According to the pundits, there are a number of issues that the new government will have to tackle if it wants to increase government revenues by achieving higher economic growth. They include: Encouraging investment Reduce unemployment, and Improve productivity Encouraging investment There are already generous tax reliefs that allow businesses to write off the full cost of productive assets to reduce tax charges. Any upward movement...
Muras Matters: Employees Must Claim PAYE Repayments
Background After the end of the tax year, HM Revenue & Customs (HMRC) checks to see if an employee has paid the correct amount of tax under pay as you earn (PAYE). Where an employee has paid too much tax, HMRC will write to them and inform them that a repayment is due. This process is currently being undertaken for the...
More regulation for trader recommendation sites
Trader recommendation sites are websites and apps often used by people to find and connect to traders from a wide range of specialisms, such as building and home improvements, plumbing, and home heating. Working in partnership with four key consumer organisations – National Trading Standards (NTS), Trading Standards Scotland (TSS), The Society of Chief Officers of Trading Standards in Scotland (SCOTSS),...
Muras Matters: HMRC Targets Persons With Significant Control
Background In the latest one-to-many letter campaign, HM Revenue and Customs (HMRC) is writing to persons with significant control (PSC) who have not filed a tax return or they suspect may not have declared all their income. The letters invite the recipient to either report any undeclared income or else confirm to HMRC that there is no further income to declare. Detail HMRC has...
Back to work plan
On her first visit as Secretary of State, with the rest of the Ministerial team, Liz Kendall MP will confirm the three pillars of the Government’s Back to Work Plan: A new national jobs and career service to help get more people into work, and on in their work. New work, health and skills plans for the economically inactive, led by Mayors...
How will Rachel Reeves change UK taxation?
At some point between now and the end of 2024, Rachel Reeves will step up to the despatch box and deliver her first Autumn Statement. As tax changes announced will likely have the Office for Budget Responsibility oversight, changes announced will form the basis of the 2025 Finance Bill. And some of her commentary will be the subject of consultation with...
Government is using AI
The Government Actuaries Department has declared it is using artificial intelligence to help government departments process consultation responses. In a recent news story, they said: “We are using artificial intelligence (AI) to help clients in government departments process responses to consultations. “This development helps public sector clients analyse responses which are submitted by people in industry and from the public. We have...
Muras Matters: Tax Credit Renewal
Background Tax Credits can be a vital lifeline for a number of taxpayers on lower income so a gap in payments, or losing them entirely, could have a big impact. One of the most common reasons for payments to be stopped is not completing the renewal forms in time for the deadline of 31st July. If a taxpayer is claiming tax credits already, they...
Remember to pay your Class 1A NIC
Class 1A NICs for 2023-24 are payable if you have provided employees with taxable benefits for that year. You are also required to pay them on payments of more than £30,000 that you make to employees when their employment ends, for example, if they are paid termination or redundancy payments. When to pay When you pay Class 1A National Insurance contributions depends...
Beware business rates appeals deadlines
The Valuation Office Agency (VOA) has issued the following warning to business rate payers who may have been approached by agencies with false claims about upcoming deadlines to appeal the 2023 rating lists. According to the VOA these claims are not true, and you should be wary of anyone making these claims. You are generally able to challenge your property valuation on...