Thousands file tax returns on Christmas Day
More than 22,000 taxpayers went online over Christmas Eve, Christmas Day and Boxing Day to complete their Self-Assessment tax return.
Corporation Tax rise axed as Chancellor aims for growth
Chancellor Kwasi Kwarteng’s mini-Budget has scrapped a planned rise in Corporation Tax as part of a wide-ranging raft of tax-cutting measures announced last week.
Have you renewed your tax credits?
According to HMRC, 323,700 customers are yet to renew their tax credits, with just one month left to do so.
Tax credits offer targeted financial aid to working families, so to ensure you receive what you are eligible for, it is crucial that you renew before the deadline of 31 July.
Failure to do so by this date will result in your payments coming to a halt.
How do you renew?
Tax credits can be renewed for free via GOV.UK by searching ‘tax credits’, or via the HMRC app.
Renewing online is a fast, simple process. By logging into GOV.UK, you can check on the status of your renewal, see that it is being processed, and know when to expect a response from HMRC.
The other option to consider is downloading the HMRC app on your smartphone. Through the app, it is possible to:
- Renew your tax credits
- Make changes to your claim
- Check your tax credits payments schedule
- Find out how much you have earned for the year.
To help, HMRC has provided a video to explain how tax credits customers can use the HMRC app to view, manage and update their information.
Have your circumstances changed?
If there is a change in your circumstances that could affect your tax credits claims, these changes must be reported to HMRC.
Circumstances that could affect tax credits payments include changes to:
- Living arrangements
- Childcare
- Working hours
- Income (increase or decrease).
It is also important to remember that tax credits will be replaced by Universal Credit by the end of 2024.
If you move from tax credits to Universal Credit, you could be at a financial advantage. To check this, you can use an independent benefits calculator.
For help and advice with related personal tax matters, please get in touch with our team today.
Steep price rise warning as hospitality businesses yet to receive Omicron funding
The hard-pressed hospitality industry is facing some difficult choices after the temporary cut in VAT to 12.5 per cent reverted to the full 20 per cent. It will result in double-digit price increases for consumers as operators struggle to survive, leading industry body UKHospitality says.
Tax planning for 2022 – what you need to know
No one wants to pay more tax than they are required to and yet every year hundreds of thousands of taxpayers miss out on opportunities to reduce their tax bill.
Getting the data right is key to growth in hospitality
Hopes that the temporary VAT cut for hospitality would be extended were dashed in Chancellor Rishi Sunak’s Spring Statement this week.
How would an Online Sales Tax affect your business?
The UK Government is set to assess whether to introduce an Online Sales Tax (OST) as a solution to the tax imbalance in the retail sector.
Late filing penalties waived for one month to give taxpayers more time to prepare 2020/21 tax return
Late filing and late payment penalties will be waived for one month to give taxpayers more time to prepare their 2020 to 2021 Self Assessment tax return, it has been announced.