In this month’s Enews we look at what the Chancellor’s Autumn Statement meant for businesses, employees and the self-employed. We also update you on the criticism of HMRC’s Making TaeNews Digital programme and a crackdown on crypto taeNews evasion. With the latest data on the UK economy and the new advisory fuel rates, there is a lot to update you on.

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On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits.

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Our Charity News includes the latest guidance and support available for the not-for-profit sector, with a range of new guidance being published by the charity regulators. We also consider the impact of recent legislative, reporting and tax developments and other pertinent issues, giving you the inside track on the sector's current hot topics and latest guidance.

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In this month’s Enews, we look at the upcoming Autumn Statement and the latest data on the UK economy. We also update you on the self assessment deadline and prompt payments for SMEs. With news on hybrid working and recruitment challenges, there is a lot to update you on.

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In this month’s Enews we look at the upcoming Autumn Statement and the latest data on the UK economy. We also update you on changes to the National Minimum Wage and SME finance. With news on Covid grant fraud and Child Trust Funds, there is a lot to update you on.

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In this month’s Enews we look at the latest data on UK inflation and warnings for this winter’s energy bills. We also update you on the government’s new Business Climate Hub and the increase in savers being caught in the tax net. With guidance for employers and the latest advisory fuel rates, there is a lot to update you on.

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In this month’s Enews we look at the latest news on inflation and the UK economy and the Bank of England’s latest interest rate decision. We also update you on the CMA’s plan to help drivers get competitive fuel prices and the UK’s first investment zone. With guidance on Child Trust Funds and a major overhaul of alcohol duties, there is a lot to update you on.

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In this month’s Enews we look at HMRC’s extension to the deadline for voluntary NICs and the temporary closure of the self assessment helpline. We also update you on cost overruns on Making Tax Digital and the latest on UK inflation. With guidance on the National Minimum Wage and another increase to the UK’s base interest rate, there is a lot to update you on.

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In this month’s Enews we look at the latest analysis of inflation and a reminder from HMRC on tax refunds. We also update you on record numbers of early self assessment filers and the latest increase in HMRC’s interest rates for repayments. With details on an increase in higher rate taxpayers and the new advisory fuel rates, there is a lot to update you on.

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In this month’s Enews we look at the closure of the VAT filing portal and the latest rate of UK inflation. We also update you on the impact of frozen tax thresholds and pandemic support scheme fraud. With guidance for employers and warnings on scams, there is a lot to update you on.

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Our Charity News includes the latest guidance and support available for the not-for-profit sector as the cost of living crisis continues to bite. We also consider the impact of recent legislative, reporting and tax developments and other pertinent issues, giving you the inside track on the sector's current hot topics and latest guidance.

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In this month’s Enews we look at the measures taken in the Spring Budget and the business reaction to the Chancellor’s statement. We also update you on the abolition of the pensions lifetime allowance and the rising interest rates. With details on voluntary national insurance contributions and Welsh freeports, there is a lot to update you on.

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Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall.

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In this month’s Enews we look at the new VAT penalties and the latest analysis of inflation. We also update you on what business wants to see from the Spring Budget and the latest GDP figures With details on a potential digital pound and new advisory fuel rates, there is a lot to update you on.

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Checking your National Insurance Contributions (NIC) record is up to date prior to 5 April 2023

HMRC are advising UK citizens to check their National Insurance Contribution (NIC) record by 5 April 2023 to confirm payments for all years are up to date to qualify for future State Pension payments.

Prior to 5 April 2023 if you have missed any years of NIC, you can make voluntary contributions as far back to April 2006. After 5 April 2023 you may only make voluntary contributions for the previous 6 years. This may affect your eligibility to claim the full state pension.

Actions to take before 5 April 2023:

• Check your NI record – this link will guide you to the government website at Gov.uk to assist in reviewing your National Insurance record;
• Identify any discrepancies between NI contributions paid and those showing on HMRC’s system;
• Identify any NI credits that are missing from periods in which they should have been received (e.g. on receipt of Universal Credit or Child Benefit);
• Identify any shortfalls in contributions;
• Contact HMRC if you think there are any errors.
• Decide whether to make voluntary National Insurance contributions.

Please access and watch the video linked here if you require any further details on how missed National Insurance Contributions can impact your future State Pension income.

Please do not hesitate to contact us if you require any further details.

Photo by Marc Najera on Unsplash

In this month’s Enews we look at changes to the government’s energy support schemes and the latest analysis of inflation. We also update you on reforms to Research and Development (R&D) reliefs and the results of the ICAEW’s Business Confidence Monitor. With news on SME exports and the skills shortage, there is a lot to update you on.

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In this month’s Enews we consider the delays to the next stages of Making Tax Digital and the impact of the pandemic on tax compliance. We also update you on the government’s mortgage guarantee scheme and the latest developments in the UK economy. With news on freeports and financial sector reforms, there is a lot to update you on.

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From April 2024, sole traders and partnerships will need to follow HMRC's rules for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) which will change the way you work with your accountant or bookkeeper.

What is changing?

MTD for ITSA is a huge change to the way that millions of people report their income to HMRC. The initiative will affect self-employed business owners and landlords with a total business and/or property income above £10,000 per year.

What you will need to do?

• Keep digital business records using MTD-compatible software
• Send quarterly business income and expense updates to HMRC
• Finalise your business income in an annual declaration and send it to HMRC

A detailed outline of the extension of MTD ITSA is available from HMRC.

Please contact us for more information.

From April 2024, landlords will need to follow HMRC's rules for Making Tax Digital (MTD) for Income Tax which will change the way you work with your accountant or bookkeeper.

What is changing?

MTD for Income Tax is a government initiative that will change the way that landlords manage their property finances and make tax submissions to HMRC.

From 6 April 2024, MTD for Income Tax will apply to all landlords whose total property and/or business income is above £10,000 per year.

If this is the case you will need to use software to:

• Keep digital records of your income and expenses
• Send quarterly updates to HMRC
• Finalise your income and submit an end of period statement (EOPS) and final declaration (which will replace the annual Self Assessment tax return) to HMRC

A detailed outline of the extension of MTD ITSA is available from HMRC.

Please contact us for more information.