Government is using AI

July 16th, 2024

The Government Actuaries Department has declared it is using artificial intelligence to help government departments process consultation responses. In a recent news story, they said: “We are using artificial intelligence (AI) to help clients in government departments process responses to consultations. “This development helps public sector clients analyse responses which are submitted by people in […]

Remember to pay your Class 1A NIC

July 11th, 2024

Class 1A NICs for 2023-24 are payable if you have provided employees with taxable benefits for that year. You are also required to pay them on payments of more than £30,000 that you make to employees when their employment ends, for example, if they are paid termination or redundancy payments. When to pay When you […]

Beware business rates appeals deadlines

July 9th, 2024

The Valuation Office Agency (VOA) has issued the following warning to business rate payers who may have been approached by agencies with false claims about upcoming deadlines to appeal the 2023 rating lists. According to the VOA these claims are not true, and you should be wary of anyone making these claims. You are generally […]

Tax Diary July/August 2024

July 5th, 2024

1 July 2024 – Due date for corporation tax due for the year ended 30 September 2023. 6 July 2024 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2024 – Pay Class 1A NICs (by the 22 July 2024 if paid electronically). 19 […]

Filing your tax return early

July 5th, 2024

The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until later this year or even until January 2025. The 31 January 2025 is not just the final date for submission of […]

Correcting errors in VAT returns

July 5th, 2024

Where an error on a past VAT return is uncovered businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a current VAT return. To do this, the errors must be below the reporting threshold. Under the reporting threshold rule, businesses can […]

Tax relief for training costs

July 5th, 2024

If you are self-employed it is important to know if an expense is tax allowable. Any allowable costs can be used to reduce your taxable profit. As a general rule you can claim for items that you would normally use for less than 2 years as allowable expenses such as stationery and other office sundries […]

Check your State Pension forecast

July 5th, 2024

The enhanced Check Your State Pension forecast service is now available online. The service can be found on GOV.UK at the following webpage The new digital service is a joint service by HM Revenue and Customs (HMRC) and the Department for Work and Pensions (DWP). It has been enhanced to include a fully end-to-end […]

Are you eligible for tax-free childcare

July 4th, 2024

You can receive up to £500 every 3 months (up to £2,000 a year) for each of your children to help with the costs of childcare. This increases to £1,000 every 3 months if a child is disabled (up to £4,000 a year). If you receive Tax-Free Childcare, you will set up an online childcare […]

Refunds – the legal obligations

July 2nd, 2024

If a customer complains that an item you sold them is faulty, is not as described or does not do what it is supposed to do, then you must offer a refund. You do not have to make a refund if the customer: knew an item was faulty when they bought it; damaged an item […]