Blog (Archive) Merseyside : MJF Accountancy

April 2024

Relief at HMRC's reversal of helpline closures
Jeremy Hunt cuts NICs again in the Spring Budget
Business groups say challenges remain despite encouraging Budget
New HMRC R&D tax relief guidance 'could be clearer', says ICAEW
Bank holds interest rates as inflation and economy show improvement
HMRC's services having a negative impact on SME productivity
New measures aim to 'break the spell' of fraudsters
The National Minimum Wage is the single most successful economic policy in a generation, says think tank

March 2024

HMRC publishes guidance on MTD for ITSA for sole traders and landlords
Over one million miss self assessment deadline
HMRC warns self assessment taxpayers as scam referrals rise
Double-cab pickups go back to being vans as guidance reversed
Pensions income needed to retire rises
More than 500 firms named and shamed for underpaying staff
Latest guidance for employers
Advisory fuel rates for company cars

February 2024

Government borrowing falls as Chancellor hints at tax cuts in Spring Budget
Tax cuts may have to be scrapped due to 'economic bind', warns IFS
HMRC sends warning to cryptoasset users
Raise VAT threshold to £100,000, says FSB
Clarity on new border checks is vital, says BCC
Artificial Intelligence will affect jobs and worsen inequality, says IMF
Over 50s bucking decline in freelance numbers
Only a third of UK adults confident with self assessment

January 2024

Spring Budget 2024 date confirmed for 6 March
UK at risk of recession after economy shrinks
HMRC updates off payroll compliance guidance
Countdown for 5.7 million to file their 2022/23 self assessment tax return
Red tape, rising costs and regulation 'holding back exports'
Businesses say hybrid working is here to stay
Latest guidance for employers

December 2023

Chancellor makes Full Expensing permanent in Autumn Statement
National Insurance changes 'ease burden on strivers'
Autumn Statement cuts won't stop tax revenues rising to highest ever levels
HMRC is 'Making Tax Difficult' with MTD programme
Government agrees to crack down on crypto tax evasion
Real Living Wage to increase by 10%
Rate of inflation falls as interest rates held
Advisory fuel rates for company cars

November 2023

Chancellor must use Autumn Statement to cement commitment to small firms
Inflation rate holds steady as UK economy grows
UK set for biggest tax rise in at least 50 years
Scams warning issued to 12 million self assessment taxpayers
Online platforms should sign up to Prompt Payment Code
Hybrid and remote working here to stay
Many firms still facing recruitment problems
Latest guidance for employers

October 2023

Firms looking to Autumn Statement for help with rising operating costs
Interest rates held as inflation falls
National Living Wage to rise from April 2024
SMEs 'struggling to access finance'
Government slow to recover over £1 billion Covid grant fraud
HMRC urges nearly 430,000 young people to claim Child Trust Fund cash
Less than 1% of small firms receiving net zero help
Number of cash transactions rises for first time in a decade

September 2023

Inflation falls
UK set for five years of lost economic growth, warns think tank
Over a third of households across England will pay higher energy bills this winter
HMRC should increase rewards for whistleblowers, says law firm
Another million savers to be hit with tax on interest
Government launches Business Climate Hub
Latest guidance for employers
Advisory fuel rates for company cars

August 2023

UK inflation falls as economy shrinks in May
Bank of England raises UK interest rates
HMRC increases late payment interest rate
CMA scheme will force retailers to publish live fuel prices
Almost a million Child Trust Funds still unclaimed
South Yorkshire named as first UK Investment Zone
Tax down on pints but up on wines and spirits in Alcohol Duty overhaul
HMRC gives £1.8 million a year to charities to help excluded taxpayers

July 2023

HMRC extends deadline for voluntary NICs
HMRC closes self assessment helpline for three months
MTD expected to cost £1 billion more than originally forecast
UK inflation stays at 8.7%
Bank of England raises UK base interest rate
More than 200 companies named and shamed for minimum wage breaches
Post-Brexit trade plan must be replaced, says think tank
Industrial strategy required to 'focus on innovation', says IoD

June 2023

UK rate of inflation fell sharply in April
Don't miss out on a tax refund for work expenses, HMRC urges
Number of early self assessment filers doubles in five years
HMRC increases late payment interest rate
'Fresh thinking' needed in regard to MTD for ITSA
One in five workers will be higher rate taxpayers by 2027, says IFS
Energy suppliers urged to renegotiate fixed contracts for small businesses
Advisory fuel rates for company cars

May 2023

Online VAT filing portal to close in May
UK inflation falls to 10.1% in March
Tax threshold freeze trebles to £25 billion
PAC criticises government for billions lost to error and fraud
No sign of hiring difficulties easing, says BCC
£177.6 million lost to impersonation scams in 2022
Workers must be protected from decisions made by AI, TUC says
Latest guidance for employers

