taxpayers submitted their tax returns by the 31 January deadline, HMRC has revealed. The final day for self assessment returns saw 861,085 customers file online to meet the deadline, some with minutes to spare. There were 36,767 customers who filed in the last hour before the deadline, but the […]

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