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…
Pay attention to tax codes
Most directors and employees will already have been issued a tax code for the 2023/24 tax year, and it is important to check the figures as a very large proportion of codes will be incorrect.…
21st century Revenue – HMRC’s app and new texting service
HMRC’s app was launched a year ago and is gaining in popularity as it is being used to pay self-assessment tax bills. A more recent HMRC innovation is a new service for texting replies to…
Tax warnings for online sellers, influencers and content creators
HMRC’s latest wave of ‘nudge letters’ – used to prompt a response from the recipient – has been targeted at online sellers, influencers and content creators warning them that they may not have paid enough…
Company cars: not-so-free fuel
If your employer pays for the fuel in your company car, it may cost you more than you expected. As the Autumn Statement was not a Budget, detailed publications that would normally emerge as the…
High Income Child Benefit Charge: penalties and defaults
New data reveals that penalties issued by HMRC for not paying the High-Income Child Benefit Charge (HICBC), or paying the incorrect amount, have fallen significantly. However, the number of individuals still in default is estimated…
The effects of fiscal drag on your tax position
Fiscal drag is the stealthy way in which governments pull more and more taxpayers into higher tax brackets without the backlash that comes with increased tax rates. This is something taxpayers can probably live with…
Meandering thoughts on Capital gains chop in Autumn Statement
It should have come as no real surprise that the Chancellor took the axe to relief on capital gains tax (CGT) in the government’s Autumn Statement. The changes are expected to raise some £1.6 billion…
Dividends vs remuneration: the corporation tax quandary
For owner-managed companies, bonuses, dividends and remuneration will become yet more complex in the new tax year. With the corporation tax increase and dividend rates now confirmed by the Government, the dividend vs remuneration decision…