HMRC have released a new online tool to help taxpayers understand what their tax code means. Tax codes are used by HMRC to tell an employer how much income tax to withhold through the “Pay as you earn” (PAYE) system. A person’s tax code can change from time to time, based on their personal circumstances. […]
The changes to the Alcohol Duty structure and the new reliefs took effect on 1 August 2023. These include: A new alcohol Duty system: standardised Alcohol Duty bands for all types of alcoholic products. There are new duty rates based on alcohol by volume (ABV) for all products; A Small Producer Relief: which reforms and […]
Taxpayers could take advantage of four key benefits when filing their tax return early, HM Revenue and Customs (HMRC) has stated. The Self-Assessment deadline for the 2022 to 2023 tax year is 31 January 2024. Taxpayers who file early will have more control over their financial affairs and beat the January rush. The four benefits […]
Strategies to manage the challenges of the current inflationary business environment. Inflation has resulted in businesses grappling with escalating production costs, dwindling purchasing power, and the urgent need for pricing strategy recalibration. Here are some strategies to help firms deal with inflation: Monitoring and projections Businesses should closely track key economic indicators and the effect […]
HMRC interest rates are linked to the Bank of England base rate. Late payment interest is set at base rate plus 2.5%. Repayment interest is set at base rate minus 1%, with a lower limit – or ‘minimum floor’ – of 0.5%. The latest increased the Bank of England base rate from 4.5% to 5% […]
Date What’s Due 01/08 Corporation tax payment for year to 31/10/22 (unless quarterly instalments apply) 19/08 PAYE & NIC deductions, and CIS return and tax, for month to 5/08/23 (due 22/08/23 if you pay electronically) 01/09 Corporation tax payment for year to 30/11/22 (unless quarterly instalments apply) 19/09 PAYE & NIC deductions, and CIS return […]
There are rumours circulating in the press of the possible abolition of inheritance tax (IHT) in a bid by the Government to secure the support of wavering Conservative voters. This may cause some individuals to delay IHT planning, but remember these are just rumours, and it may not actually happen. It should be noted that […]
Employers may meet the cost of certain social events for staff without creating a tax liability. This used to be a concession but is now a statutory exemption provided certain conditions apply. The exemption applies to an “annual party or similar function” provided it is available to all employees or available generally to those at […]
Tax-Free Childcare accounts can be used to pay for approved childcare for children aged 11 or under, or 16 if the child has a disability. This can include paying for a summer holiday club or childminder. The account can also be used to pay nursery fees, or to pay for breakfast or after school clubs […]
The latest Finance Act includes two changes that will affect all R&D claims: (1) a requirement to provide additional information before an R&D claim is made; and (2) a requirement for certain companies to make a claim notification within six months after the end of the accounting period for which they want to claim R&D […]
