More than 11.48 million people filed their Self Assessment tax returns on time for the 2024/25 tax year, HMRC has revealed. On deadline day, 31st January, over 475,000 taxpayers submitted their returns, with 27,456 doing so in the final hour before midnight to avoid a £100 penalty for late … [Read more...]
News for: Accountancy
65% rise in Self Assessment payments via HMRC app
The number of people using the HMRC app to pay their Self Assessment tax bill has increased by nearly 65% compared to the previous tax year. Almost 340,000 people have used the HMRC app to pay their Self Assessment tax since 6 April 2025, an increase of 132,788 people compared … [Read more...]
Companies House begins identity verification for company directors
Companies House has begun phasing in compulsory identity verification for company directors over the next 12 months from 18th November. Changes mean anyone who becomes a company director or person with significant control (PSC) will need to verify their identity with Companies House. This change … [Read more...]
5.4 million still to file Self Assessment tax returns
HMRC is reminding the 5.4 million Self Assessment taxpayers who have not yet filed a return for the 2023-24 tax year to do so before the 31st January 2025. Anyone required to file a tax return for the 2023 to 2024 tax year who misses the 31 January 2025 deadline could face an initial late filing … [Read more...]
Companies House implements new non-compliance penalties
Registered companies and their directors are being warned of new penalties being introduced by Companies House for non-compliance with their legal responsibilities. As part of new powers granted to the body in the Economic Crime and Corporate Transparency Act 2023, businesses could face financial … [Read more...]
Increase to VAT threshold takes effect
An uplifted VAT threshold of £90,000 has taken effect from 1st April 2024 that is expected to lift 28,000 small businesses out of paying VAT. The £5,000 increase in the threshold was announced in the Spring Budget and puts the UK’s VAT threshold at the joint highest level of any OECD … [Read more...]
Salaried workers see National Insurance rate cut take effect
January payslips have seen workers across the UK pay a reduced rate of National Insurance for the first time since the rate cut announced last year took effect. The government announced it would cut National Insurance by 2p from 12% to 10% at the 2023 Autumn Statement – for the average salaried … [Read more...]
3.8 million Self Assessment returns still to be filed a week before deadline
With just one week to go before the 31st January Self Assessment deadline, HMRC estimates that 3.8 million are risking a £100 penalty if they do not file their tax return in time. HMRC is anticipating more than 12.1 million Self Assessment tax returns to be filed for the 2022-23 tax year, along … [Read more...]
Limited companies urged to file accounts ahead of September deadline
Limited companies due to file accounts with Companies House by the end of September are being urged to allow plenty of time before the deadline. All limited companies, including dormant companies that are not trading, must deliver annual accounts to Companies House each year. Even if an … [Read more...]
HMRC reminds businesses about new VAT penalties and interest payments
HM Revenue and Customs (HMRC) is reminding VAT registered businesses to file their returns and pay on time following the introduction of a new penalties system. The late payment penalties and points-based late submission penalties were introduced from 1 January 2023, replacing … [Read more...]
Late payment problems eased at end of 2022, finds insolvency trade body
Analysis by insolvency trade body, R3, has found that the number of overdue invoices has fallen for businesses in the North-west. R3’s analysis of Creditsafe data, released at the end of December 2022, found that the number of outstanding invoices owed to firms in the North-west fell 32.1% … [Read more...]
Increased Employment Allowance comes into effect
A £1,000 increase in the Employment Allowance, the amount smaller firms can claim to reduce National Insurance Contributions (NICs), has come into effect from 6th April. The Employment Allowance has risen from £4,000 to £5,000, as announced in the Chancellor’s Spring Statement. The increase is … [Read more...]