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Monday 4th March 2024

Over one million self assessment taxpayers missed the filing deadline at midnight on 31 January, according to data published by HMRC.

Over one million self assessment taxpayers missed the filing deadline at midnight on 31 January, according to data published by HMRC.

A record 11.5 million taxpayers did file their 2022/23 self assessment tax returns by the deadline.

HMRC's figures also showed that 1.1 million missed the deadline.

The final day saw 778,068 beat the clock to complete their return.

The peak hour for filing on 31 January was between 16:00 and 16:59 when 61,549 taxpayers submitted their returns. 32,958 filed between 23:00 and 23:59.

HMRC has urged anyone who missed the deadline to submit their tax return as soon as possible – late filing and late payment penalties apply for those who failed to submit by the deadline. It stated that there are many ways to pay, including online, using the HMRC app, by bank transfer or via a Time to Pay payment plan.

Myrtle Lloyd, Director General for Customer Services at HMRC, said:

'Thank you to the millions of self assessment customers and agents who met the deadline. Anyone who has yet to file and is concerned that they cannot pay in full may be able to spread the cost of what they owe with a payment plan. Search 'pay your self assessment' on GOV.UK to find out more.'

Internet link: HMRC press release

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Monday 4th March 2024

HMRC is warning people to be wary of bogus tax refund offers following the self assessment deadline on 31 January.

HMRC is warning people to be wary of bogus tax refund offers following the self assessment deadline on 31 January.

The tax authority says that fraudsters could set their sights on self assessment taxpayers, with more than 11.5 million submitting a tax return by last month's deadline.

HMRC warns that taxpayers who completed their tax return for the 2022/23 tax year by the 31 January deadline might be taken in by an email, phone call or text message offering a tax rebate.

These phishing scams are designed to use personal details for selling on to criminals, or to access people's bank accounts, says HMRC.

The warning comes after HMRC responded to 207,800 referrals from the public of suspicious contact in the past year to January. This is a 14% increase from the 181,873 reported for the previous 12 months. More than 79,000 of those referrals offered bogus tax rebates.

Kelly Paterson, HMRC's Chief Security Officer, said:

'With the deadline for tax returns behind us, criminals will now try to trick people with fake offers of tax rebates.

'Scammers will attempt to dupe people by email, phone or texts that mimic government messages to make them appear authentic.'

Internet link: HMRC press release

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Monday 4th March 2024

Just a week after HMRC released new guidance that classed double-cab pickups as cars rather than vans, the government reversed the decision.

Just a week after HMRC released new guidance that classed double-cab pickups as cars rather than vans, the government reversed the decision.

On 19 February, HMRC confirmed that it's reversing the updated guidance announced on 12 February, meaning that double-cab pickups will continue to be treated as goods vehicles rather than cars.

The government said it reversed course after listening to concerns from farmers and the motoring industry on the impact of the changes to the tax treatment.

The government has acknowledged that the 2020 court decision and resultant guidance update could have an impact on businesses and individuals in a way that is not consistent with the government's wider aims to support businesses

Double-cab pickups will continue to be goods vehicles for tax purposes and the tax on benefits in kind will not increase when employers provide these vehicles to their employees.

Nigel Huddleston, Financial Secretary to the Treasury, said:

'We will change the law at the next available Finance Bill in order to avoid tax outcomes that could inadvertently harm farmers, van drivers and the UK's economy.'

Internet link: GOV.UK

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Monday 4th March 2024

The amount needed for a single person to have a moderate retirement has risen to £31,300, according to the Pensions and Lifetime Savings Association (PLSA).

The amount needed for a single person to have a moderate retirement has risen to £31,300, according to the Pensions and Lifetime Savings Association (PLSA).

The rising cost of living and an increased importance on socialising following the pandemic had pushed up the income required by £8,000, the PLSA said.

The PLSA uses evidence from focus groups to make the estimates, and they are intended as a guide for those planning their retirement savings.

The calculations are pitched at three different levels - minimum, moderate and comfortable - and are developed and maintained independently by the Centre for Research in Social Policy at Loughborough University.

They estimated that a single person needed £14,400 a year for a minimum lifestyle, and £43,100 a year for a comfortable retirement.

Couples required a joint £22,400 at the minimum level, £43,100 at a moderate level and £59,000 at a comfortable level.

Nigel Peaple, Director for Policy and Advocacy at the PLSA, said:

'The cost of living has put enormous pressure on household finances over the last year and, as the research shows, this is no different for retirees.'

Internet link: PLSA website

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Monday 4th March 2024

The government has named and shamed over 500 UK employers for underpaying their employees.

The government has named and shamed over 500 UK employers for underpaying their employees.

524 businesses were named for failing to pay the minimum wage to pay 172,000 workers, with offending employers ordered to pay nearly £16 million plus an additional financial penalty.

The National Living Wage (NLW) is set to rise to £11.44 an hour from 1 April 2024.

Offending employers include major high street brands, the government said. It stated that anyone entitled to be paid the minimum wage should receive it, and that enforcement action will be taken against employers who do not pay their staff correctly.

Patricia Rice, Independent Commissioner at the Low Pay Commission (LPC), said:

'Since its introduction nearly 25 years ago, the National Minimum Wage (NMW) has played a vital role in protecting the earnings of the lowest-paid workers in the UK. At a time when the cost of living is rising, it is more important than ever that these workers receive the pay to which they are entitled.

