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This Month
Business ready to work in partnership with Labour government
The UK's business groups have pledged to work in partnership with the new Labour government to revitalise the nation's economy.
Monday, July 8, 2024Tax gap at record high
The UK's tax gap estimate rose to a record to £39.8 billion in 2022/23 as small businesses accounted for almost two thirds of unpaid tax, according to HMRC's data.
Monday, July 8, 2024HMRC has not fined a single enabler of offshore tax evasion
HMRC has not fined a single enabler of offshore tax evasion in five years, data released in response to a Freedom of Information (FOI) request has revealed.
Monday, July 8, 2024UK economy grew by more than previously estimated during first quarter
The UK economy grew by more than initially estimated at the start of this year, according to figures from the Office for National Statistics (ONS).
Monday, July 8, 2024Average earnings just £16 a week higher than 2010
Real average earnings are just £16 a week higher than they were 14 years ago, according to research conducted by the Resolution Foundation.
Monday, July 8, 2024EU trade deal not working for UK business, warns BCC
The UK government must stop 'walking on eggshells' around improving EU trade ties, the British Chambers of Commerce (BCC) has warned.
Monday, July 8, 2024UK's investment rates worse than every other G7 country
The UK has the lowest rates of investment of any other country in the G7, according to analysis by the Institute for Public Policy Research (IPPR).
Monday, July 8, 2024Savers dangerously underestimating minimum cost of retirement
UK savers are dangerously underestimating the minimum amount needed to retire, according to research from pension provider PensionBee.
Monday, July 8, 2024Next 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, 2024Revitalise '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, 2024HMRC 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, 2024Taxpayers 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, 2024Retirees 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, 2024300,000 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, 2024Inflation 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, 2024Advisory fuel rates for company cars
New company car advisory fuel rates have been published and took effect from 1 June 2024.
Monday, June 10, 2024Other
Budget Report
Information and links about the budget report
Saturday, July 27, 2024Autumn Statement
Information and links about the autumn statement
Saturday, July 27, 2024Diary
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.