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This Month
HMRC failing on responsiveness, says Charter report
HMRC is failing on the key metrics of responsiveness, ease and accuracy, according to the annual HMRC Charter report.
Tuesday, September 10, 2024HMRC sends 'nudge letters' to crypto investors
HMRC has 'sent nudge' letters to crypto investors who it suspects have failed to pay the correct tax on their gains, according to the Chartered Institute of Taxation (CIOT).
Tuesday, September 10, 2024HMRC late payment interest cut
HMRC has reduced late payment and repayment interest rates following the cut to the base rate.
Tuesday, September 10, 2024Scrap fuel duty cut, says RAC
The 5p cut in fuel duty to be scrapped in the upcoming Autumn Budget, according to the RAC.
Tuesday, September 10, 2024Freelancers want to see fairer, simpler tax system from Autumn Budget
Freelancers want to see Chancellor Rachel Reeves use the Autumn Budget to move towards a fairer, simpler tax system, according to the Association of Independent Professionals and the Self-Employed (IPSE).
Tuesday, September 10, 2024UK has record number of self-employed workers aged 60 or over
The number of self-employed people aged 60 or over has reached a record level, according to analysis by Rest Less.
Tuesday, September 10, 2024Advisory fuel rates for company cars
New company car advisory fuel rates have been published and took effect from 1 September 2024.
Tuesday, September 10, 2024Latest guidance for employers
HMRC has published the latest issue of the Employer Bulletin.
Tuesday, September 10, 2024Chancellor takes difficult decisions as Budget date set
Chancellor of the Exchequer Rachel Reeves said she was taking difficult decisions after a Treasury spending audit revealed £22 billion of unfunded pledges.
Wednesday, August 7, 2024King's Speech pledges to secure economic growth
The first King's Speech since Labour's victory in the General Election saw the new government pledge that securing economic growth would be its fundamental mission.
Wednesday, August 7, 2024HMRC launches VAT Registration Estimator
HMRC has launched a digital tool to help businesses estimate what registering for VAT may mean for them.
Wednesday, August 7, 2024UK announces National Wealth Fund
The UK government is planning a National Wealth Fund to stimulate private sector investment backed by £7.3 billion in funding through the UK Infrastructure Bank (UKIB).
Wednesday, August 7, 2024British Business Bank launches Growth Guarantee Scheme
The British Business Bank has launched the Growth Guarantee Scheme to help smaller businesses access finance.
Wednesday, August 7, 2024HMRC to send Simple Assessment tax statements to pensioners
HMRC will send Simple Assessment tax statements to pensioners in the next few weeks.
Wednesday, August 7, 2024UK's economic recovery putting down roots
The UK's economic recovery is finally putting 'down roots' after GDP grew faster than expected in May, says the Confederation of British Industry (CBI).
Wednesday, August 7, 2024Latest guidance for employers
HMRC has published the latest issue of the Employer Bulletin.
Wednesday, August 7, 2024Other
Budget Report
Information and links about the budget report
Tuesday, September 17, 2024Autumn Statement
Information and links about the autumn statement
Tuesday, September 17, 2024Diary
PAYE, Student loan and CIS deductions are due for month to 5th September 2024
Is this relevant to you?
This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS.
Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.
Where the payment is made electronically the deadline for receipt of cleared payment is Friday 20 September 2024, unless you are able to arrange a ‘Faster Payment’ to clear on or by Sunday 22nd September 2024. Interest will be charged if payment is made late. Penalties also apply.
Deadline for notifying HMRC of new sources of taxable income or gains for 2023/24 if no tax return has been issued
Is this relevant to you?
This deadline is relevant to individuals who have not received a self assessment tax return for the year ended 5th April 2024 but who believe they have received income or capital gains which will result in a tax liability..
Individuals must notify HMRC of their liability so that a self assessment return can be issued in good time for the submission deadline of 31st January 2025.
If we have already dealt with this matter on your behalf you need take no action.
PAYE quarterly payments are due for small employers for the pay periods 6th July 2024 to 5th October 2024
Is this relevant to you?
