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[…]
With only one week to go until the 31 January Self Assessment deadline, HMRC reports that 3.8 million people are still yet to file their tax return are urged to act now or risk facing a £100 penalty. For the year 2022 to 2023 HM Revenue and Customs (HMRC) is expecting more than 12.1 million Read more about 1 Week to go to file your Self Assessment[…]
With less than a month to go to the Self Assessment deadline, HM Revenue and Customs (HMRC) is urging nearly 5.7 million customers to file their tax return for the 2022 to 2023 tax year. HMRC data shows almost 6.5 million customers have already beaten the Self Assessment clock by filing their tax return including Read more about The Countdown is on for 5.7 million customers to file their tax return[…]
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[…]
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[…]
HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants. From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid. Entitlement to the fourth and fifth SEISS grants can be Read more about HMRC starts chasing up SEISS overpayments[…]
The Chancellor made his annual Spring Statement speech today, the key measures the Chancellor announced where: Increase in the National Insurance Primary Threshold for Class 1 NICs and the Lower Profits Limit for Class 4 NICs from 6 July 2022, aligning it with the equivalent income tax personal allowance which is set at £12,570 per Read more about Spring statement summary[…]
HM Revenue and Customs (HMRC) has issued a warning to Self Assessment customers to be on their guard following the Self Assessment deadline after more than 570,000 scams were reported to HMRC in the last year. At this time of year, Self Assessment customers are at increased risk of falling victim to scams, even if Read more about Scammers targeting Self Assessment customers, HMRC warns[…]
As the Self Assessment filing deadline of 31 January 2022 gets closer HM Revenue and Customs (HMRC) prepares to issue emails and SMS to Self Assessment customers, reminding them to be on their guard after nearly 800,000 tax-related scams were reported in the last year. Fraudsters use Self Assessment to try and steal money or Read more about HMRC warns customers about Self Assessment tricksters[…]