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National Minimum Wage 2023 rate reminder for employers: Summer Staff

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

Taxpayers given more time for voluntary National Insurance contributions

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

Spring Budget 2023

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

Less than 6 weeks left to boost your state pension

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

Deadline looms for companies to revalue UK residential properties worth more than £500,000

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

Windsor Framework sets out Northern Ireland trade rules

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

HMRC late payment interest rates to be revised after Bank of England increases base rate

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

Last chance to pay your self-assessment tax bill

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

Delay to MTD for Income Tax Self-Assessment (ITSA

Posted 21/12/2022 The government has delayed the introduction of Making Tax Digital (MTD) for income tax for landlords and self employed by two years until 2026 and raised the threshold In a major change to the reporting requirements, the threshold will be raised to £50,000 from the original plan to make the rules compulsory for…Read More

Staff Christmas Parties

Posted 13/12/2022 For the last couple of years during the Covid-19 pandemic many businesses put on “virtual” Christmas parties for their employees and HMRC agreed that would be acceptable and that the exemption from tax would continue to apply. There continues to be no taxable benefit for employees for virtual or in person Christmas parties,…Read More

Tax Free Christmas Gifts To Staff

Posted 12/12/2022 This is a timely reminder that employers may make small tax-free gifts to employees and directors if all of the following conditions apply: This is known as the ‘trivial benefit’ exemption. Employers do not need to pay tax or National Insurance or let HMRC know, however, they need to keep a record of…Read More

Get ready for new VAT penalties from 1 January 2023

Posted 21st November 2022 For VAT periods starting on or after 1 January 2023, HMRC is replacing the default surcharge with separate penalties for late returns and late payment of VAT.  At the same time, HMRC is introducing a new approach to charging interest on late-paid VAT. The new points-based system for late submissions is designed…Read More

Autumn Statement 2022 Detailed

Posted 18/11/2022 Following the Autumn Statement 2022 presented by the Chancellor, the main areas covered were: FREEZING INCOME TAX BANDS It had already been announced that the income tax personal allowance (£12,570) and higher (40%) rate threshold (£50,270*) would be frozen until 5 April 2026, instead of increasing each year in line with inflation. The…Read More

Autumn Statement 2022 Summary

Posted 17/11/2022 The Chancellor has delivered the Autumn Statement. The main announcements: For further updates, please follow us at: Linked In https://www.linkedin.com/company/accountants-congleton-cheshire Twitter https://twitter.com/Hammond_McNulty

HMRC late payment interest rates revised

Posted 14/11/2022 The Bank of England Monetary Policy Committee voted on 3 November 2022 to increase the Bank of England base rate to 3% from 2.25%. 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…Read More