Posted 01/03/2023 Prime Minister Rishi Sunak has signed an agreement with European Commission president Ursula Von Der Leyen to introduce the Windsor Framework, subject to parliamentary approval, which will replace the Northern Ireland Protocol. The framework will remove some of the barriers to trade, including free access to trade medicines, plants and some foodstuffs, including…Read More
Posted 13/02/2023 The Bank of England Monetary Policy Committee announced on 2 February 2023 that it would increase the Bank of England base rate to 4% from 3.5%. HMRC interest rates are linked to the Bank of England base rate. As a consequence of the change in the base rate, HMRC interest rates for late payment and repayment…Read More
Posted 30/01/2023 The deadlines for paying your personal tax bill are: Make sure you pay HM Revenue and Customs (HMRC) by the deadline. You will be charged interest and may have to pay a penalty if your payment is late. The time you need to allow depends on how you pay. See the following link for…Read More
Posted 21/12/2022 The government has delayed the introduction of Making Tax Digital (MTD) for income tax for landlords and self employed by two years until 2026 and raised the threshold In a major change to the reporting requirements, the threshold will be raised to £50,000 from the original plan to make the rules compulsory for…Read More
Posted 13/12/2022 For the last couple of years during the Covid-19 pandemic many businesses put on “virtual” Christmas parties for their employees and HMRC agreed that would be acceptable and that the exemption from tax would continue to apply. There continues to be no taxable benefit for employees for virtual or in person Christmas parties,…Read More
Posted 12/12/2022 This is a timely reminder that employers may make small tax-free gifts to employees and directors if all of the following conditions apply: This is known as the ‘trivial benefit’ exemption. Employers do not need to pay tax or National Insurance or let HMRC know, however, they need to keep a record of…Read More
Posted 21st November 2022 For VAT periods starting on or after 1 January 2023, HMRC is replacing the default surcharge with separate penalties for late returns and late payment of VAT. At the same time, HMRC is introducing a new approach to charging interest on late-paid VAT. The new points-based system for late submissions is designed…Read More
Posted 18/11/2022 Following the Autumn Statement 2022 presented by the Chancellor, the main areas covered were: FREEZING INCOME TAX BANDS It had already been announced that the income tax personal allowance (£12,570) and higher (40%) rate threshold (£50,270*) would be frozen until 5 April 2026, instead of increasing each year in line with inflation. The…Read More
Posted 17/11/2022 The Chancellor has delivered the Autumn Statement. The main announcements: For further updates, please follow us at: Linked In https://www.linkedin.com/company/accountants-congleton-cheshire Twitter https://twitter.com/Hammond_McNulty
Posted 14/11/2022 The Bank of England Monetary Policy Committee voted on 3 November 2022 to increase the Bank of England base rate to 3% from 2.25%. HMRC interest rates are linked to the Bank of England base rate. As a consequence of the change in the base rate, HMRC interest rates for late payment and…Read More
Posted 11th November 2022 If you are being paid through an Umbrella Company, you may wish to find out how & what you will be paid. Also, you may wish to check that the amounts deducted from your pay are correct & also what your rights are when working through an Umbrella Company. HMRC have…Read More
Posted 01/11/2022 New Prime Minister and cabinet – tough decisions ahead! Last week, a new period of this government began for us all, again! We have a new Prime Minister, Rishi Sunak and a new cabinet facing the toughest economic conditions in decades. So what actions can we expect from the government in the next…Read More
Posted 31 October 2022 The UK Government have updated their Energy Bills Support Factsheet and has set out action to support people and businesses with their energy bills and tackle the root causes of the issues in the UK energy market through increased supply. Contents include: Support for households Support for businesses & non-domestic properties…Read More
Posted 18/10/2022 Over the last few days, we have seen a gradual dismantling of the mini-budget of Friday 23 September 2022, along with the economic policies that Prime Minister Liz Truss based her leadership campaign on. On Friday 14th October, Ms Truss announced a change of Chancellor, from Kwasi Kwarteng to Jeremy Hunt. This was…Read More
Posted 3/10/2022 Facing huge criticism and market turbulence following his announcement of a series of “growth” measures, Chancellor Kwasi Kwarteng has backtracked on his decision to abolish the 45p rate of income tax paid by people earning more than £150,000 a year. For the income tax rates published but the Government, please see https://www.gov.uk/income-tax-rates For…Read More
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