This deadline is relevant to small employers only. As a small employer with income tax, national insurance and student loan deductions of less than £1,500 a month you may make payments to HMRC of the income tax, national insurance and student loan deductions on a quarterly basis.
Postal payments should reach your HMRC Accounts Office by the last working day before Saturday 19 October 2024 (Friday 17 October 2024).Where the payment is made electronically the deadline for receipt of cleared payment is 22nd October 2024. Interest will be charged if payment is made late. Penalties also apply.
PAYE, Student loan and CIS deductions are due for the month to 5th October 2024
Is this relevant to you?
This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS.
Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.
Postal payments should reach your HMRC Accounts Office by the last working day before Saturday 19 October 2024 (Friday 17 October 2024).
Where the payment is made electronically the deadline for receipt of cleared payment is 22nd October 2024. Interest will be charged if payment is made late. Penalties also apply.
Tax and NI due under a 2023/24 PAYE Settlement Agreement
Is this relevant to you?
This deadline is relevant for employers who have entered into a PAYE settlement agreement to pay tax and national insurance in respect of benefits in kind for their employees for the year ended 5th April 2024.
Postal payments should reach your HMRC Accounts Office by the last working day before Saturday 19 October 2024 (Friday 17 October 2024).
Where the payment is made electronically the deadline for receipt of cleared payment is 22nd October 2024. Interest will be charged if payment is made late. Penalties also apply.
Deadline for submission of 2023/24 self assessment returns if you require HMRC to compute your tax liability and/or if tax underpaid is to be collected by adjustment to your 2025/26 PAYE code
If we are already dealing with this matter on your behalf you need take no action.
Is this relevant to you?
This deadline is only relevant for those individuals who complete a 'paper' self assessment tax return and who are employees. Where you have an underpayment you may request that HMRC collect the tax outstanding by making an adjustment to your tax code for the year 2025/26.
Please note that where your return is submitted online then the filing deadline for 'coding out' is 30 December 2024.
Deadline for submitting 'paper' 2023/24 self assessment returns
If we are already dealing with this matter on your behalf you need take no action.
Is this relevant to you?
This deadline is relevant to individuals who need to complete a self assessment tax return for 2023/24 and wish to file the return in a 'paper' form. Self assessment returns submitted after this date must be submitted electronically.
Please note that this deadline is not relevant if we are going to submit an online return for you or you are going to deal with the completion of an online return yourself. The deadline for submission of online returns is 31 January 2025.
Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th October 2024
Is this relevant to you?
This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where a car is first provided or an additional car is provided, or an employee ceases to have the use of a car without replacement. The completion of the form enables HMRC to amend the individual’s coding notice to reflect the change in benefit. This notification may be made by completing and printing off the relevant by paper or online forms.
Where one car is merely replaced with another, this may be notified online.
A change in car for car benefits which are being 'payrolled' should not be reported on a P46(car).
PAYE, Student loan and CIS deductions are due for the month to 5th November 2024
Is this relevant to you?
This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.
Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.
Where the payment is made electronically the deadline for receipt of cleared payment is 22nd November 2023. Interest will be charged if payment is made late. Penalties also apply.
Advisory Fuel Rates
New Advisory Fuel Rates (AFR) for company car users apply from today. The rates can be found here.
PAYE, Student loan and CIS deductions are due for the month to 5th December 2024
Is this relevant to you?
This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.
Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.
Where the payment is made electronically the deadline for receipt of cleared payment is Friday 20 December 2024, unless you are able to arrange a ‘Faster Payment’ to clear on or by Sunday 22nd December 2024. Interest will be charged if payment is made late. Penalties also apply.
Online filing deadline for submitting 2023/24 self assessment return if you require HMRC to collect any underpaid tax by making an adjustment to your 2025/26 tax code
Is this relevant to you?
This deadline is relevant for those individuals who complete a self assessment tax return online and who are employees. Where you have an underpayment you may request that HMRC collect the tax outstanding by making an adjustment to your tax code for the year 2025/26.