April 2023

Capital allowances reformed in 'Budget for growth'
Business groups welcome Spring Budget
HMRC issues guidance on abolition of pensions lifetime allowance
Bank of England raises UK interest rates
HMRC late payment interest rate
Taxpayers given more time for voluntary national insurance contributions
Two freeports confirmed for Wales
Small businesses at risk as energy costs rise

March 2023

HMRC sounds warning on new VAT penalties
Spring Budget must ease cost pressures on businesses, says BCC
Inflation remains close to 40-year high
UK economy narrowly avoided recession last year
Record 11.7 million tax returns received on time
'Digital pound' likely to launch this decade, says Treasury
HMRC urges eligible couples to claim Marriage Allowance
Advisory fuel rates for company cars

February 2023

Energy bill support for firms to be reduced from April
Bank of England raises interest rates to highest level in 14 years
Government launches consultation on R&D relief
Fewer firms investing in training despite skills shortage
UK business confidence plummets to 13 year low
Small firms 'facing challenges when applying for financing'
BCC warns SME exporters 'under tightening pressure'
Pensioners outnumber young people for filing self assessment tax returns

January 2023

MTD for ITSA delayed for two more years
Tax non-compliance during pandemic
Government extends mortgage guarantee scheme
Chancellor announces Spring Budget date
Bank of England raises base rate
Brexit deal not delivering for businesses
Plymouth and South Devon freeport gets go ahead
Chancellor launches financial sector reforms

December 2022

Tax burden rises following Autumn Statement
CBI praises Chancellor for 'delivering stability' in Autumn Statement
IFS warns of fall in household incomes
OECD warns UK on course for biggest economic downturn
Auto-enrolment has helped workers save £114 billion into pensions
UK businesses anticipate growth in exports
Digital Services Tax has raised £358 million
Advisory fuel rates for company cars

November 2022

Government pushes back economic statement
New PM must restore confidence, say business groups
Inflation returns to 40-year high
FCA warns that eight million are struggling to keep up with bills
IoD survey finds UK businesses anticipate growth in exports
Self assessment clock ticks down to under 100 days
Latest guidance for employers
British Business Bank lending now exceeds £12 billion

October 2022

Government abandons plan to scrap 45p top rate of income tax
Chancellor outlines growth measures at Mini Budget
IMF criticises government over tax plans
Government caps business energy bills
VAT businesses must be ready for Making Tax Digital filing by November
SMEs facing recruitment struggles
HMRC raises late payment interest from 11 October
Action Fraud warns scammers are exploiting cost-of-living crisis

September 2022

HMRC releases more details MTD for Income Tax
Ofgem raises energy price cap
Treasury Committee warns government against 'flying blind' with Emergency Budget
Experts warn inflation could keep rising in 2023
Energy firms call for windfall tax to be scrapped by 2025
TUC urges government to raise NMW
Report finds decline in the use of cash is easing
Advisory fuel rates for company cars

August 2022

Recovery Loan Scheme to be relaunched
National insurance threshold rises
IMF warns UK is set for slowest rate of growth of G7 countries
Reform required to combat staff shortages, says BCC
IoD calls for extension of capital allowances super-deduction
Insurer warns of rise in fraudulent claims amid cost-of-living crisis
New finance legislation aims to unlock investments
Pandemic-born businesses could add £20.4 billion to UK economy

July 2022

MTD for income tax pilot extended
HMRC criticised over IR35 implementation
Inflation hits 40-year high
Bank of England raises UK interest rates to 13-year high
NICs increase has immediate impact on businesses
Manufacturers call for support package
Latest guidance for employers
New homeowners warned over tax refund claims

June 2022

Chancellor announces windfall tax on energy firms
Energy price cap set to rise to £2,800 in October
Inflation hits 40-year high
Almost 66,500 filed self assessment returns on 6 April
New law to protect access to cash announced in Queen's Speech
HMRC issues £14 million in penalties for minimum wage offences
Advisory fuel rates for company cars
Number of firms in critical financial distress rises sharply

May 2022

HMRC starts chasing up SEISS overpayments
UK government unveils energy strategy
Treasury announces it will regulate some forms of cryptocurrency
HMRC names avoidance scheme promoters for first time
New HMRC one-stop online shop provides taxpayers with tax relief information
Export growth is 'stagnant', BCC finds
Latest guidance for employers
Government inaction on long COVID could cost billions

