| VAT penalty notices |
| Two new VAT penalty regimes came into effect for VAT periods beginning on and after 1 January 2023, for late filing of VAT returns and for late payment. Read More... |
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| Planning for retirement |
| On 6 April 2023, the pensions annual allowance increased from £40,000 to £60,000, and the pensions lifetime allowance was effectively abolished. You can now contribute far more to your pension funds each year, and so can your employer. Any unused annual a Read More... |
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| Payroll settlement agreements (PSA) |
| A payroll settlement agreement (PSA) is used by employers to declare and pay the tax and NIC due on benefits that they don't want the employee to be taxed on. These may be one-off benefits paid on an irregular basis, such as the use of a company flat for Read More... |
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| Payroll hygiene |
| It is very irritating when HMRC accuses you of owing more PAYE than is actually due. This can happen when the HMRC computer has recorded a duplicate employment for an employee, without ceasing the previous employment. For example, William Smith is employe Read More... |
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| May Questions and Answers |
| Q. The payroll for my business has increased during 2022/23, so the employer's NIC bill topped £100,000 for the first time. Does this mean I can't claim the Employer's Allowance for 2023/24? Is there anything I can net off against the NIC liability to bri Read More... |
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| May key tax dates |
| 1 - Where the taxpayer has not submitted their 2021/22 self-assessment tax return by midnight the following penalties apply:
for online filing - £10 daily penalties
for filing on paper - the greater of £300 or 5% of the tax showing on the return.
Read More... |
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