HMRC fined 300,000 tax payers
A record 11.7 million people submitted their tax returns on time, but over 300,000 taxpayers missed the self assessment deadline This compared with 10.2m completed returns by the 2021 deadline, although HMRC did extend the filing period due to the fallout from the pandemic. On 31 January, 861,085 taxpayers filed online to meet the deadline,…
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A fiscal U-turn without precedent!
Over the last few days, we have seen a gradual dismantling of the mini-budget of Friday 23 September 2022, along with the economic policies that Prime Minister Liz Truss based her leadership campaign on. Designed to ensure the UK’s economic stability and provide confidence in the Government’s commitment to fiscal discipline, the emergency statement confirmed:…
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Making Tax Digital (MTD) for income tax
Self-employed businesses, partnerships and landlords with annual gross business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2024. Making Tax Digital (MTD) is a government initiative to modernise HMRC’s tax system, with the aim of making…
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U-turn on the top rate of tax
Facing huge criticism and market turbulence following his announcement of a series of “growth” measures, Chancellor Kwasi Kwarteng has backtracked on his decision to abolish the 45p rate of income tax paid by people earning more than £150,000 a year. The proposal to scrap the rate had been criticised as unfair at this time of…
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Abolishing IR35
The Chancellor has announced plans to abolish the IR35 off payroll working rules for the public and private sector from April 2023 The measure will cost up to £1.1bn a year from 2023-24 tax year, rising to £2.6bn by 2026-27. The off payroll working rules were introduced in 2017 for the public sector and 2020…
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Government Growth Plan
The package of measures to deliver a pro-growth, simplified tax system that supports business investment across the United Kingdom, and allows people to keep more of their own money. This comes a day after the government announced that the Health and Social Care Levy (HSCL) of 1.25% due to be introduced from April 2023 will not…
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Tax Efficient Savings
HMRC have recently updated their guidance for companies looking to attract investors to buy shares in their company. If structured correctly, and if the company qualifies under the Enterprise Investment Scheme (EIS) or the Seed EIS rules, the investors can potentially take advantage of a number of generous tax breaks. Under the EIS, the company…
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Latest Business News
Inflation, tax rises – and the family budgetApart from the human cost, covid has cost us all a great deal. In the first year of the pandemic, from April 2020 to 2021, the government borrowed £299bn, the highest figure since records began in 1946. Another £200bn will be needed this year, and as taxpayers, we…
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October Update
Welcome to our round up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you! The best way to predict the future is to create it!The latest Office for National Statistics (ONS) survey to June 2021…
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