There have been many Covid-19 support schemes, administered by HMRC, for example:
– Eat Out to Help Out payments
– The Self-Employment Income Support Scheme (SEISS)
– Test and trace or self-isolation payments (in England, Scotland and Wales)
– Coronavirus Business Support Grants
– The Coronavirus Statutory Sick Pay Rebate scheme, not forgetting
– The Coronavirus Job Retention Scheme (CJRS)
Professionals rely on HMRC’s guidance and support, as these are also amongst the payments and grants that need to be
reported on the company tax return…
We have all had to call HMRC’s helplines at one time or another.
Although HMRC are moving to a ‘digital by default’ regime, sometimes there is the need to talk to a real person rather than trawl HMRC’s guidance or talk to an automated
chat facility or HMRC app.
It is useful to have an indication of the expected wait times, something that does exist on the PAYE Helpline (0300 200 3401) which can answer general queries about making payments.
The expected wait times are based on…
The National Insurance Number (NINO) is, perhaps, the most important number an individual will ever be allocated as it is used by many organisations for many different purposes.
It is extremely important that NI history is recorded against the NINO for entitlement to some State benefits, particularly State Pension
When it comes to payroll processing, the NINO is a vital piece of ‘matching data’ for HMRC.
Essentially, this unique number is used to match an employee in payroll software to an individual on HMRC’s system.
Where there is a…
In July 2019, the UK Government’s‘
Good Work Plan: Proposals to support families’ looked at 3 areas:
Statutory Neonatal Leave and Pay
This was outlined in the Conservative Party Manifesto of 2019
with the commitment ‘We will legislate to allow parents to take extended leave for neonatal care’.
Via a Private Member’s Bill from Stuart C McDonald of the Scottish National Party (SNP), the Neonatal Care (Leave and Pay) Act 2023
does legislate for this to happen, possibly from April 2025.
Work-Life Balances and Flexible Working
The first part was…
Agents tell us that getting a response from HMRC can be time-consuming. Indeed, this was expressed to the Chancellor of the Exchequer in a
from several accountancy bodies who, collectively, represent thousands of accountants. HMRC service levels result in frustration, not least cash-flow disruption.
The letter sought to raise the issue ahead of the Spring Budget 2023, indicating that this presented an opportunity to ‘invest in HMRC, with a focus on improving customer service and effectiveness’.
In May 2023, well after the Spring Budget, Victoria Atkins, Financial…
The marriage allowance is £1,260 of the personal allowance which is available for transfer between spouses or civil partners. But this amount can only be transferred where the recipient is taxed at the basic rate (20%) or less (starter, basic or intermediate rates for Scottish-resident taxpayers).
The marriage allowance is given as a tax reducer in the hands of the recipient at 20%, so it worth £252 per year (£1,260 x 20%). This value is fixed until at least 6 April 2028, as the personal allowance has been frozen…
The Pandora Papers consists of 11.9 million leaked documents from 14 offshore financial service companies. This information was gradually released by the International Consortium of Investigative Journalists from October 2021 onwards.
HMRC has been reviewing this data and is now writing to around 600 people named in those papers. This is only the first tranche of the total number of taxpayers who HMRC will contact as a result of this information coming to light.
The HMRC letter asks the taxpayer to review their disclosure of offshore income or gains on…
In April 2023, we gave you the good news that the government had extended the deadline for paying voluntary national insurance contributions (NIC) to fill gaps in an NIC record which arose in the years 2006/2007 to 2016/17, from 5 April 2023 to 31 July 2023. Now that later deadline is fast approaching the government has extended the payment period once more to 5 April 2025.
Voluntary NIC is usually paid as class 3 NIC, but where the taxpayer is self-employed or lives and works abroad, class 2 NIC…
But what happens if the company makes a large profit (capital gain) on selling an asset in the accounting period that straddles 1 April 2023?
The corporation tax rules require the portions of the accounting year which fall in the two financial years: FY22 (commencing 1 April 2022) and FY23 (from 1 April 2023) to be treated as separate accounting periods.
The profits of the whole accounting year, including any capital gains, need to be apportioned between those periods falling in FY22 and in FY23.
The thresholds at which…
Petrol and diesel pump prices are high, but the tax-free mileage rates (see table) payable to employees who use their own vehicles on business haven’t been adjusted for over a decade.
||First 10,000 miles per year
||Above 10,000 miles per year
|Cars and vans