HMRC is reminding people who pay tax by self assessment of the opportunity to spread the cost of their bill with the Time to Pay facility.
Monday, January 6, 2025HMRC could save an estimated 1.7 million hours of call handlers' time every year if it implemented an automated status tracking system, according to two of the leading bodies for tax advisers and chartered accountants.
Monday, January 6, 2025The UK government has launched a new Industrial Strategy Advisory Council which brings together business leaders from across the UK to offer advice.
Monday, January 6, 2025The Chancellor will deliver her Spring Statement to the House of Commons on Wednesday 26 March 2025.
Monday, January 6, 2025The UK economy shrank for the second month in a row in October, according to the Office for National Statistics (ONS).
Monday, January 6, 2025Cash use in the shops rose for a second year in a row in 2023 after a decade of falls, according to the British Retail Consortium (BRC).
Monday, January 6, 2025More than 40,000 taxpayers completed their self assessment returns over the Christmas break, according to figures from HMRC.
Monday, January 6, 2025HMRC has published the latest issue of the Employer Bulletin.
Monday, January 6, 2025The government has published draft legislation to permanently cut business rates for retail, hospitality and leisure properties from 2026.
Wednesday, December 4, 2024HMRC has warned landlords to disclose their earnings on self assessment tax returns.
Wednesday, December 4, 2024People selling unwanted items online can continue to do so without any new tax obligations, HMRC has confirmed.
Wednesday, December 4, 2024Import and export businesses are frustrated by the government's decision to pause work on the digital trade platform, according to the Institute of Directors (IoD).
Wednesday, December 4, 2024The extra costs of the increase in employers' NICs could cause businesses to respond in ways the government did not intend, the Chartered Institute of Taxation (CIOT) has warned.
Wednesday, December 4, 2024HMRC is warning of scam attempts targeting self assessment taxpayers in the run up to the 31 January deadline.
Wednesday, December 4, 2024HMRC has reduced late payment and repayment interest rates following the cut to the base rate.
Wednesday, December 4, 2024New company car advisory fuel rates have been published and took effect from 1 December 2024.
Wednesday, December 4, 2024Information and links about the budget report
Wednesday, January 22, 2025Information and links about the autumn statement
Wednesday, January 22, 2025If 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.
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).
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.
New Advisory Fuel Rates (AFR) for company car users apply from today. The rates can be found here.
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.
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.
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:
Please get in touch if you would like any further advice on these or any other issues.