UK rate of inflation fell sharply in April
Posted on Tuesday, June 20th, 2023
The UK rate of inflation fell to 8.7% in April from 10.1% in March, according to the latest data from the Office of National Statistics (ONS). The fall has been attributed to energy price rises slowing from... Read Full Article...
Don’t miss out on a tax refund for work expenses, HMRC urges
Posted on Tuesday, June 20th, 2023
HMRC is reminding employed workers they can claim a refund on work-related expenses on the GOV.UK website. More than 800,000 taxpayers claimed refunds for work expenses during the 2021/22 tax year. Although the average claim was £125,... Read Full Article...
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Number of early self assessment filers doubles in five years
Posted on Tuesday, June 20th, 2023
The number of self assessment taxpayers filing their tax return on the first day of the tax year has more than doubled since 2018, HMRC has revealed. More than 77,500 customers submitted their tax return for the... Read Full Article...
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HMRC increases late payment interest rate to 7%
Posted on Tuesday, June 20th, 2023
Following the Bank of England’s latest increase in the base rate, HMRC has increased both late paid tax and the rate paid on repayments of tax. The Bank increased the base rate to 4.5% from 4.25% on... Read Full Article...
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‘Fresh thinking’ needed in regard to MTD for ITSA
Posted on Tuesday, June 20th, 2023
The Institute of Chartered Accountants in England and Wales (ICAEW) has written to HMRC regarding how Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) can be better shaped to suit the needs of small property... Read Full Article...
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One in five workers will be higher rate taxpayers by 2027, says IFS
Posted on Tuesday, June 20th, 2023
The number of people paying income tax at 40% or above will reach 7.8 million by 2027/28, according to research published by the Institute for Fiscal Studies (IFS). This represents one in five taxpayers and one in... Read Full Article...
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Energy suppliers urged to renegotiate fixed contracts for small businesses
Posted on Tuesday, June 20th, 2023
The Federation of Small Businesses (FSB) has urged energy suppliers to renegotiate fixed contracts for small firms on market-peak tariffs. Research carried out by the FSB revealed that many small businesses are trapped in contracts that mean... Read Full Article...
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Advisory fuel rates for company cars
Posted on Tuesday, June 20th, 2023
New company car advisory fuel rates have been published and took effect from 1 June 2023. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’.... Read Full Article...