HMRC interest rates are linked to the Bank of England base rate. Late payment interest is set at base rate plus 2.5%. Repayment interest is set at base rate minus 1%, with a lower limit – or ‘minimum floor’ – of 0.5%. The latest increased the Bank of England base rate from 4.5% to 5% […]

Date What’s Due 01/08 Corporation tax payment for year to 31/10/22 (unless quarterly instalments apply) 19/08 PAYE & NIC deductions, and CIS return and tax, for month to 5/08/23 (due 22/08/23 if you pay electronically) 01/09 Corporation tax payment for year to 30/11/22 (unless quarterly instalments apply) 19/09 PAYE & NIC deductions, and CIS return […]

With all of the changes to personal pensions in the Spring Budget, maximising the State Pension entitlement should not be overlooked. The full rate of new State Pension increased to £203.85 per week (£10,600 pa) from 6 April 2023; a 10.1% increase over the 2022/23 rate as a result of the “triple lock” being restored. […]

In the Spring Budget the Chancellor announced that “full expensing” – 100% relief for new, eligible plant and machinery – would replace the 130% super-deduction from 1 April 2023 for limited companies. This is in addition to the £1 million annual investment allowance (AIA) and will be available for expenditure incurred up to 31 March […]

The VAT Flat Rate scheme was introduced in 2002 to simplify VAT reporting for small traders, reducing the time taken to calculate VAT and prepare returns compared to normal VAT accounting. The thresholds for using (£150,000 pa) and exiting the scheme (£230,000 pa) have not changed since 2003. With the extension of Making Tax Digital […]

During the COVID pandemic the government relaxed the conditions to enable those working from home to be paid £6 a week tax free by their employer, or, where that was not paid by the employer, they could claim relief for £6 a week against their employment income for a tax refund from HMRC. Those relaxed […]

HMRC frequently warn taxpayers that when a tax avoidance scheme looks “too good to be true”, it probably is. They publish “Spotlights” on their website to alert taxpayers of schemes being marketed by promoters that are under scrutiny, and, in their opinion, do not work. Tax avoidance schemes need to be notified to HMRC under […]

Date What’s Due 01/07 Corporation tax payment for year to 30/9/22 (unless quarterly instalments apply). 05/07 Last date for agreeing PAYE settlement agreements for 2022/23 employee benefits. 05/07 Deadline for agents and tenants to submit returns of rent paid to non-resident landlords and tax deducted for 2022/23. 06/07 Deadline for forms P11D and P11D(b) for […]

The deadline for reporting shares and securities and share options issued to employees during 2022/23 is 6 July 2023. This is the same as the deadline for reporting expenses and benefits provided to employees on form P11d for 2022/23. Employers must submit their employment related securities annual returns online and attach the appropriate spreadsheet template […]

HMRC have announced that the official rate of interest will increase from 2% to 2.25% on 6 April 2023. The official rate of interest is used to calculate the income tax charge on the benefit of employment related loans and the taxable benefit of some employment related living accommodation. These rates used to fluctuate in […]