Employers: Getting Ready for Tax Year end 2023/24 and Welcoming the New Tax Year 2024/25
As the end of another tax year approaches, it’s essential for employers to ensure they’re prepared for the transition from tax year 2023/24 to 2024/25. This article provides a comprehensive guide to help employers understand and comply with the necessary procedures. Ensuring Accuracy and Compliance for Tax Year End 2023/24: Employee Information Verification It’s crucial […]
Reporting PAYE information at Christmas
Since 2019, there has been a permanent easement for reporting PAYE information in real time where employees receive their pay earlier than usual at Christmas. Where an employer closes on the usual (contractual) payday, such as at Christmas or on bank holidays, HMRC advises to report the contractual pay day on the full payment submission […]
The INCREDIBLY INTERESTING History of Income Tax in the UK part 2
It all began in 1582 when Pope Gregory XIII ordered a change of calendar from the Julian (named after Julius Caesar), which had been in use since 42 BC to the Gregorian. The Julian calendar, which consisted of eleven months of 30 or 31 days and a 28-day February (extended to 29 days every fourth year), was […]
The INCREDIBLY INTERESTING History of Income Tax in the UK (part 1)
On 9 January 1799, British Prime Minister William Pitt the Younger introduced a desperate and widely abhorred measure to help cover the cost of his country’s wars with France. As part of his government’s fiscal policy, Pitt introduced a direct tax on his citizen’s wealth – Income Tax. Why was Income Tax introduced in 1799? […]
HMRC waives late self-assessment penalties by one month
HMRC has delayed late filing and payment penalties for self-assessment taxpayers by one month to help them cope with pressures caused by the pandemic. The tax year ends on the 5th of April each year with tax returns filed electronically due by the following 31st January. Given the impact of the coronavirus on the business […]
HMRC write off £4.3bn in Covid payments lost to fraud
HMRC are expecting to recover £1 of every £4 stolen from the public purse by fraudsters during the pandemic. In figures published last week a total of £4.3 billion has been written off. This represents c74% of the total £5.8 billion that was stolen from its emergency Covid-19 schemes that supported swathes of the workforce […]
Investing and trading in cryptocurrency; know how to tax it
HMRC have been keen to ensure that all individuals and businesses are paying the correct levels and amounts of UK tax on their cryptocurrency and other crypto assets. So if this is you, it is vital that you are aware of your tax obligations. Investing and trading in cryptocurrency has become increasingly popular over the […]
Autumn Budget 2021 – Budget Brochure
Autumn Budget 2021 – Budget Brochure The Chancellors autumn budget was released on Wednesday 27 October 2021. Whilst a lot of the budget was known before the official announcement there was a lot more detail released on the day. It remains to be seen how the country will financially recover from the Coronavirus pandemic, but […]
Hospitality VAT Rate Change
On 8 July 2020 the government announced it would introduce a temporary reduced VAT rate of 5% to certain supplies relating to hospitality, hotel and holiday accommodation and admission to certain attractions. The reduced rate was intended to help hospitality and hotel businesses through difficult trading conditions as a result of the Covid-19 pandemic. The […]
Electric cars just got even more tax attractive
The government’s recent announcement of a 1.25% health and social care levy may have broken their election manifesto pledge in the eyes of many, but it has also made the switch to an electric company car even more attractive for company owners and employees. In April 2020 the government introduced an enormously enticing tax break […]
