tax Archives - WRLO Accountants

HMRC launches new online help for compliance checks

WRLO Accountants — Fri, 09 May 2025 07:48:29 +0000

HMRC has launched a new online interactive tool to help guide both businesses and individuals through tax compliance checks. The Interactive Compliance Guidance tool available on GOV.UK provides information to help customers understand: · HMRC compliance checks. · Why HMRC has requested specific information or documents. · How to request extra support due to health or personal circumstances. · How to appoint someone to act on your behalf. · What to do if you disagree with a decision made by HMRC. · How to pay a tax assessment or penalty. The new tool brings together existing compliance guidance and videos in one place, making it easier to find and navigate the appropriate information, HMRC says. Joanne Walker, Low Incomes Tax Reform Group (LITRG) Technical Officer and Customer Experience Advisory Group (CEAG) member, said: ‘When unrepresented customers have a tax compliance problem, it can be difficult for them to find the help they need. ‘This new interactive tool from HMRC makes compliance guidance readily accessible in one place, and easier for people to find the information that […]

The post HMRC launches new online help for compliance checks appeared first on WRLO Accountants.

Under 100 days to go until self assessment deadline

WRLO Accountants — Fri, 08 Nov 2024 19:04:24 +0000

HMRC has warned taxpayers that the countdown to the self assessment deadline is now underway, with less than 100 days to go. Self assessment taxpayers must file and pay their self assessment tax return before the 31 January 2025 deadline. The tax authority says more than 12 million people need to file a tax return for the 2023/24 tax year and pay any tax owed by the deadline. Over 3.5 million taxpayers have already beaten the clock and submitted their returns, it adds. HMRC is reminding others that starting their self assessment early means they are more likely to complete an accurate tax return, avoid any last-minute panic plus they will know what they owe sooner and can budget. Myrtle Lloyd, HMRC’s Director General for Customer Services, said: ‘The countdown to the self assessment deadline has begun but there is still time to thoroughly prepare and file an accurate tax return by 31 January. You can access online help and support to help you file.’ Internet link: HMRC press release

The post Under 100 days to go until self assessment deadline appeared first on WRLO Accountants.

Employer NICs rise may have unforeseen consequences

WRLO Accountants — Fri, 08 Nov 2024 10:57:03 +0000

The extra costs of the increase in employers’ NICs could cause businesses to respond in ways the government did not intend, the Chartered Institute of Taxation (CIOT) has warned. At the Autumn Budget, Chancellor Rachel Reeves announced an increase to the rate of employer NICs by 1.2 percentage points, to 15% from 6 April 2025. The CIOT says that the increase extends the differential in the burden of tax and NICs borne by those in employment compared to those engaged as self-employed. The higher employers’ NICs goes, the greater the likelihood employers may seek ways to mitigate or absorb the burden, which could include potential alternative arrangements to taking on people as employees, adds the CIOT. Alternatives could include outsourcing or offshoring services and reducing the numbers of employees. Eleanor Meredith, Chair of CIOT’s Employment Taxes Committee, said: ‘While employers must pay employer NICs on their employees’ earnings, no employer NICs is due where someone is genuinely self-employed. ‘We are concerned that the increase in employers’ NICs could lead to an increase in ‘false self-employment’, where businesses trying to save money turn to arrangements where the worker is not directly employed by them, without necessarily appreciating the rules and risks […]

The post Employer NICs rise may have unforeseen consequences appeared first on WRLO Accountants.