The 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… Read more…
The 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… Read more…
The 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… Read more…
Following the Bank of England’s latest increase in the base rate, HMRC has increased both late paid tax and the rate paid on repayments of tax. The Bank increased the base rate to 4.5% from 4.25% on 11 May, the 12the consecutive rise. The late payment and repayment interest rates follow this rise and are… Read more…
The number of self assessment taxpayers filing their tax return on the first day of the tax year has more than doubled since 2018, HMRC has revealed. More than 77,500 customers submitted their tax return for the 2022/23 tax year on 6 April 2023, compared to almost 37,000 customers on 6 April 2018. The deadline… Read more…
HMRC is reminding employed workers they can claim a refund on work-related expenses on the GOV.UK website. More than 800,000 taxpayers claimed refunds for work expenses during the 2021/22 tax year. Although the average claim was £125, over 70% of claimants missed out on getting the full amount they were due because they used an… Read more…
The UK rate of inflation fell to 8.7% in April from 10.1% in March, according to the latest data from the Office of National Statistics (ONS). The fall has been attributed to energy price rises slowing from their hikes in 2022. The rate at which grocery prices rose slowed marginally in the year to April,… Read more…
We are delighted to announce that Dr. Anjulika Salhan has been selected to receive the Editor’s Choice award from CEO Insights (visit them at https://www.ceoinsightsindia.com). This award recognizes outstanding leaders who have demonstrated innovation and excellence across several key parameters while delivering high levels of customer satisfaction. It is an annual distinction that showcases the… Read more…
Many businesses choose to provide company vehicles to their employees. This is especially true for those with mobile workers, for example managers who need to travel between clients. Companies who provide vehicles do so as a perk, usually in a package of employee benefits. Whilst there are advantages to providing company vehicles, for both the… Read more…
HMRC has published the latest issue of the Employer Bulletin. The April issue has information on various topics, including: Please contact us for help with tax matters. Internet link: Employer Bulletin
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