Fears that the State Pension age (SPa) could rise to 70 have been allayed – for now – as the Government announced it plans to stick to the current timetable for increases. A further review into the age at which a state pension can be claimed will be carried out in the next Parliament, but […]
The Monetary Policy Committee decided last month to increase the Bank of England (BoE) base rate to 4.25% from 4% and HMRC has followed with an announcement to increase the interest charged on late payment and repayment. When will this happen? As HMRC interest rates are linked to the BoE base rate, these changes will […]
1 April 2023 – Due date for Corporation Tax due for the year ended 30 June 2022. 19 April 2023 – PAYE and NIC deductions due for month ended 5 April 2023. (If you pay your tax electronically the due date is 22 April 2023). 19 April 2023 – Filing deadline for the CIS300 monthly […]
There is a significant amount of information about companies that can be obtained from Companies House. Companies House is responsible for incorporating and dissolving limited companies, examining and storing company information and making company information available to the public. Much of this information is freely available. This is in line with the government’s commitment to […]
The first monthly returns and payments affected by HMRC’s new VAT penalty regime were due by 7 March 2023. The new VAT penalty rules apply to the late submission and / or late payments of VAT returns for VAT return periods beginning on or after 1 January 2023. Under the new regime, there are separate […]
In some circumstances it can be beneficial to make voluntary National Insurance Contributions (NICs) to increase your entitlement to benefits, including the State or New State Pension. Usually, HMRC allow you to pay voluntary contributions for the past 6 tax years. The deadline is 5 April each year. However, there is currently an opportunity for […]
The government published the Spring Finance Bill 2023 on 23 March 2023. The Bill is officially known as the Finance (No 2) Bill, because it is the second Finance Bill of the 2022–23 Parliamentary session. The Bill contains the legislation for many of the tax measures announced in the recent Spring Budget as well as […]
The challenge of increasing energy costs for UK businesses is a significant concern, particularly in the context of ongoing efforts to reduce greenhouse gas emissions and tackle climate change. The current Chancellor, Jeremy Hunt, pledged in his November statement that the government would continue to support those businesses that need it the most. However, the […]
Steps have been taken to simplify VAT guidance for overseas sellers that sell goods online into the United Kingdom to help reduce the tax gap. The guidance published by HMRC, Selling goods using an online marketplace or direct to customers in the UK, has also been translated into simplified Mandarin to support sellers exporting goods […]
The biting cost of living crisis and yet another rise in interest rates means families need all the financial help they can get. With the Easter school holidays nearly here, HMRC is reminding mums and dads not to miss out on Government help to pay for childcare to help lift some of the burden. Tax-Free […]