Monthly Archives: December 2022

Be prepared to pay more on your late payments after the Bank of England increased the base rate to 3.5 per cent from 3 per cent. The ninth increase of 2022 was deemed necessary to help bring inflation down. The decision has a knock-on effect on HMRC interest rates that are linked to the Bank…

Looking forward to that well-earned Christmas break? As you tick off the jobs ahead of the big day, don’t forget to think about your Self Assessment while you’re busy ordering the turkey and putting up the tree. If you complete your tax return ahead of the 25th, you’ll be able to enjoy Christmas knowing that’s…

A clampdown on fraudsters and benefits cheats has saved more than £400m of taxpayers’ cash. New figures published by the Cabinet Office have revealed that cutting-edge data matching software has been used to weed out the cheaters. The National Fraud Initiative enables organisations to use data and match records so they can pick up where…

Money-saving expert Martin Lewis has advised those struggling with mortgage payments to speak to their lenders as they announced plans to support customers during the cost-of-living crisis. Rising costs and interest rates across the economy are a major cause of concern for consumers in many areas, and the Government understands that mortgage borrowers may be…

The Government has launched a campaign to raise awareness of cut-price social tariffs for broadband and mobile users after figures revealed less than a third of eligible customers had taken advantage. The UK’s biggest broadband and mobile operators made commitments in the summer to support customers struggling with the cost of living, introducing tariffs starting…

Millions of pounds of Government cash are being invested in training opportunities for green energy workers. Thousands of courses will be rolled out across England to grow a skilled workforce of heat pump and energy efficiency installers, as the Government announces winners of the Home Decarbonisation Skills Training competition. Shining a light on the huge…

1 December 2022 - Due date for Corporation Tax payable for the year ended 28 February 2022. 19 December 2022 - PAYE and NIC deductions due for month ended 5 December 2022. (If you pay your tax electronically the due date is 22 December 2022). 19 December 2022 - Filing deadline for the CIS300 monthly…

Employers will need to update their systems to reflect the changes in the National Living and Minimum Wage rates from 1 April 2023. They are: Increasing the National Living Wage for those aged 23 and over by 9.7% to £10.42 an hour; Increasing the rate for 21–22-year-olds by 10.9% to £10.18 an hour; Increasing the…

Changes to these support payments were announced in the Autumn Statement last month. They include:   State Pension – will increase in line with inflation. Cost of living payments - the government will provide households on means-tested benefits with an additional £900 Cost of Living payment in 2023-24. Pensioner households will receive an additional £300…

Readers may have noted that the Chancellor announced a significant reduction in the annual Capital Gains Tax allowance, currently £12,300, from April 2023.   It is reducing to £6,000 from April 2023 with a further reduction to £3,000 from April 2024.   Taxpayers who are contemplating the disposal of a chargeable asset next year, which…