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This Month
Chancellor promises to drive growth and raises £40 billion in taxes
Chancellor Rachel Reeves pledged to 'invest, invest, invest' to drive growth and 'restore economic stability' in the Autumn Budget.
Tuesday, November 5, 2024Autumn Budget - the business reaction
Business groups have reacted to Chancellor Rachel Reeves' Autumn Budget speech.
Tuesday, November 5, 2024National Living Wage rises by 6.7%
Over three million workers will receive a pay boost after Chancellor Rachel Reeves confirmed the National Living Wage will increase.
Tuesday, November 5, 2024New tipping law comes into force
Businesses have been banned from withholding tips or service charges from their staff under new rules that came into force on 1 October.
Tuesday, November 5, 2024Make Work Pay threatens employment and growth warns FSB
The government's Make Work Pay Bill lacks a pro-growth element and will increase economic inactivity, the Federation of Small Businesses (FSB) has warned.
Tuesday, November 5, 2024New Growth and Skills Levy must end 'cycle of failure'
The new Growth and Skills Levy must end the 'cycle of policy failure' in addressing Britain's chronic skills shortages, according to the Resolution Foundation.
Tuesday, November 5, 202410,000 boost State Pension with online payments
More than 10,000 payments worth £12.5 million have been made through a new digital service to boost people's state pension, HMRC has revealed.
Tuesday, November 5, 2024Latest guidance for employers
HMRC has published the latest issue of the Employer Bulletin.
Tuesday, November 5, 2024IPSE calls for fairer off-payroll rules in Budget
The Chancellor should use her Autumn Budget to make off-payroll working rules 'fairer and more effective', according to the Association of Independent Professionals and the Self-Employed (IPSE).
Monday, October 7, 2024Billion-pound tax bombshell to hit hospitality, warns trade body
The end of business rates relief will sting hospitality with a £928 million bill in April unless the government acts in the Budget, warns UKHospitality.
Monday, October 7, 2024Reforms to IHT, CGT and NI 'could raise over £20 billion a year'
The Resolution Foundation has suggested that reforms to inheritance tax (IHT), capital gains tax (CGT) and national insurance (NI) could raise more than £20 billion a year.
Monday, October 7, 2024Government announces apprenticeship reforms
The government has announced an overhaul of the UK's apprenticeship system.
Monday, October 7, 2024HMRC urged to take action to defuse side hustle time bomb
HMRC has been urged to defuse a tax bombshell threatening online traders, by the Low Incomes Tax Reform Group (LITRG).
Monday, October 7, 2024£5.5 billion lost as a result of tax evasion
An estimated £5.5 billion was lost due to tax evasion during 2022/23, according to a report published by the National Audit Office (NAO).
Monday, October 7, 2024Young people reminded to reclaim government savings
Over half a million young people are yet to lay claim to Child Trust Funds worth an average of £2,212, HMRC has said.
Monday, October 7, 2024Government cracks down on late payments
The government has announced a crackdown on late payments to small businesses and the self-employed.
Monday, October 7, 2024Other
Budget Report
Information and links about the budget report
Thursday, November 21, 2024Autumn Statement
Information and links about the autumn statement
Thursday, November 21, 2024Diary
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.