New late payment penalties have been introduced for VAT and income tax Self Assessment following the 2025 Spring statement. Chancellor Rachel Reeves revealed plans to increase late payment charges for taxpayers signed up to Making Tax Digital from April 2025. This table highlights how much late payment penalties have increased: Tax payment Previous penalties New Read more about HMRC – Changes to late payment penalties[…]
Today, Wednesday 6 March 2023, The Chancellor laid his ‘Budget for Long Term Growth’. Here are some of the key points from the budget: Income Tax No changes announced, a brief reminder of current position: Your personal allowance remains at £12,580. The point at which individuals pay the additional rate is still planed to be Read more about Budget summary – Wednesday 6 March 24[…]
HMRC has today revealed that March is the most popular month for Marriage Allowance applications, with almost 70,000 couples applying in March last year. And with the option to backdate their claim for the previous 4 tax years, eligible couples could receive a lump-sum payment worth more than £1,000, in addition to reducing their tax Read more about March is top month for Marriage Allowance claims[…]
On 19th December the government announced that the first phase of Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) will not be mandated until April 2026. Prior to this announcement, the mandatory use of software to remain compliant was set for April 2024. You can read HM Revenue & Customs announcement in full Read more about MTD for Income Tax for Self Assessment (ITSA) pushed back until April 2026[…]
The Finance Act 2022 gave HMRC controversial new powers that now allow HMRC to issue so-called discovery assessments to collect tax if it believes a person has failed to report a liability. Its discovery powers were last overhauled in 2008 and the new law closes a loophole exposed in a recent court case (HMRC v Read more about New investigation powers for HMRC[…]
On 17 November 2022, The Chancellor laid out three core priorities of stability, growth and public services in the Governments 3rd budget in as many months. Here are some of the key points from the budget: Income Tax The previously announced reduction of income tax from 20% to 19% from April 2023, has been postpone Read more about Budget summary – Thursday 17 November 22[…]
Update: 17 October 2022 This morning, Jeremy Hunt has scrapped nearly all tax cuts announced in last month’s mini-budget, which include removing a proposed cut to corporation tax and a deferred 1p cut to income tax. Here are some of the key points from the mini budget of 23 September 2022: National Insurance In September Read more about Mini budget summary – Friday 23 September 22[…]
Here are some of the key points from the budget of 3 March 2021: Furlough and Self-employed grant extended until September. Universal Credit uplift of £20 to be extended for a further 6 months. Incentive payments of £3,000 for all new hires of any age. Business rates holiday will be extended until June. National insurance, Read more about Main points from the budget (3 March 2021)[…]
Stay vigilant about scams, which may mimic government/HMRC messages as a way of appearing authentic and unthreatening. Should you receive a suspicious text, phone call or email, you should notify HMRC by forwarding suspicious emails claiming to be from HMRC to phishing@hmrc.gov.uk and texts to 60599 Below are some examples of scams that HMRC are aware Read more about Please be aware of scams[…]
With the next VAT deadline date of 7 May fast approaching, we wanted to send a reminder of the process for those who wish to utilise the VAT payment deferral announced by the Chancellor in March. There’s no need to apply for a deferral BUT: You are still required to file a return through the Read more about VAT Payment deferal[…]