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This Month

Chancellor makes Full Expensing permanent in Autumn Statement

Chancellor Jeremy Hunt used his Autumn Statement to make Full Expensing permanent for those businesses investing in IT equipment, plant and machinery.

Thursday, December 7, 2023

National Insurance changes 'ease burden on strivers'

The changes to National Insurance contributions (NICs) announced by Chancellor Jeremy Hunt in the Autumn Statement will help to 'ease the burden on strivers up and down the country', according to the Federation of Small Businesses (FSB).

Thursday, December 7, 2023

Autumn Statement cuts won't stop tax revenues rising to highest ever levels

The tax cuts announced in the 2023 Autumn Statement won't prevent tax revenues rising to their highest ever levels, the Institute for Fiscal Studies (IFS) has warned.

Thursday, December 7, 2023

HMRC is 'Making Tax Difficult' with MTD programme

HMRC is 'Making Tax Difficult' for taxpayers as Making Tax Digital (MTD) adds to the burdens they face, according to a report by the Public Accounts Committee (PAC).

Thursday, December 7, 2023

Government agrees to crack down on crypto tax evasion

The UK government has agreed an 'historic' commitment with 48 countries to combat criminals using crypto assets to evade tax.

Thursday, December 7, 2023

Real Living Wage to increase by 10%

The Real Living Wage is set to increase by 10%, the Living Wage Foundation has announced.

Thursday, December 7, 2023

Rate of inflation falls as interest rates held

UK inflation fell to a two-year low while the base rate of interest was unchanged by the Bank of England for the second month in a row.

Thursday, December 7, 2023

Advisory fuel rates for company cars

New company car advisory fuel rates have been published and took effect from 1 December 2023.

Thursday, December 7, 2023

Chancellor must use Autumn Statement to cement commitment to small firms

The Chancellor should cement the government's commitment to small businesses in his Autumn Statement, according to the Federation of Small Businesses (FSB).

Monday, November 6, 2023

Inflation rate holds steady as UK economy grows

The UK's rate of inflation held steady in September while the nation's economy grew the month before, according to the latest figures from the Office of National Statistics (ONS).

Monday, November 6, 2023

UK set for biggest tax rise in at least 50 years

The UK is on course to see its biggest tax rise in at least 50 years as a result of the freeze on personal thresholds and soaring inflation, according to analysis from the Resolution Foundation.

Monday, November 6, 2023

Scams warning issued to 12 million self assessment taxpayers

Self assessment taxpayers must be on the lookout for scam texts, emails and phone calls from fraudsters, HMRC was warned.

Monday, November 6, 2023

Online platforms should sign up to Prompt Payment Code

Online platforms should commit to paying small businesses within a maximum of thirty days in line with the Prompt Payment Code, according to the Federation of Small Businesses (FSB).

Monday, November 6, 2023

Hybrid and remote working here to stay

A large majority of UK business leaders plan to offer employees remote and hybrid working in the long-term, according to the Institute of Directors (IoD).

Monday, November 6, 2023

Many firms still facing recruitment problems

Many UK firms are still facing hiring issues as a result of challenging economic conditions, according to a report from the British Chambers of Commerce (BCC).

Monday, November 6, 2023

Latest guidance for employers

HMRC has published the latest issue of the Employer Bulletin.

Monday, November 6, 2023

Other

Budget Report

Information and links about the budget report

Friday, December 8, 2023

Autumn Statement

Information and links about the autumn statement

Friday, December 8, 2023

Diary

PAYE, Student loan and CIS deductions are due for the month to 5th December 2023

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 December 2023. Interest will be charged if payment is made late. Penalties also apply.

Online filing deadline for submitting 2022/23 self assessment return if you require HMRC to collect any underpaid tax by making an adjustment to your 2024/25 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 2024/25.

PAYE, Student loan and CIS deductions are due for the month to 5th January 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 January 2024. 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 2023 to 5th January 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 are required to make payment 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 January 2024. Interest will be charged if payment is made late. Penalties also apply.

Deadline for submitting your 2022/23 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2022/23 liability together with the first payment on account for 2023/24 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, Classes 2 and 4 NI, 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, Classes 2 and 4 NI, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2023 is due for payment by 31st January 2024. Where the payment is made late interest will be charged.

The first payment on account for 2022/23 in respect of income tax and any Class 4 NI or High Income Child Benefit Charge is also due for payment by 31st January 2024.

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