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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UK economy narrowly avoided Blog

UK economy narrowly avoided recession last year

The UK narrowly avoided falling into recession in 2022 after the economy saw zero growth between October and December, according to the latest figures from the Office for National Statistics (ONS). Although the economy shrank between July and September, a recession is defined as when the economy contracts for two consecutive three-month periods. Over 2022, […]

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Spring Budget must ease cost pressures

Spring Budget must ease cost pressures on businesses, says BCC

The British Chambers of Commerce (BCC) has urged Chancellor Jeremy Hunt to use the upcoming Spring Budget to help ease cost pressures on small businesses. Research carried out by the BCC revealed that 65% of firms are planning to raise prices due to cost pressures. In addition, 47% of firms stated that paying their energy bills […]

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HMRC sounds warning on new VAT penalties

HMRC is reminding VAT-registered businesses to file their VAT returns and pay on time ahead of new penalties being applied. The tax authority says that the new penalties will be ‘fairer and more proportionate’ for businesses who submit their VAT returns or pay their VAT late. The first monthly returns and payments affected by the penalties are due […]

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Pensioners outnumber young people Blog

Feb 08

Pensioners outnumber young people for filing self assessment tax returns

HMRC has revealed that more pensioners filed a tax return for the 2020/21 tax year compared to young people. Overall, those aged 65 and over accounted for 16% of individuals who submitted a tax return, whereas 16 to 24-year-olds made up 2.7% of total filers. The new data is part of an analysis by HMRC […]

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Small firms facing challenges blog

Small firms ‘facing challenges when applying for financing’

Many small firms in the UK face challenges when it comes to finding and applying for funding, according to a report published by the Federation of Small Businesses (FSB). The FSB’s report found that ‘widespread uncertainty’ exists among small businesses in regard to where to get information on the types of finance available to them. Two […]

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R&D relief Blog

Government launches consultation on R&D relief

The government has launched a consultation on simplifying the UK’s research and development (R&D) tax relief system, driving innovation and growing the economy. The consultation runs to 13 March 2023 and sets out proposals on how a single scheme could be designed and implemented. This would replace the two R&D tax relief schemes currently in place […]

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Bank of England raises interest rates Blog

Bank of England raises interest rates to highest level in 14 years

The Bank of England (BoE) has raised the base rate of interest to the highest level in 14 years. The BoE raised interest rates for the tenth consecutive time on 2 February with a half point increase taking the base rate from 3.5% to 4%. The decision was taken after the Monetary Policy Committee (MPC) […]

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Energy bill support for firms blog

Energy bill support for firms to be reduced from April

Businesses will receive reduced support for their energy bills from April as the UK government attempts to cut the cost of compensating for soaring gas and electricity prices, the Treasury has confirmed. The Treasury said that the government will cap support at £5.5 billion for businesses over 12 months from 1 April 2023. Bills will automatically be discounted […]

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Chancellor launches financial sector reforms Blog

Jan 18

Chancellor launches financial sector reforms

Chancellor of the Exchequer Jeremy Hunt is set to unveil over 30 regulatory reforms to the UK’s financial sector, the government has announced. The Chancellor will set out plans to repeal, and replace, EU retained laws governing financial services. Mr Hunt says these reforms will unlock investment and turbocharge growth in towns and cities across […]

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Bank of England raises base rate blog

Bank of England raises base rate to 3.5%

The Bank of England (BoE) has raised UK interest rates by half a percentage point to 3.5%. It is the ninth consecutive increase and takes the base rate to its highest level for 14 years as the Bank battles to stem soaring prices. The Bank’s Monetary Policy Committee (MPC) voted 6-3 in favour of putting rates up […]

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Chancellor announces Spring Budget date Blog

Chancellor announces Spring Budget date

Chancellor Jeremy Hunt has announced that the Spring Budget will be delivered on 15 March 2023. Mr Hunt stated that he has commissioned the Office for Budget Responsibility (OBR) to prepare an economic forecast to accompany the Budget. The Spring Budget will be the Chancellor’s second fiscal event, following November’s Autumn Statement. Mr Hunt used […]

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