News
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UK inflation stays at 8.7%
Published by Michael Graves on Tue, 11/07/2023 - 9:43amThe UK's rate of inflation plateaued at 8.7% in May, data published by the Office for National Statistics (ONS) has shown.
Inflation was expected to fall in May but remained at 8.7% – the same rate as was recorded in April. The rate of 8.7% is higher than economists had expected, and many now anticipate a rise in interest rates.
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MTD expected to cost £1 billion more than originally forecast
Published by Michael Graves on Tue, 11/07/2023 - 9:42amA report published by the National Audit Office (NAO) has found that HMRC's Making Tax Digital (MTD) initiative is expected to cost around £1 billion more than its initial £226 million budget, which was forecast in 2016.
MTD is intended to modernise the tax system for income tax self assessment, VAT and corporation tax. It requires taxpayers to keep records digitally and submit quarterly tax returns.
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HMRC closes self assessment helpline for three months
Published by Michael Graves on Mon, 10/07/2023 - 9:41amHMRC is planning to close its self assessment tax helpline for three months over the summer to focus call centre resources on dealing with other problem calls.
All calls to the helpline will be redirected to digital services over the period to give HMRC time to deal with other more urgent phone enquiries.
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HMRC extends deadline for voluntary NICs to April 2025
Published by Michael Graves on Mon, 10/07/2023 - 9:40amHMRC has extended the voluntary national insurance contributions (NICs) deadline until 2025.
Extending the voluntary NICs deadline until 2025 will give people more time to consider whether paying voluntary contributions is right for them, and also ensures individuals do not miss out on the possibility of boosting their State Pension entitlements.
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Advisory fuel rates for company cars
Published by Michael Graves on Wed, 07/06/2023 - 8:09amNew company car advisory fuel rates have been published and took effect from 1 June 2023.
The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.
The advisory fuel rates for journeys undertaken on or after 1 June 2023 are:
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Energy suppliers urged to renegotiate fixed contracts for small businesses
Published by Michael Graves on Wed, 07/06/2023 - 8:05amThe Federation of Small Businesses (FSB) has urged energy suppliers to renegotiate fixed contracts for small firms on market-peak tariffs.
Research carried out by the FSB revealed that many small businesses are trapped in contracts that mean that their latest bills are at last summer's peak market rate for energy, despite wholesale prices having fallen since the winter of 2022.
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One in five workers will be higher rate taxpayers by 2027, says IFS
Published by Michael Graves on Tue, 06/06/2023 - 7:50pmThe number of people paying income tax at 40% or above will reach 7.8 million by 2027/28, according to research published by the Institute for Fiscal Studies (IFS).
This represents one in five taxpayers and one in seven of the adult population – a near-quadrupling of the share of adults paying higher rates since the early 1990s, the IFS said.
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'Fresh thinking' needed in regard to MTD for ITSA
Published by Michael Graves on Tue, 06/06/2023 - 7:49pmThe Institute of Chartered Accountants in England and Wales (ICAEW) has written to HMRC regarding how Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) can be better shaped to suit the needs of small property businesses and the self-employed.
On 19 December 2022, HMRC announced the deferral of MTD for ITSA's start date and an informal review into the initiative.
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HMRC increases late payment interest rate to 7%
Published by Michael Graves on Mon, 05/06/2023 - 8:04am