Company insolvencies across England and Wales fell in July and are six per cent lower than the same month last year, official figures show. The headline reduction in insolvencies to 1,727 is down 20 per cent compared to June’s registered total of 2,163. The level of Creditors’ Voluntary Liquidations (CVLs), mainly seen among smaller companies, is also starting to drop. The total...
Do you need to complete a self-assessment tax return this year?
A change in a taxpayer’s circumstances could mean they need to complete their first ever self-assessment tax return. Tax is usually deducted automatically from wages and pensions; however, people and businesses with other income must report it in a tax return. HMRC must be informed by October 5 by those who need to complete a tax return and have not sent one...
Shop opens its doors to help businesses go green and cut energy bills
Small and medium-sized businesses can now access support to reduce energy bills and carbon emissions through a new advice site. The UK Business Climate Hub offers help for Britain’s 5.5 million SMEs, providing advice on everything from paying less for electric vehicles to generating green energy and selling it back to the grid to make money. It also features a free carbon...
Muras Matters: Understanding Your Tax Code
Background An individual’s tax code is used by an employer to determine how much income tax to deduct from that individual through the payroll. The tax code may change depending upon an individual’s personal circumstances. Often it can be difficult to understand and determine if the tax code being used is appropriate. HM Revenue & Customs (‘HMRC’) have now released a new...
Plugging the accountancy skills gap
Accountancy, like many other industries, has long struggled with a dire skills vacuum within the sector. The pool of qualified accountants continues to shrink, with the over-50s and those aged 18 to 24 leaving the workforce in the greatest numbers. Figures suggest many older accountants chose to retire early during the pandemic, while younger individuals are choosing to travel or study...
HMRC hikes interest rates again on late payments
HMRC interest rates for late payments will increase again this month to their highest level since 2001. Late payment interest is payable on tax bills covering income tax, National Insurance contributions, capital gains tax, corporation tax pay and file, stamp duty land tax, stamp duty and stamp duty reserve tax. The latest rise was triggered by the increase in the Bank of...
Muras Matters: Rising Interest Rates And Tax On Savings
Background With interest rates having risen significantly over the last 18 months, and tax thresholds being frozen, more taxpayers are likely to find themselves being pushed into paying income tax on their savings. Individuals pay tax on interest they earn on cash savings that exceed their personal savings allowance. It is estimated that for the current 2023-24 tax year over 2.7 million...
Banks with lowest savings rates to face robust action
The UK’s financial watchdog has warned it will crack down on lenders that fail to justify low savings rates. The Financial Conduct Authority (FCA) said providers who fail to show how their rates represent fair value to customers could face “robust action by the end of 2023”. This could include fines. It is part of a 14-point plan by the FCA following...
Working overseas? Be aware of the tax implications
The pandemic triggered a seismic shift in working practices with remote and hybrid working become the norm at many UK businesses. Even when a return to the traditional workplace became possible, it was evident many workers preferred a more flexible arrangement. Well-reported difficulties in recruitment and talent acquisition led many employers to accept flexible working requests. It also became more commonplace for...
Support for customers needing extra tax help
Voluntary and community organisations will benefit from a £5.5m pot awarded by HM Revenue and Customs (HMRC) to support customers who may need extra help with their tax affairs. HMRC is inviting eligible organisations to bid for the funding, worth £1.8 million a year from 2024 until 2027, through HMRC’s Voluntary and Community Sector Grant Funding programme. Bids can be submitted...