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Gareth Hughes & Co is the trading name of Gareth Hughes & Company Ltd, registered in England and Wales, Company number 06248470. Registered Office: The Round House, Glan-y-Mor Road, Llandudno Junction, Conwy, LL31 9SN.
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BUSINESS GROUPS SAY CHALLENGES REMAIN DESPITE ENCOURAGING BUDGET
/in Financial /by Matthew WilliamsThe UK’s business groups warned that challenges remain despite the Chancellor delivering an encouraging Spring Budget.
The British Chambers of Commerce (BCC) said that while the cut to NICs would ‘boost jobs’ it had failed to ‘shift the dial’ for business.
Shevaun Haviland, Director General of the BCC, said:
‘Following the Autumn Statement this Budget was always set to deliver less for business, although changes to national insurance will provide some momentum.
‘However, beyond this there were no major announcements to help shift the dial on conditions for business. Business confidence is improving but the coming months will remain challenging for many companies. It is vital that the economy remains front and centre of the campaign to come.’
The Institute of Directors (IoD) branded the Spring Budget ‘unremarkable’ for businesses.
Roger Barker, Director of Policy at the IoD, said:
‘First and foremost, business was hoping for a Budget that would maintain a stable and credible policy framework for business. The Chancellor largely delivered that. However, beyond that, there was little in the announcements that can be regarded as a game-changer for business.’
Meanwhile, the Association of Independent Professionals and the Self-Employed (IPSE) said the Chancellor had ‘failed to address the substantive issues holding the self-employed back’.
Andy Chamberlain, Director of Policy at IPSE, said:
‘The self-employed make an enormous contribution to our economy and society, but it could be even greater if the government were to grasp the nettle of IR35 and address the forthcoming impact of Making Tax Digital for Self Assessment.’
Internet link: BCC website IoD website IPSE website
OVER ONE MILLION MISS SELF ASSESSMENT DEADLINE
/in Financial /by Matthew WilliamsOver one million self assessment taxpayers missed the filing deadline at midnight on 31 January, according to data published by HMRC.
A record 11.5 million taxpayers did file their 2022/23 self assessment tax returns by the deadline.
HMRC’s figures also showed that 1.1 million missed the deadline.
The final day saw 778,068 beat the clock to complete their return.
The peak hour for filing on 31 January was between 16:00 and 16:59 when 61,549 taxpayers submitted their returns. 32,958 filed between 23:00 and 23:59.
HMRC has urged anyone who missed the deadline to submit their tax return as soon as possible – late filing and late payment penalties apply for those who failed to submit by the deadline. It stated that there are many ways to pay, including online, using the HMRC app, by bank transfer or via a Time to Pay payment plan.
Myrtle Lloyd, Director General for Customer Services at HMRC, said:
‘Thank you to the millions of self assessment customers and agents who met the deadline. Anyone who has yet to file and is concerned that they cannot pay in full may be able to spread the cost of what they owe with a payment plan. Search ‘pay your self assessment’ on GOV.UK to find out more.’
Internet link: HMRC press release
DOUBLE-CAB PICKUPS GO BACK TO BEING VANS AS GUIDANCE REVERSED
/in Financial /by Matthew WilliamsJust a week after HMRC released new guidance that classed double-cab pickups as cars rather than vans, the government reversed the decision.
On 19 February, HMRC confirmed that it’s reversing the updated guidance announced on 12 February, meaning that double-cab pickups will continue to be treated as goods vehicles rather than cars.
The government said it reversed course after listening to concerns from farmers and the motoring industry on the impact of the changes to the tax treatment.
The government has acknowledged that the 2020 court decision and resultant guidance update could have an impact on businesses and individuals in a way that is not consistent with the government’s wider aims to support businesses
Double-cab pickups will continue to be goods vehicles for tax purposes and the tax on benefits in kind will not increase when employers provide these vehicles to their employees.
Nigel Huddleston, Financial Secretary to the Treasury, said:
‘We will change the law at the next available Finance Bill in order to avoid tax outcomes that could inadvertently harm farmers, van drivers and the UK’s economy.’
Internet link: GOV.UK