NOTICE FOR TAXPAYERS
One in five taxpayers will pay 40% tax by 2027 – will reach 7.8m, nearly four times higher than during the 1990s when only wealthiest earners were caught by higher rates of #tax – reducing earning potential
One in five taxpayers will pay 40% tax by 2027 – will reach 7.8m, nearly four times higher than during the 1990s when only wealthiest earners were caught by higher rates of #tax – reducing earning potential
Company failures fall 31% in April – The number of company insolvencies decreased by 31.8% in April 2023 to a total of 1,685 compared to March’s total of 2,471
Use of AI will free up time for advisory work as 45% of accountants plan to invest in AI – ‘makes routine, repetitive tasks that provide little in the way of personal development opportunities more efficient
HMRC staff strike at two sites in Newcastle and East Kilbride – 18 days strikes at call centres affecting employer helpline, construction industry scheme (CIS), student loans unit, PAYE registrations and sick pay. Next strikes 15-19 May
Bank of England raises interest rate to 4.5% – warns that inflation will take longer to fall with it unlikely to go below 5.1% until 2024
HMRC pauses MTD for income tax pilot as programme delayed until 2026 – only 115 taxpayers signed up to first trial shows FOI Now digital reporting delayed until 2026, HMRC will review most effective way to run a future trial
Businesses turn to short-term staff amid economic uncertainty – UK businesses are shifting to temporary workers amid lingering economic uncertainty and rising costs, shows the latest KPMG and REC jobs report
HMRC sitting on £11.9bn in overpaid corporation #tax for 2022-23 – HMRC will not automatically refund corporation tax and businesses must reclaim any overpayment themselves
The personal allowance is set at £12,570 for 2023/24. Both the personal allowance and the basic rate limit have been fixed in value from 2021/22. The higher rate threshold – the point at which individuals become liable to pay tax at the higher rate – remains unchanged at £50,270 for 2023/24
Dear Client Government on 3 March 2021 has announced that it is extending its support package for self employed who have been affected by Coronavirus. This is by way of offering the fourth round of grants to self employed under Coronavirus Self-employment Income Support Scheme (SEISS) . We have extracted details of this extension from…
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