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This Month
Parliamentary watchdog accuses HMRC of deliberately 'degrading' phone services
Parliament's spending watchdog has accused HMRC of deliberately running down its phone services to force people to go online, according to a report.
Wednesday, February 5, 2025Government commissions review of the Loan Charge
The government has commissioned an independent review of the Loan Charge.
Wednesday, February 5, 2025CIOT calls on government to rewrite unfair VAT rules
The Chartered Institute of Taxation (CIOT) is calling on the government to address unfair tax rules as interest rates on late payments rise.
Wednesday, February 5, 2025Pension reforms to 'unlock billions' for government growth agenda
New rules that will give more flexibility over how occupational defined benefit pension schemes are managed, according to the government.
Wednesday, February 5, 2025UK firms expecting slowdown
UK firms are expecting to reduce both output and hiring this quarter, according to a survey conducted by the Confederation of British Industry (CBI).
Wednesday, February 5, 2025Employment plan will harm jobs, warns small firms
Small firms fear the new Employment Rights Bill will harm recruitment, according to a survey by the Federation of Small Businesses (FSB).
Wednesday, February 5, 2025UK economy returns to growth as inflation dips
The UK economy grew for the first time in three months in November, according to the Office for National Statistics (ONS).
Wednesday, February 5, 2025IMF upgrades UK's economic outlook
The International Monetary Fund (IMF) has upgraded its growth forecast for the UK economy this year.
Wednesday, February 5, 2025HMRC urges self assessment taxpayers to spread the cost
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 millions of hours with tracking system
HMRC 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, 2025Government launches Industrial Strategy Advisory Council
The 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, 2025Spring Statement set for 26 March
The Chancellor will deliver her Spring Statement to the House of Commons on Wednesday 26 March 2025.
Monday, January 6, 2025UK economy shrinks for second month in a row
The UK economy shrank for the second month in a row in October, according to the Office for National Statistics (ONS).
Monday, January 6, 2025Cash usage on the rise for second successive year
Cash 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, 2025Over 40,000 file self assessment over the Christmas break
More than 40,000 taxpayers completed their self assessment returns over the Christmas break, according to figures from HMRC.
Monday, January 6, 2025Latest guidance for employers
HMRC has published the latest issue of the Employer Bulletin.
Monday, January 6, 2025Other
Budget Report
Information and links about the budget report
Saturday, February 22, 2025Autumn Statement
Information and links about the autumn statement
Saturday, February 22, 2025Diary
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.