If you are self-employed, the new tax year may be longer than you think. If you are self-employed, until 2023/24, you have normally been taxed on the profits made in the accounting year that ends…
Neglected Child Trust Funds lying unclaimed
A recent investigation into Child Trust Funds (CTFs) by the National Audit Office (NAO) has revealed that, disturbingly, nearly £400 million in matured CTFs remain unclaimed. CTFs were opened for some 6.3 million children born…
Second Tax Day brings change and consultation
The second ever Tax Administration and Maintenance Day (Tax Day) took place on 27 April, with the government publishing a range of technical proposals and consultations. The Tax Day announcements were grouped around simplification and…
Cash basis reform: potential turnover threshold changes
With basis period reform now underway, HMRC is looking at further tax simplification for sole traders and partnerships by increasing the cash basis turnover threshold. The cash basis scheme removes complexities such as accruals and…
Childcare support extended to children over nine months
The government is extending the provision of 30 hours of free childcare for 38 weeks to now include all pre-school children over the age of nine months. Phased introduction The extended childcare provision will be…
The demise of paper tax returns
More than 12 million taxpayers file self-assessment tax returns, but less than 3% do so using a paper return. Given this low demand, HMRC is reviewing the current paper filing service. HMRC stopped sending out…
Energy support boost for home-based businesses and employees
The energy price guarantee of £2,500 was extended in the March Budget for a further three months, which is welcome news for employees and any small business owners who work out of residential accommodation. The…
The Budget surprise: changes to the pension tax rules
New measures affecting pension allowances announced in the March Budget could mean your retirement planning strategy needs to be reviewed. If Jeremy Hunt did produce a ‘rabbit-out-the-hat’ in his Spring Budget, it was the announcement…
Winding-up petitions on the rise in HMRC squeeze
With HMRC under pressure to collect more tax owed, it is moving away from the tolerance shown during the pandemic and back towards a normal level of debt enforcement activity. As a result, the number…
New points-based penalties for late VAT returns
A new points-based penalty applies to late VAT returns for VAT periods beginning on or after 1 January 2023. The first monthly return to be affected was the one due by 7 March 2023, with…