Author: Samantha Nicholson

Do you have a Post Office card account and receive Tax Credits, Child Benefit and Guardian’s Allowance payments?

Posted on by Samantha Nicholson

Around 24,000 HM Revenue and Customs (HMRC) customers with a Post Office card account have just three weeks left to update the department with new payment details before the 30 November deadline, or risk having payments paused. From 1 December 2021, HMRC will stop making Tax Credits, Child Benefit and Guardian’s Allowance payments to Post Read more about Do you have a Post Office card account and receive Tax Credits, Child Benefit and Guardian’s Allowance payments?[…]

Main points from the budget (27 October 2021)

Posted on by Samantha Nicholson

Here are some of the key points from the budget of 27 October 2021: National Living Wages (NLW) and National Minimum wage (NMW) NMW & NLW will increase from April 2021 as follows: 25 years and over increase from £8.91 to £9.50 per hour, an increase of 6.6%. 21 to 24 years old increase from Read more about Main points from the budget (27 October 2021)[…]

Making Tax Digital for Income Tax to be delayed until 2024

Posted on by Samantha Nicholson

Businesses will have an extra year to prepare for the digitalisation of income tax, HM Revenue and Customs (HMRC) has announced today. Recognising the challenges faced by many UK businesses and their representatives as the country emerges from the pandemic, and having listened to stakeholder feedback, the government will introduce Making Tax Digital (MTD) for Read more about Making Tax Digital for Income Tax to be delayed until 2024[…]

National Insurance contributions are to increase

Posted on by Samantha Nicholson

Yesterday the government announced tax changes to fund £12 billion a year to be spent on the NHS and social care across the UK. National Insurance contributions (NICs) will increase by 1.25% for one year only for employees, employers and the self-employed from‌‌ ‌April‌‌ ‌2022. This will cover both Class 1 (employee and employer), Class 1A Read more about National Insurance contributions are to increase[…]

Thousands of teenagers missing out on Child Trust Fund cash

Posted on by Samantha Nicholson

HMRC is urging young people to check if they have a hidden pot of gold – in the shape of a Child Trust Fund (CTF). It is now one year since the first account holders started turning 18 and around 55,000 Child Trust Funds mature every month. This means their owners can withdraw funds or Read more about Thousands of teenagers missing out on Child Trust Fund cash[…]

Employers ‘named and shamed’ for paying less than minimum wage

Posted on by Samantha Nicholson

The government has ‘named and shamed’ 191 companies that have broken National Minimum Wage (NMW) laws. Following investigations by HMRC, the named firms have been fined for owing £2.1 million to over 34,000 workers. The breaches took place between 2011 and 2018. Named employers have since been made to pay back what they owed, and Read more about Employers ‘named and shamed’ for paying less than minimum wage[…]

Contactless limit set to increase to £100

Posted on by Samantha Nicholson

The national roll-out of the new £100 spending limit for contactless card payments will begin from 15 October 2021, banking trade body UK Finance has confirmed. The decision to raise the contactless limit from £45 to £100 was made by HM Treasury and the Financial Conduct Authority (FCA) following a public consultation and discussions with Read more about Contactless limit set to increase to £100[…]

Advisory fuel rates for company cars

Posted on by Samantha Nicholson

New company car advisory fuel rates have been published and took effect from 1 September 2021. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or Read more about Advisory fuel rates for company cars[…]

HMRC outlines changes to late payment penalty regime

Posted on by Samantha Nicholson

HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to reform sanctions for late submission and late payments to make them ‘fairer and more consistent across taxes’. Initially the changes will apply to VAT and Income Tax Self Assessment (ITSA). Read more about HMRC outlines changes to late payment penalty regime[…]