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In a call for evidence launched recently, the UK Government wants to hear views on Save As You Earn (SAYE) and the Share Incentive Plan (SIP), as it seeks to improve the schemes and expand their use by making it easier for businesses to set them up and offer them…
This weekend HMRC unexpectedly and with no prior warning, closed their Self-Assessment phone line until the 4th September. Please bear with us during this period, as it will be difficult to deal with any issues that need to be referred to HMRC. To visit our Self-Assessment Tax page CLICK HERE…
National Minimum Wage 2023 rate reminder for employers: Summer Staff All workers are legally entitled to be paid the National Minimum Wage (NMW). This includes temporary seasonal staff, who often work short-term contracts in bars, hotels, shops, and warehouses over the summer. The National Minimum Wage hourly rates from 1…
Welcome to the June 2023 Tax Update. In this edition we take a look at share options for employees, HMRC’s rate of interest, employee’s private fuel, advisory fuel rates for company cars, and this month’s events on the accounting horizon. If you need any help or advice on any of…
HMRC late payment interest rates to be revised after Bank of England increases base rate. The Bank of England Monetary Policy Committee announced on 11th May 2023 that it would increase the Bank of England base rate to 4.5% from 4.25%. HMRC interest rates are linked to the Bank of England…
From Monday 15th May 2023, unless you are already using Making Tax Digital (MTD) compatible software, you will no longer be able to use your existing VAT online account to file manual VAT returns. That is because by law, all VAT-registered businesses must now use Making Tax Digital (MTD) compatible…
Businesses need to be vigilant and take steps to manage cyber risks effectively. Cyber-attacks are on the increase and it’s not just large, international corporations that are being targeted. As businesses increasingly rely on technology for their day-to-day operations, they are also exposed to new and evolving cyber risks. Cyber-attacks…
Welcome to the May 2023 Tax Update. In this issue we look at PAYE forms being submitted online, HMRC phasing out paper tax returns, Pensions and Estate Planning, and possible CIS reforms. 2022/23 P11D FORMS TO BE SUBMITTED ONLINE The deadline for filing the P11D forms to report benefits in…
The deadline for filing the P11D forms to report benefits in kind in respect of directors and employees for 2022/23 is 6th July 2023. Note, however, that the original and amended reports must now be made online and paper returns will be rejected. Forms P11D and P11D(b) returns must be…
Like many other taxes, Inheritance Tax (or IHT) allowances have been frozen. This sounds generous of the Chancellor at a time when the Government is strapped for cash. However, it actually means that we are paying more. Data from HMRC has revealed that Inheritance Tax collected between April 2022 and…