April 2022

Chancellor cuts fuel duty in Spring Statement
Business groups give mixed response to Spring Statement
OBR updates economic picture
MTD for VAT brings in up to an extra £195 million in tax
Bank of England raises interest rates for third time in a row
UK economic growth to halve this year, warns BCC
Student loan repayments for new borrowers to start at £25,000
CMA frees leaseholders from rising ground rents

March 2022

Spring Statement 2022
Spring Statement is the time to act, says CBI
Coronavirus SSP Rebate Scheme set to close on 17 March
Businesses urged to apply for remaining COVID-19 support grants
Two freeports planned for Scotland
HMRC raises late payment interest rate
MPs call for road pricing to replace motoring taxes
Over a million take advantage of extra time to file self assessment returns
Advisory fuel rates for company cars

February 2022

COVID-19 support grants paid to companies must be included on company tax returns
Government scheme gives discounts of up to £5,000 on accounting software
Claims portal reopens for Statutory Sick Pay Rebate Scheme
Consumer group urges taxpayers to avoid using refund firms to claim tax rebates
National insurance rise 'set to squeeze budgets', warns CBI
No 'convincing case' for digital UK currency, says House of Lords committee
Scam HMRC call reports drop by 97%
BCC calls for 'urgent action' to improve UK-EU trade

January 2022

Chancellor announces £1 billion fund for businesses
Self assessment taxpayers must declare COVID grants on tax returns
HMRC waives self assessment penalties for one month to ease COVID-19 pressures
Scottish Budget 2022
Welsh government delivers Budget
FCA to introduce new consumer duty
HMRC latest guidance for employers
Over 440,000 small firms at risk due to late payment crisis

December 2021

HMRC's tax take falls by billions due to pandemic
Government sets out tax details on TAM Day
Three-day wait for Statutory Sick Pay to return next year
HMRC issues warning on self assessment scams
New law introduced to help protect pension savers from scammers
Services sector continues to recover despite rising costs
Advisory fuel rates for company cars
Costs 'weighing on businesses' sustainability intentions', FSB finds

November 2021

Chancellor delivers Budget to lay foundation for a strong economy
Business groups give mixed response to Budget
IFS predicts millions to be worse off next year due to tax rises
Payment period on residential CGT is doubled
FSB warns tax rises threaten recovery from pandemic
Applications now open for freeports
Pensions experts say a minimum of £10,900 a year needed to retire
Heat pump grants worth £5,000 will help replace gas boilers

October 2021

Making Tax Digital for Income Tax Self Assessment delayed for a year
National Insurance and dividend tax rises announced for social care reform
Chancellor to deliver Autumn 2021 Budget on 27 October
Chancellor warned of redundancies as furlough scheme ends
COVID-19 sick pay rebate scheme closed in September
£800 million Reinsurance Scheme opens for live events
Government announces plans to make requesting flexible working a day one right
British Business Bank provided £80.5 billion of COVID-19 support

September 2021

HMRC outlines changes to late payment penalty regime
Digital marketplaces to report sellers' incomes from 2023
CIOT warns over stamp duty refund claims
Contactless limit to increase to £100
HMRC urges taxpayers to stay alert to digital scams
BCC calls for government to extend skills training
Advisory fuel rates for company cars
Employers 'named and shamed' for paying less than minimum wage

August 2021

Consultation launched on self-employed basis period reform
The government has published draft Finance Bill clauses
Claiming the fifth self-employed Income Support Scheme (SEISS) grant
ICAEW urges HMRC to scrap exemptions to simplify VAT rules
HMRC updates Salary Sacrifice guidance
Data reveals 1.9 million workers remain on furlough
Pension scams average losses now over £50,000
Increase in public trust in charities

July 2021

Furlough scheme starts to wind down
Apprenticeship cash boost
Property tax changes
HMRC launches 13,000 investigations into COVID-19 support schemes
Schemes create one stop shop for VAT on EU trade
Over 280,000 families now using Tax-Free Childcare
440,000 tax credit claimants still to renew their claims
800,000 claim tax relief for working from home

June 2021

Fifth SEISS grant will be open to claims from late July
HMRC's VAT Deferral New Payment Scheme to close this month
NIC reliefs set for Freeports
Government confirms start date for Plastic Packaging Tax
Effectiveness of OTS set to be reviewed by Treasury
Trade credit insurance scheme to close
Advisory fuel rates for company cars
Forms P11D - reporting employee benefits

May 2021

Fourth self-employed grant now open for online applications
Recovery Loan Scheme opens to businesses
Recent changes to IR35 'undermine the self-employed' says IPSE
CBI calls for extension of Kickstart Scheme as jobs market remains subdued
New 95% mortgage scheme launched
New claims required for home working tax relief
HMRC sets out penalty regime for SEISS abuse
Pension fraud increased to £1.8 million in first quarter of 2021

