Background HM Revenue & Customs (HMRC) would like to promote the use of its ‘Pay by Bank Account’ service which is available from online filing services. This service makes use of opening banking technology. Detail HMRC’s embrace of open banking is part of a significantly bigger picture in terms of central government tax payments and collection in the UK, and the overall aim...
Autumn Statement 2023
The Chancellor, Jeremy Hunt, has announced that he will deliver his Autumn Statement to the House of Commons on Wednesday, 22 November 2023. This move would imply that the annual Budget will not take place until the spring of 2024. The Autumn Statement is used to give an update on the state of the economy and will respond to the economic...
Tax on trivial benefits
There is a benefit-in-kind (BiK) trivial exemption that applies to small non-cash benefits like a bottle of wine, or a bouquet of flowers given occasionally to employees, or any other BiK classed as 'trivial' that falls within the exemption. By taking advantage of the exemption employers can simplify the treatment of BiKs whilst at the same time offering a tax...
Checking your National Insurance record
HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. If you don't have an account, you can apply to set one up online. By signing in to the 'Check your National Insurance record' service you will also activate your personal tax...
Change to Company Accounts filing
The Economic Crime and Corporate Transparency Bill has completed its initial journey through the House of Commons and the House of Lords and is now at the stage known as, consideration of amendments. This is where the second House’s amendments are considered, and the Bill may go back and forth until both Houses agree on the Bill. The Bill is...
Tax Diary October/November 2023
1 October 2023 - Due date for Corporation Tax due for the year ended 31 December 2022. 19 October 2023 - PAYE and NIC deductions due for month ended 5 October 2023. (If you pay your tax electronically the due date is 22 October 2023.) 19 October 2023 - Filing deadline for the CIS300 monthly return for the month ended 5 October...
Tips to minimise the tax burden on earnings
The UK paid a whopping £788.8 billion in taxes in 2022 to 2023, an increase of 10.2 per cent from the year before. As well as income tax, that figure also includes inheritance tax, dividend tax and capital gains tax. No-one wants to pay more tax than necessary. But with busy lives and hectic schedules, there are rarely enough hours in the...
Small companies required to file profit and loss when new Bill becomes law
Businesses need to be prepared for changes to the way Companies House operates when the Economic Crime and Corporate Transparency Bill comes into force. As part of the package of reform, all small companies, including micro-entities, will be required to file their profit and loss accounts. The Government expects the changes to “improve transparency” and help tackle economic crime by making more...
Small companies required to file profit and loss when new Bill becomes law
Businesses need to be prepared for changes to the way Companies House operates when the Economic Crime and Corporate Transparency Bill comes into force. As part of the package of reform, all small companies, including micro-entities, will be required to file their profit and loss accounts. The Government expects the changes to “improve transparency” and help tackle economic crime by making more...
Muras Matters: Self-Assessment – Registration Deadline
Background An individual must notify H M Revenue & Customs (‘HMRC’) by 5 October following the end of a tax year if they have a liability to tax and are not already registered for Self-Assessment. Failure to notify by this date can result in penalties. Anyone who has a new source of income for the year ended 5 April 2023 and is...