'NMW underpayment not only cheats workers of their rightful due, it leaves compliant firms undercut by those who do not abide by the law. By naming the firms responsible for significant underpayment, we raise awareness of the nature and the scale of underpayment and encourage all employers to ensure that they fully comply with the law.'

Internet link: GOV.UK

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Monday 4th March 2024

HMRC has published the latest issue of the Employer Bulletin.

HMRC has published the latest issue of the Employer Bulletin. The February issue has information on various topics, including:

  • 2024 National Insurance contributions rate changes
  • end of year reporting
  • basis period reform
  • simplifying the reporting of income tax and National Insurance contributions on benefits in kind
  • Help for Households
  • upcoming changes to Paternity Leave and Pay.

Please contact us for help with tax matters.

Internet link: Employer Bulletin

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Monday 4th March 2024

New company car advisory fuel rates have been published and took effect from 1 March 2024.

New company car advisory fuel rates have been published and took effect from 1 March 2024.

The guidance states: 'you can use the previous rates for up to one month from the date the new rates apply'. The rates only apply to employees using a company car.

The advisory fuel rates for journeys undertaken on or after 1 March 2024 are:

Engine size Petrol
1400cc or less 13p
1401cc - 2000cc 15p
Over 2000cc 24p
Engine size Diesel
1600cc or less 12p
1601cc - 2000cc 14p
Over 2000cc 19p
Engine size LPG
1400cc or less 11p
1401cc - 2000cc 13p
Over 2000cc 21p

HMRC guidance states that the rates only apply when you either:

  • reimburse employees for business travel in their company cars
  • require employees to repay the cost of fuel used for private travel.

You must not use these rates in any other circumstances.

The Advisory Electricity Rate for fully electric cars is 9p per mile.

If you would like to discuss your company car policy, please contact us.

Internet link: GOV.UK AFR

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Tuesday 6th February 2024

Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget.

Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget.

The Office for National Statistics (ONS) data revealed that government borrowing for last December was around half of that borrowed in December 2022.

It also showed that interest payable on government debt fell to £4 billion in December 2023, down by £14.1 billion when compared to December 2022.

During the World Economic Forum's annual meeting in Davos, Switzerland, Mr Hunt hinted that he wants to cut taxes

The Chancellor said:

'In terms of the direction of travel we look around the world and we note that the economies growing faster than us in North America and Asia tend to have lower taxes, and I believe fundamentally that low-tax economies are more dynamic, more competitive and generate more money for public services like the NHS.

'That's the direction of travel we would like to go in but it is too early to say what we are going to do.'

The Chancellor will present the Spring Budget on Wednesday 6 March 2024.

Internet link: ONS website GOV.UK

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Tuesday 6th February 2024

Tax cut promises may need to be scrapped as a result of the UK being in an 'unfortunate economic and fiscal bind', the Institute for Fiscal Studies (IFS) has warned.

Tax cut promises may need to be scrapped as a result of the UK being in an 'unfortunate economic and fiscal bind', the Institute for Fiscal Studies (IFS) has warned.

The next government is likely to face some of the most difficult economic and fiscal choices the UK has faced outside of pandemics, conflicts and financial crises, according to an IFS report.

The IFS said that a combination of high debt interest payments and low expected growth is forecast to make it more difficult to reduce debt as a fraction of national income than in any parliament since at least the 1950s.

The think tank also warned that whilst tax rises and cuts for public services are built into current government plans, public services are 'showing signs of strain' and are 'performing less well than they were in 2010'.

IFS Director Paul Johnson said:

'Now more than ever, as a country, we face some big decisions and trade-offs over what we want the state to do and how we're going to pay for it. Those looking to form the next government should be honest about these trade-offs.

'If they are promising tax cuts, let's hear where the spending cuts will fall. If they are going to raise, or even protect, spending, they should tell us where taxes will rise. Or parties might think that further increases in government debt are justified: in which case they should make the argument for why debt should be rising.

'If to govern is to choose, then to campaign should be to present clear choices and trade-offs to the electorate. If the parties don't do that clearly and honestly over the next year, we at IFS will do what we can to plug that gap.'

Internet links: IFS website

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Tuesday 6th February 2024

As the use of cryptoassets continues to grow HMRC is warning people to check if they need to complete a self assessment tax return for the 2022/23 tax year to avoid potential penalties.

As the use of cryptoassets continues to grow HMRC is warning people to check if they need to complete a self assessment tax return for the 2022/23 tax year to avoid potential penalties.

Anyone with cryptoassets should declare any income or gains above the tax-free allowance on a tax return.

Tax may be due when a person:

  • receives cryptoassets from employment, if they are held as part of a trade, or are involved in crypto-related activities that generate an income
  • sells or exchanges cryptoassets, including:
    • selling cryptoassets for money
    • exchanging one type of cryptoasset for another
    • using cryptoassets to make purchases
    • gifting cryptoassets to another person
    • donating cryptoassets to charity.

Myrtle Lloyd, HMRC's Director General for Customer Services, said:

'People sometimes forget that information about crypto-related income and gains need to be included in their tax return. Some people affected may not have had to do a tax return before, so it is important people check.'

Internet link: HMRC press release

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