April 2021

Business rates relief extended with £1.5 billion fund
Consultations launched on UK's first Tax Day
Government publishes details of Finance Bill 2021
£20 million SME Brexit Support Fund opens for applications
HMRC publishes details of final grants for self-employed
National Minimum and Living wages increases
UK cuts electric vehicle grants by £500
ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax

March 2021

Sunak set out Budget to protect businesses
Business groups welcome Budget
Late payment penalties for Self Assessment waived until 1 April
Online service opens for VAT deferral scheme
HMRC clarifies off-payroll rules
Domestic VAT reverse charge comes into effect on 1 March
Borrowers of Bounce Back loans given six more months for repayments
Advisory fuel rates for company cars
Spring Budget 2021

February 2021

10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns
Rogue employers named and shamed for failing to pay employees the minimum wage
Scottish Budget Income Tax
Scottish Land and Buildings Transaction Tax
Bonus of £1,000 to help businesses take on trainees
LITRG calls for a rise in the High Income Child Benefit Charge threshold
Government urged by CBI to act on COVID business support ahead of Budget
Supreme Court backs small firms on business interruption claims

January 2021

Finance Secretary for Scotland outlines spending plans in 2021/22 Scottish Budget
Chancellor announces £4.6 billion lockdown grant package
Extension of the Job Retention Scheme
VAT deferral
New action to disrupt promoters of tax avoidance schemes
Self assessment deadline approaching
Institute of Directors warns Capital Gains Tax rise would adversely affect entrepreneurs
Individuals urged to remain vigilant when making festive charitable donations
Self-Employment Income Support Scheme

December 2020

Get prepared for the end of the Brexit transitional period
Virtual Christmas parties will qualify for tax exemption
Gifts to employees can be tax-free
Minimum Wage Increases from April 2021
Advisory fuel rates for company cars
Self assessment taxpayers warned to watch out for scammers posing as HMRC
HMRC confirms MTD for corporation tax to be mandated from 2026
£1 million Annual Investment Allowance cap extended

November 2020

Furlough scheme extended
Increased support made available for the self employed
Chancellor approves grants for businesses closed by lockdown
Self assessment customers to benefit from enhanced payment plans
Taxpayers claim tax relief for working from home
Brexit imports and exports
ATT issues last call for firms seeking to use increased Annual Investment Allowance
Latest guidance for employers

October 2020

Job Support Scheme
Winter Economy Plan support for the self-employed
VAT deferral and enhanced Time to Pay for self assessment
Changes to the Bounce Back Loan and Coronavirus Business Interruption Loan Schemes
The VAT reverse charge
Ministers announce new grants for businesses affected by local lockdowns
New trade arrangements with the EU from 1 January 2021
House sales rise following the introduction of stamp duty holiday

September 2020

Kickstart Scheme opens for applications
Self Employment Income Support Scheme Grants
Plastic bag tax charge to be doubled and extended to all retailers
More than £30 million lost to pension scams
Advisory fuel rates for company cars
Eat Out to Help Out - over 64 million meals
Self assessment deadlines
HMRC latest guidance for employers

August 2020

HMRC outlines Job Retention Bonus criteria
Treasury sets out next steps for Making Tax Digital
Government announces review of business rates scheme
Eat Out to Help Out now up and running
Scottish government cuts LBTT to help home buyers
Wales reduces LTT rate
Chancellor asks OTS to review capital gains tax
Overclaimed COVID grants

July 2020

Chancellor unveils three-point plan for jobs
Stamp duty temporarily reduced
Flexible furloughing starts on job retention scheme
Government expands aid for start-ups and innovators
Bank of England increases stimulus package for UK economy
FCA confirms further support for consumer credit customers
Private sector off-payroll reforms given go ahead for April 2021
Late payment crisis has worsened during coronavirus lockdown

June 2020

Chancellor announces changes to Job Retention Scheme
COVID-19: delay to VAT reverse charge on construction services
Loan size increased to £200 million under large business interruption scheme
Future Fund launches to give start-ups coronavirus support
Coronavirus Statutory Sick Pay Rebate Scheme goes live
Changes to insolvency and company law going through Parliament
UK sets out post-Brexit tariff regime
MPs open inquiry into £155 billion of tax reliefs

May 2020

Government launches small business micro loan scheme
Lenders relax evidence requirements for business interruption loan scheme applications
Job Retention Scheme goes live
HMRC releases guidance for self-employed scheme
Government launches support finding tool for business
OBR predicts UK economy will shrink by over a third
Government borrowing could rise to £300 billion
HMRC extends late reporting deadline for CGT

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Relief at HMRC's reversal of helpline closures

Jeremy Hunt cuts NICs again in the Spring Budget