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Blog: HMRC

MTD expected to cost £1 billion more than originally forecast

A report published by the National Audit Office (NAO) has found that HMRC’s Making Tax Digital (MTD) initiative is expected to cost around £1 billion more than its initial £226 million budget, which was forecast in 2016. MTD is intended to modernise the tax system for income tax self assessment, VAT and corporation tax.  It

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HM Revenue & Customs

HMRC close self assessment helpline for three months

A trial to redirect Self Assessment queries from the helpline to HMRC’s digital services will run between 12 June and 4 September 2023. HM Revenue and Customs (HMRC) will pilot a new seasonal model for the Self Assessment (SA) helpline, to prioritise helping those with urgent queries. For 3 months from 12 June 2023, HMRC will

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HM Revenue & Customs

HMRC extends deadline for voluntary NICs

Taxpayers now have until 5 April 2025 to fill gaps in their National Insurance record from April 2006 that may increase their State Pension – an extension of nearly 2 years – the government announced. Extending the voluntary National Insurance contributions deadline until 2025 means that people have more time to properly consider whether paying

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TAXMAN’S ‘NUDGE LETTERS’ PUTTING FOCUS ON OVERSEAS ASSETS AND INCOME

By Chris Moir, Associate Director and Head of Personal Tax at RMT Accountants & Business Advisors Ltd Along with root canal work and motorway blowouts, getting a nudge from the taxman is something that most of us will be hoping to avoid. But for anyone with overseas assets, the likelihood of a nudge coming your

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I can’t pay my tax bill – what should I do?

With fluctuating incomes and the costs of living hitting businesses and individuals alike, people who have never previously had any issue with paying tax bills on time may have found themselves passing the 31 July payment on account deadline without being able to pay what they owe. If this is the position you find yourself

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HMRC set to modernise direct debit system for employer PAYE

HM Revenue & Customs (HMRC) has announced plans to offer a recurring direct debit to employers as part of their wider payment modernisation programme. At present, employers can only set up a direct debit to collect a single payment. The launch of this service, slated for mid-September this year, will see a change to the

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Are you prepared for changes to the income tax basis?

Unincorporated businesses, including sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April each year from 2024/25. This is a significant change to taxation, which removes the basis period rules and prevents the creation of further overlap relief in a new system known as the

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Our top tips for hiring your first employee

There has been a surge in new company formations in the last few years, as entrepreneurs develop new and exciting business ideas and bring them to market. On top of this, there are a growing number of workers with ‘side hustles’, who are quickly scaling up their operations to deal with demand from their customers

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Working from home tax relief continues, but fewer employees likely to be eligible this year

HM Revenue & Customs (HMRC) has retained its online portal for claiming working from home tax relief for the 2022/23 tax year. But, while the rules and value of the relief remain unchanged, unless there are any further lockdowns this year far fewer people are likely to be able to claim. That is because only

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