HMRC is extending the pilot for Making Tax Digital for Income Tax Self Assessment (MTD ITSA) to more self-employed workers and landlords. From July, those taking part will be able to test MTD ITSA before April 2024, including their own internal processes for managing MTD. Agents and customers are already taking part, and HMRC wants… Read more…

HMRC needs to demonstrate that off-payroll working rules, commonly known as IR35, can operate effectively and fairly in the real world, according to a report by the Public Accounts Committee (PAC). The tax authority should also investigate whether the costs and unintended consequences of IR35 are proportionate to the additional tax revenue that the reforms… Read more…

UK inflation rose to 9.1% in May from 9% in April as the cost-of-living crisis continues, according to data from the Office of National Statistics (ONS). It was a slight increase on the 9% figure of the previous month, which was driven upwards by April’s unprecedented rise in the energy price cap and is estimated… Read more…

The Bank of England (BoE) has raised UK interest rates to a 13-year high of 1.25% and is now predicting inflation will hit 11% this autumn, when energy bills are set to rise again. Six out of nine Monetary Policy Committee (MPC) members voted for a 0.25 basis point hike, leading to a fifth consecutive… Read more…

Four out of five employers stated that they were immediately impacted by the increase in national insurance contributions (NICs), according to research by the British Chambers of Commerce (BCC). The BCC surveyed more than 1,100 UK employers and found that the NICs increase has caused negative impacts to 81% of businesses. Firms said the rise… Read more…

Manufacturing trade body Make UK is calling for an emergency, pre-recess package of business support measures. The call comes after a Make UK survey showed growth and orders slowing significantly with exports close to a standstill. Make UK has made recommendations for measures the government can introduce now to address rising business costs, including: .… Read more…

HMRC has published the latest issue of the Employer Bulletin. The June issue has information on various topics, including: PAYE paying Class 1A National Insurance contributions due on 22 July 2022 Enterprise Management Incentive: Covid-19 easement ending Save as You Earn: Covid-19 easement ending guidance on how tips, gratuities and service charges are taxed. Please… Read more…

New homeowners are being warned about cold calls from rogue tax repayment agents advising them to make speculative Stamp Duty Land Tax (SDLT) refund claims, which could leave them with large tax bills. The warning comes after a recent spate of Stamp Duty refund claims to HMRC failed to meet specific criteria. The agents have… Read more…

Retirement in general can be complex, with many different decisions to be made. When is the right time to take retirement? Should you do it early or wait until there is a larger nest-egg available? How will retirement affect you, your health, home life etc? These are all important questions but what about those individuals… Read more…

Chancellor Rishi Sunak will impose a windfall tax on energy firms alongside a package to help households with the cost-of-living crisis. Mr Sunak said a ‘temporary, timely, and targeted’ 25% Energy Profits Levy would be introduced for oil and gas companies, reflecting their extraordinary profits. The levy is expected to raise £5 billion for the… Read more…