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Tax Diary May/June 2024

18/04/2024

1 May 2024 - Due date for corporation tax due for the year ended 30 July 2023. 19 May 2024 - PAYE and NIC deductions due for month ended 5 May 2024. (If you pay your tax electronically the due date is 22 May 2024). 19 May 2024 - Filing deadline for the CIS300 monthly return for the month ended 5 May 2024. 19 May 2024 - CIS tax...

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Payrolling employee expenses and benefits

18/04/2024

Employers can register on a voluntary basis (before the start of the tax year) to report and account for tax on certain benefits and expenses via the RTI system. This is known as payrolling and removes the requirement to complete a P11D for the selected benefits at the tax year end. Registration is now open to payroll your benefits from...

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Changes to Scottish Income Tax rates 2024-25

18/04/2024

A reminder of the changes to Scottish Income Tax rates for the 2024-25 tax year. It was announced as part of the Scottish Budget measures that a new tax band called the advanced rate band will apply a 45% tax rate on annual income between £75,000 and £125,140 and would come into effect from 6 April 2024. In addition, 1p was added to the...

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Taxable employment benefits from April 2026

18/04/2024

From April 2026, the government will mandate the reporting and paying of Income Tax and Class 1A National Insurance Contributions on benefits in kind via payroll software. This represents a significant change to the current system and should reduce the administrative requirements and simplify the tax system for both employers and...

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View and prove your immigration status

18/04/2024

A UK Visas and Immigration (UKVI) account can be used by eligible users to view and prove their immigration status online. This may be required to provide proof of your status to employers or higher education providers. The service can also be used to update personal details or to check what rights you have in the UK, for example the...

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Post Transaction Valuation Checks

18/04/2024

A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a capital gains tax liability or for companies to calculate corporation tax liability on chargeable gains. The request for a PTVC should be made using the CG34 form. HMRC’s guidance says the form must be completed and sent to the address on...

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Class 4 NICs who is liable?

18/04/2024

Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their profits are £12,570 or more a year. Class 4 NIC rates for the tax year 2024-25 are 6% (2023-24: 9%) for chargeable profits between £12,570 and £50,270 plus 2% on any profits over £50,270. A number of categories of people are exempt...

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COVID Bounce Back abuse

16/04/2024

The Insolvency Service has recently published information confirming that a total of 831 company directors were banned in 2023-24 for Covid support scheme abuse, up more than 80% on the previous year, and that the average length of director disqualification for Covid misconduct in 2023-24 was almost 10 years. The Covid Bounce Back Loan...

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Settling energy disputes

16/04/2024

Business owners that are in dispute with their energy suppliers will be interested in the free support on offer from the Energy Ombudsman. In a recent press release the Department for Energy Security and Net Zero confirmed the following: “Businesses will get free support to resolve issues with their energy contracts, as part of...

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Accessing the HMRC mobile APP

11/04/2024

HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store for Android. The latest version of the app includes updated functionality. The app can be used to see: your tax code and National Insurance number; your income and benefits; your income from work in the previous 5 years; how much...

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Using the starter PAYE checklist

11/04/2024

Employers that take on a new employee need to work out which tax code and starter declaration to use in their payroll software. Incorrect tax codes can lead to a new employee paying more tax than is due. Employers will require certain information from their new employee in order to ensure that the correct tax code and starter declaration...

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HMRC continues to target till fraud

11/04/2024

HMRC has, for many years, looked to target businesses that deliberately undertake electronic sales suppression (ESS). ESS happens where a business deliberately manipulates its electronic sales records in order to hide or reduce the value of individual transactions. This type of fraud is hard to spot as it tries to reduce the recorded...

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Termination payment clearance process

11/04/2024

The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax and secondary National Insurance contributions (employer (NICs)) by making an employer liable to pay NICs on termination payments they make to their employees. HMRC has announced that it is aligning its...

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VAT retail schemes

11/04/2024

VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are used by businesses that sell a significant amount of low value and/or small quantity items to the public with different VAT liabilities. The use of the schemes can save businesses a significant amount of time in calculating the...

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Paying VAT on goods from EU to Northern Ireland

11/04/2024

There are special procedures for moving goods in and out of Northern Ireland. Under the Northern Ireland Protocol, all Northern Ireland businesses continue to have access to the whole UK market. There is specific guidance published by HMRC that should be followed for goods that are received into Northern Ireland from a supplier in the...

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