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This Month

Next government will need to build trust between HMRC and self-employed

The next government must take a direct hand in rebuilding trust between HMRC and the self-employed, according to the Association of Independent Professionals and the Self-Employed (IPSE).

Monday, June 10, 2024

Revitalise 'Brand Britain', says CBI

Revitalising 'Brand Britain' in its first 100 days in office should be a priority for the party that wins the General Election, says the Confederation of British Industry (CBI).

Monday, June 10, 2024

HMRC error means self-employed workers could lose out on state pension

An HMRC error could mean that some low-income, self-employed workers lose out on their entitlement to National Insurance-related benefits like the state pension, warns the Low Incomes Tax Reform Group (LITRG).

Monday, June 10, 2024

Taxpayers spend total of 800 years waiting to speak to HMRC

UK taxpayers spent the equivalent of 800 years on hold to HMRC in 2022/23, according to a report published by the National Audit Office (NAO).

Monday, June 10, 2024

Retirees report £119,000 shortfall in pension savings

UK adults face a significant shortfall in their pension savings at retirement compared to what they wanted to retire on, according to research from Standard Life.

Monday, June 10, 2024

300,000 file tax returns in the first week of the tax year

Almost 300,000 self assessment taxpayers filed their return in the first week of the new tax year, HMRC has revealed.

Monday, June 10, 2024

Inflation falls after UK moves out of recession

The rate of UK inflation fell to 2.3% in the year to April, according to the Office for National Statistics (ONS).

Monday, June 10, 2024

Advisory fuel rates for company cars

New company car advisory fuel rates have been published and took effect from 1 June 2024.

Monday, June 10, 2024

MTD for Income Tax pilot now live

HMRC's pilot scheme for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is now live.

Tuesday, May 7, 2024

IR35 reforms taking their toll on skilled contractors

One in ten highly skilled freelancers are currently out of work due to the impact of reforms to IR35 tax legislation.

Tuesday, May 7, 2024

Government urged to implement reforms to R&D tax system

The government is being urged to implement reforms to the Research and Development (R&D) tax relief system in order to avoid hurting small companies by the Suffolk Chamber of Commerce.

Tuesday, May 7, 2024

HMRC clarifies tax rules for WFH commuting

HMRC has updated guidance on when tax relief is available on travel expenses for staff who work from home.

Tuesday, May 7, 2024

HMRC launches online voluntary NICs payment service

HMRC has launched a new online voluntary NICs payment service.

Tuesday, May 7, 2024

UK borrowing reduces Chancellor's wiggle room

Higher than expected government borrowing has reduced the Chancellor's 'wiggle room' at a pre-election Budget.

Tuesday, May 7, 2024

More than seven million adults still struggling to pay bills, finds FCA

Around 7.4 million people in the UK struggled to pay a bill or a credit repayment in January, according to the Financial Conduct Authority (FCA).

Tuesday, May 7, 2024

Latest guidance for employers

HMRC has published the latest issue of the Employer Bulletin.

Tuesday, May 7, 2024

Other

Budget Report

Information and links about the budget report

Saturday, June 15, 2024

Autumn Statement

Information and links about the autumn statement

Saturday, June 15, 2024

Diary

PAYE, Student loan and CIS deductions are due for the month to 5th June 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 21 June 2024, unless you are able to arrange a ‘Faster Payment’ to clear on or by Saturday 22nd June 2024. Interest will be charged if payment is made late. Penalties also apply.

Deadline for reaching a PAYE Settlement Agreement for 2023/24

Is this relevant to you?

This deadline is relevant for employers who wish to pay the tax and NI on benefits provided to their employees. Agreement must be reached with HMRC of the benefits and related liabilities which are not to be shown on the forms P11D by this date.

Please be aware that if we deal with the PAYE Settlement Agreement on your behalf that we will ensure this matter is dealt with on a timely basis.

Deadline for forms P11D and P11D(b) for 2023/24 to be submitted to HMRC and copies to be issued to employees concerned

Is this relevant to you?

This deadline is relevant to employers. Details of benefits and expenses provided to employees must be reported to HMRC on the relevant forms P11D. The P11D(b) form is used to calculate the Class 1A NI liability.

Please be aware that if we deal with the forms P11D on your behalf that we will ensure this matter is dealt with on a timely basis.

Deadline for employers to report share incentives for 2023/24

Is this relevant to you?

This deadline is relevant for companies who have reportable events for the tax year 2023/24.

Class 1A NIC due for 2023/24

Is this relevant to you?

This deadline is relevant for employers who have provided their employees with benefits for 2023/24. These benefits should have been reported by the 6th July and the amount of the Class 1A employer only NI liability due calculated on the form P11D(b). Where the payment is made electronically the deadline for receipt of cleared payment is 22nd July 2024. Interest will be charged if payment is made late. Penalties may also apply.

PAYE quarterly payments are due for small employers for the pay periods 6th April 2024 to 5th July 2024

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.

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd July 2024. Interest will be charged if payment is made late. Penalties also apply.

PAYE Student loan and CIS deductions due for the month to 5th July 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 July 2024. Interest will be charged if payment is made late. Penalties also apply.

Second payment on account 2023/24 due

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 NI, capital gains tax and High Income Child Benefit Charge liabilities.

The second payment on account in respect of income tax and any Class 4 NI is due for payment by 31st July 2024. Interest is charged on any late payments.

If we have already dealt with this matter on your behalf you need take no action.

Deadline for submitting P46 (car) for employees whose car/fuel benefits changed during the quarter to 5th July 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 August 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 August 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 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.