Keep up to date with us
And the world of finance
  • Chartered Certified Accountants
  • Business Advice
  • Tax Consultantancy

This Month

Government borrowing falls as Chancellor hints at tax cuts in Spring Budget

Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget.

Tuesday, February 6, 2024

Tax cuts may have to be scrapped due to 'economic bind', warns IFS

Tax cut promises may need to be scrapped as a result of the UK being in an 'unfortunate economic and fiscal bind', the Institute for Fiscal Studies (IFS) has warned.

Tuesday, February 6, 2024

HMRC sends warning to cryptoasset users

As the use of cryptoassets continues to grow HMRC is warning people to check if they need to complete a self assessment tax return for the 2022/23 tax year to avoid potential penalties.

Tuesday, February 6, 2024

Raise VAT threshold to £100,000, says FSB

The government should raise the turnover threshold for VAT from £85,000 to £100,000, according to the Federation of Small Businesses (FSB).

Tuesday, February 6, 2024

Clarity on new border checks is vital, says BCC

The government must clarify plans around new customs processes as firms remain in the dark about crucial aspects of their operation, says the British Chambers of Commerce (BCC).

Tuesday, February 6, 2024

Artificial Intelligence will affect jobs and worsen inequality, says IMF

Artificial intelligence (AI) will affect almost 40% of all jobs around the world and deepen inequality, the International Monetary Fund (IMF) has warned.

Tuesday, February 6, 2024

Over 50s bucking decline in freelance numbers

Tens of thousands more over 50s are now running their own businesses despite an overall decline in self-employment since 2020, according to the Association of Independent Professionals and the Self-Employed (IPSE).

Tuesday, February 6, 2024

Only a third of UK adults confident with self assessment

Just 35% of UK adults are confident they could complete the self assessment tax return form correctly, according to research by Standard Life.

Tuesday, February 6, 2024

Spring Budget 2024 date confirmed for 6 March

Chancellor Jeremy Hunt will deliver the 2024 Spring Budget on 6 March, the government has confirmed.

Monday, January 8, 2024

UK at risk of recession after economy shrinks

The UK is at risk of recession after revised figures showed the economy shrank between July and September, according to data from the Office for National Statistics (ONS).

Monday, January 8, 2024

HMRC updates off payroll compliance guidance

HMRC recently updated its guidance on off payroll working compliance for employers.

Monday, January 8, 2024

Countdown for 5.7 million to file their 2022/23 self assessment tax return

With less than a month to go to the self assessment deadline 5.7 million taxpayers have been urged to file their 2022/23 tax returns by HMRC.

Monday, January 8, 2024

Red tape, rising costs and regulation 'holding back exports'

Red tape, rising costs and increasing regulation are holding back exports, a survey of UK businesses carried out by the British Chambers of Commerce (BCC) has found.

Monday, January 8, 2024

Businesses say hybrid working is here to stay

Less than 30% of firms expect their workforce to fully return to the workplace over the next five years, according to research by the British Chambers of Commerce (BCC).

Monday, January 8, 2024

Latest guidance for employers

HMRC has published the latest issue of the Employer Bulletin.

Monday, January 8, 2024

Other

Budget Report

Information and links about the budget report

Friday, February 23, 2024

Autumn Statement

Information and links about the autumn statement

Friday, February 23, 2024

Diary

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 2022/23 outstanding tax which was due on 31st January 2024 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, Classes 2 and 4 NI, 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 2023 was due for payment by 31st January 2024. Where the payment is made late interest will be charged. On 3 March 2024 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 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 March 2024. Interest will be charged if payment is made late. Penalties also apply.

Last minute planning for tax year 2023/24

Is this relevant to you?

The final deadline of 5th April 2024 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 2023/24.

Please get in touch if you would like any further advice on these or any other issues.