HMRC have extended the deadline for making voluntary National Insurance contributions (which can date back to 6 April 2006), to 31 July 2023. What is National Insurance? National Insurance is a tax paid by individuals who are employed or self-employed, based on how much they earn then determines how much National Insurance is contributed from …
HMRC announced changes to VAT penalty and interest charges for VAT periods starting on or after 1 January 2023. The changes to penalties and interest for late VAT Return submissions and payments, also apply to businesses that submit nil returns and repayment VAT Returns. Late VAT Return submission Penalties for late VAT Return submissions will …
The National Minimum Wage is increasing from 1 April 2023. With the Cost of Living crisis fully apparent, the increase will be welcomed by many. Below we detail the increases and what they mean for you, your employees and your business. National Minimum Wage Rate Increase from 1 April 2023 Category of Worker Hourly Rate …
Today, Thursday 2 February 2023, The Bank of England have again increased interest rates, this time to 4%. Another milestone of the highest rates in 15 years. Chancellor Jeremy Hunt stated, “Inflation is a stealth tax that is the biggest threat to living standards in a generation, so we support the Bank’s action today so …
What has the government announced? Earlier this week, the government announced there will be a new energy discount scheme for businesses, charities, and the public sector ahead of the current scheme ending in March. The new scheme will mean all eligible UK businesses and other non-domestic energy users will receive a discount on high energy …
The Government announced on Monday 19 December 2022, that MTD ITSA would be delayed until April 2026. The Government has realised that the transition to MTD ITSA would be contributing additional pressures to self employed individuals and landlords, during an already uncertain financial future. What is MTD ITSA If you haven’t already heard about MTD …
Today, Thursday 15 December 2022, The Bank of England increased interest rates by 0.5% to 3.5%. Analysts are expecting Interest Rates to peak at 4.5% in 2023, before falling back down to 3%. The Senior Finance Minister responded to the increase by saying, “We are united with the Bank of England in the determination to …
Today, Thursday 17 November 2022, Chancellor Jeremy Hunt delivered his Autumn Statement. Many were hoping his announcements would help individuals and businesses in the face of increasing costs, with inflation at a 40 year high coming in at 11.1%. Instead Hunt delivered a bleak outlook for the next few years blamed on the fallout from Global factors, …
Today, Thursday 3 November 2022, The Bank of England increased interest rates by 0.75% to 3% – The highest interest rates have been since the financial crisis in 2008. The UK is already experiencing early signs of recession, which is expected to continue throughout 2023 before beginning to ease in early 2024. Chancellor Jeremy Hunt …
Recession is looming, with even bleaker news of an unsteady government. Conservative or Labour, we’re facing unprecedented times regarding our finances heading into the winter months. Business Savings With the increase in energy costs, fuel and borrowing it may seem a daunting time to be a business owner. Below are a few ways in which …
The Chartered Institute of Taxation
The Association of Taxation Technicians
