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This Month

Recovery Loan Scheme to be relaunched

The Recovery Loan Scheme (RLS) will be relaunched during August 2022 as the government aims to continue supporting recovering small businesses.

Thursday, August 4, 2022

National insurance threshold rises

The level at which people start paying national insurance rose from 6 July.

Thursday, August 4, 2022

IMF warns UK is set for slowest rate of growth of G7 countries

The International Monetary Fund (IMF) has warned that the UK faces the slowest rate of growth in the G7 next year.

Thursday, August 4, 2022

Reform required to combat staff shortages, says BCC

The British Chambers of Commerce (BCC) has called for action to help firms employ more staff amidst recruitment difficulties.

Thursday, August 4, 2022

IoD calls for extension of capital allowances super-deduction

The Institute of Directors (IoD) has called on the government to extend the capital allowances super-deduction.

Thursday, August 4, 2022

Insurer warns of rise in fraudulent claims amid cost-of-living crisis

Insurer Zurich UK has stated that there has been a significant increase in the number of fraudulent claims as a result of the cost-of-living crisis.

Thursday, August 4, 2022

New finance legislation aims to unlock investments

The government has introduced legislation to Parliament, which it says will enhance the competitiveness of the UK financial services sector and unlock tens of billions of pounds of investment.

Thursday, August 4, 2022

Pandemic-born businesses could add £20.4 billion to UK economy

More than £20 billion could be added to the UK economy in the future from the number of additional businesses created during the pandemic, according to research carried out by the Confederation of British Industry (CBI).

Thursday, August 4, 2022

MTD for income tax pilot extended

HMRC is extending the pilot for Making Tax Digital for Income Tax Self Assessment (MTD ITSA) to more self-employed workers and landlords.

Tuesday, July 5, 2022

HMRC criticised over IR35 implementation

HMRC needs to demonstrate that off-payroll working rules, commonly known as IR35, can operate effectively and fairly in the real world, according to a report by the Public Accounts Committee (PAC).

Tuesday, July 5, 2022

Inflation hits 40-year high

UK inflation rose to 9.1% in May from 9% in April as the cost-of-living crisis continues, according to data from the Office of National Statistics (ONS).

Tuesday, July 5, 2022

Bank of England raises UK interest rates to 13-year high

The Bank of England (BoE) has raised UK interest rates to a 13-year high of 1.25% and is now predicting inflation will hit 11% this autumn, when energy bills are set to rise again.

Tuesday, July 5, 2022

NICs increase has immediate impact on businesses

Four out of five employers stated that they were immediately impacted by the increase in national insurance contributions (NICs), according to research by the British Chambers of Commerce (BCC).

Tuesday, July 5, 2022

Manufacturers call for support package

Manufacturing trade body Make UK is calling for an emergency, pre-recess package of business support measures.

Tuesday, July 5, 2022

Latest guidance for employers

HMRC has published the latest issue of the Employer Bulletin.

Tuesday, July 5, 2022

New homeowners warned over tax refund claims

New homeowners are being warned about cold calls from rogue tax repayment agents advising them to make speculative Stamp Duty Land Tax (SDLT) refund claims, which could leave them with large tax bills.

Tuesday, July 5, 2022

Other

Budget Report

Information and links about the budget report

Monday, August 8, 2022

Autumn Statement

Information and links about the autumn statement

Monday, August 8, 2022

Diary

PAYE, Student loan and CIS deductions are due for the month to 5th August 2022

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 2022 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 2022

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 September 2022. Interest will be charged if payment is made late. Penalties also apply.

Deadline for notifying HMRC of new sources of taxable income or gains or liability to the High Income Child Benefit Charge for 2021/22 if no tax return has been issued

This deadline is relevant to individuals who have not received a self assessment tax return for the year ended 5th April 2022 but who believe they have received income or capital gains which will result in a tax liability. This deadline is also relevant to individuals who are liable to the High Income Child Benefit Charge.

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 2023.

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

Tax and NI due under a 2021/22 PAYE Settlement Agreement

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 2022

Where the payment is made electronically the deadline for receipt of cleared payment is Friday 21st October 2022 unless you are able to arrange a 'Faster Payment' to clear on or by Saturday 22nd October 2022. 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 2022

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 21st October 2022 unless you are able to arrange a 'Faster Payment' to clear on or by Saturday 22nd October 2022. 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 July 2022 to 5th October 2022

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 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 Friday 21st October 2022 unless you are able to arrange a 'Faster Payment' to clear on or by Saturday 22nd October 2022. Interest will be charged if payment is made late. Penalties also apply.

Deadline for submitting 'paper' 2021/22 self assessment returns

This deadline is relevant to individuals who need to complete a self assessment tax return for 2021/22 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 2023.

If we are already dealing with this matter on your behalf you need take no action.

Deadline for submission of 2021/22 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 2023/24 PAYE code

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 2023/24.

Please note that where your return is submitted online then the filing deadline for 'coding out' is 30 December 2022.

If we are already dealing 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 October 2022

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 2022

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 2022. 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 2022

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 2022. Interest will be charged if payment is made late. Penalties also apply.

Online filing deadline for submitting 2021/22 self assessment return if you require HMRC to collect any underpaid tax by making an adjustment to your 2023/24 tax code

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 2023/24.

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

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 20th January 2023 unless you are able to arrange a 'Faster Payment' to clear on or by Sunday 22nd January 2023. 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 2022 to 5th January 2023

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 Friday 20th January 2023 unless you are able to arrange a 'Faster Payment' to clear on or by Sunday 22nd January 2023. Interest will be charged if payment is made late. Penalties also apply.

Deadline for submitting your 2021/22 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2021/22 liability together with the first payment on account for 2022/23 are also due

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 2022 is due for payment by 31st January 2023. 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 2023.

If we have already dealt with your self assessment return 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 January 2023

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 2023

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 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.

5% late payment penalty on any 2021/22 outstanding tax which was due on 31st January 2023 and still remains unpaid

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 2022 was due for payment by 31st January 2023. Where the payment is made late interest will be charged. On 3 March 2023 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 2023

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

Last minute planning for tax year 2022/23

The final deadline of 5th April 2023 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 2022/23.

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