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This Month

HMRC 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, 2025

HMRC 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, 2025

Government 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, 2025

Spring 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, 2025

UK 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, 2025

Cash 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, 2025

Over 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, 2025

Latest guidance for employers

HMRC has published the latest issue of the Employer Bulletin.

Monday, January 6, 2025

Permanent business rate cut for high street on the way

The government has published draft legislation to permanently cut business rates for retail, hospitality and leisure properties from 2026.

Wednesday, December 4, 2024

HMRC warns landlords to disclose earnings

HMRC has warned landlords to disclose their earnings on self assessment tax returns.

Wednesday, December 4, 2024

No tax changes for online sellers

People selling unwanted items online can continue to do so without any new tax obligations, HMRC has confirmed.

Wednesday, December 4, 2024

Business frustrated at halt in rollout of digital trade platform

Import 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, 2024

Employer NICs rise may have unforeseen consequences

The 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, 2024

Scams warning as self assessment deadline looms

HMRC is warning of scam attempts targeting self assessment taxpayers in the run up to the 31 January deadline.

Wednesday, December 4, 2024

HMRC late payment interest cut

HMRC has reduced late payment and repayment interest rates following the cut to the base rate.

Wednesday, December 4, 2024

Advisory fuel rates for company cars

New company car advisory fuel rates have been published and took effect from 1 December 2024.

Wednesday, December 4, 2024

Other

Budget Report

Information and links about the budget report

Wednesday, January 22, 2025

Autumn Statement

Information and links about the autumn statement

Wednesday, January 22, 2025

Diary

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.