HMRC have released a new online tool to help taxpayers understand what their tax code means. Tax codes are used by HMRC to tell an employer how much income tax to withhold through the “Pay as you earn” (PAYE) system. A person’s tax code can change from time to time, based on their personal circumstances.…Read More
Posted 18/08/2023 If you have had a change in circumstances, you might need to complete your first Self-Assessment tax return for the 2022 to 2023 tax year. You may need to complete a tax return if you: You can use the free online checking tool on GOV.UK and register with HMRC by 5 October if you…Read More
Posted 14/08/2023 The latest Finance Act includes two changes that will affect all R&D claims: When a limited company intends to make a claim for research and development (R&D) tax relief, from 8 August 2023 onwards it will need to provide detailed information to HMRC in advance. You will need to set out details of…Read More
Posted 26/06/2023 If you have needed to contact HMRC by phone for personal information or to ask them to make changes, you may have either been on hold for a very long time or not be able to get through at all. If you have set up a personal tax account, you may be able…Read More
Posted 20/06/2023 HMRC is reminding contractors and agency workers that they publish details of tax avoidance schemes and their promoters to help customers steer clear of or exit them. They began publishing information about tax avoidance schemes in April 2022 and the list now contains the details of over 35 schemes. The list is continuously…Read More
Posted 14/06/2023 Taxpayers now have until 5 April 2025 to fill gaps in their National Insurance record from April 2006 that may increase their State Pension – an extension of nearly two years – the government have recently announced. Extending the voluntary National Insurance contributions deadline until 2025 means that people have more time to…Read More
Posted 13/06/2023 From tax year 2023 to 2024 onwards, the Self-Assessment threshold for taxpayers taxed through PAYE only will change from £100,000 to £150,000. Affected individuals do not need to do anything now as the Self-Assessment threshold for 2022/23 tax returns remains at £100,000. The individual will receive a Self-Assessment exit letter if they submit…Read More
Posted 06/06/2023 All workers are legally entitled to be paid the National Minimum Wage (NMW). This includes temporary seasonal staff, who often work short-term contracts in bars, hotels, shops, and warehouses over the summer. The National Minimum Wage hourly rates from 1 April 2023 are: For full Government Guidance, please see https://www.gov.uk/government/publications/the-national-minimum-wage-in-2023/the-national-minimum-wage-in-2023 For further updates,…Read More
Posted 20/03/2023 The UK government has extended the voluntary National Insurance deadline to 31 July 2023 to give taxpayers more time to fill gaps in their National Insurance record and help increase the amount they receive in State Pension. This comes after members of the public voiced concern over the previous deadline of 5 April…Read More
Posted 16/03/2023 On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages. Below we set out some of the main points. COST OF LIVING SUPPORT Energy Costs…Read More
Posted 03/03/2023 As covered in the pension special programme by Martin Lewis, if you are aged under 70 you have just weeks left to potentially boost your state pension. The basics are as follows: How to check if you are missing national insurance years: If you have a shortfall, you can buy more years, but…Read More
Posted 02/03/2023 Companies that own UK residential properties have one month to revalue and tell HM Revenue and Customs (HMRC) if any are worth more than £500,000. Under the government’s Annual Tax on Enveloped Dwellings (ATED) rules companies must revalue UK residential properties every five years, and 2023 to 2024 is one of those years.…Read More
Posted 01/03/2023 Prime Minister Rishi Sunak has signed an agreement with European Commission president Ursula Von Der Leyen to introduce the Windsor Framework, subject to parliamentary approval, which will replace the Northern Ireland Protocol. The framework will remove some of the barriers to trade, including free access to trade medicines, plants and some foodstuffs, including…Read More
Posted 13/02/2023 The Bank of England Monetary Policy Committee announced on 2 February 2023 that it would increase the Bank of England base rate to 4% from 3.5%. HMRC interest rates are linked to the Bank of England base rate. As a consequence of the change in the base rate, HMRC interest rates for late payment and repayment…Read More
Posted 30/01/2023 The deadlines for paying your personal tax bill are: Make sure you pay HM Revenue and Customs (HMRC) by the deadline. You will be charged interest and may have to pay a penalty if your payment is late. The time you need to allow depends on how you pay. See the following link for…Read More
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