PAYE, Student loan and CIS deductions are due for the month to 5th January 2025
Is this relevant to you?
This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.
Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.
Postal payments should reach your HMRC Accounts Office by the last working day before Sunday 19 January 2025 (Friday 17 January 2025).Where the payment is made electronically the deadline for receipt of cleared payment is 22nd January 2025. Interest will be charged if payment is made late. Penalties also apply.
PAYE quarterly payments are due for small employers for the pay periods 6th October 2024 to 5th January 2025
Is this relevant to you?
This deadline is relevant to small employers and contractors only. As a small employer with income tax, national insurance and student loan deductions of less than £1,500 a month you may make payments to HMRC of the income tax, national insurance and student loan deductions on a quarterly basis.
Postal payments should reach your HMRC Accounts Office by the last working day before Sunday 19 January 2025 (Friday 17 January 2025).
Where the payment is made electronically the deadline for receipt of cleared payment is 22nd January 2025. Interest will be charged if payment is made late. Penalties also apply.
Deadline for submitting your 2023/24 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2023/24 liability together with the first payment on account for 2024/25 are also due
If we have already dealt with your self assessment return on your behalf you need take no action.
Is this relevant to you?
This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Class 4 or voluntary NICs, capital gains tax and High Income Child Benefit Charge liabilities.
There is a penalty of £100 if your return is not submitted on time, even if there is no tax due or your return shows that you are due a tax refund.
The balance of any outstanding income tax, Class 4 or voluntary NICs, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2024 is due for payment by 31st January 2025. Where the payment is made late interest will be charged.
The first payment on account for 2024/25 in respect of income tax and any Class 4 NI or High Income Child Benefit Charge is also due for payment by 31st January 2025.
Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th January 2025
Is this relevant to you?
This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where a car is first provided or an additional car is provided, or an employee ceases to have the use of a car without replacement. The completion of the form enables HMRC to amend the individual’s coding notice to reflect the change in benefit. This notification may be made by completing and printing off the relevant by paper or online forms. Where one car is merely replaced with another, this may be notified online.
A change in car for car benefits which are being 'payrolled' should not be reported on a P46(car).
PAYE, Student loan and CIS deductions are due for the month to 5th February 2025
Is this relevant to you?
This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS. Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.
Where the payment is made electronically the deadline for receipt of cleared payment is Friday 21 February 2025, unless you are able to arrange a ‘Faster Payment’ to clear on or by Saturday 22nd February 2024. Interest will be charged if payment is made late. Penalties also apply.
Advisory Fuel Rates
New Advisory Fuel Rates (AFR) for company car users apply from today. The rates can be found here.
5% late payment penalty on any 2023/24 outstanding tax which was due on 31st January 2025 and still remains unpaid
Is this relevant to you?
This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Class 4 or voluntary NICs, capital gains tax or High Income Child Benefit Charge liabilities.
The balance of any outstanding income tax, Classes 2 and 4 National Insurance, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2024 was due for payment by 31st January 2025. Where the payment is made late interest will be charged. On 3 March 2025 a late payment penalty of 5% will be added to the outstanding liability.
If we have already dealt with this matter on your behalf you need take no action.
PAYE, Student loan and CIS deductions are due for the month to 5th March 2025
Is this relevant to you?
This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.
Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.
Where the payment is made electronically the deadline for receipt of cleared payment is Friday 21 March 2025, unless you are able to arrange a ‘Faster Payment’ to clear on or by Saturday 22nd March 2025. Interest will be charged if payment is made late. Penalties also apply.
Last minute planning for tax year 2024/25
Is this relevant to you?
The final deadline of 5th April 2025 is relevant to individuals who have not considered year-end tax planning issues. These issues include:
- utilising your annual capital gains tax exemption
- utilising your annual inheritance tax exemption for gifts
- utilising your annual Individual Savings Account investment limit (ISA)
- making additional pension contributions for 2024/25.
Please get in touch if you would like any further advice on these or any other issues.