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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.
Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details of our audit registration can be viewed at https://www.auditregister.org.uk under reference number C001524264
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RECORD 11.7 MILLION TAX RETURNS RECEIVED ON TIME
/in Financial /by Matthew WilliamsA record 11.7 million self assessment taxpayers submitted their tax returns by the 31 January deadline, HMRC has revealed.
The final day for self assessment returns saw 861,085 customers file online to meet the deadline, some with minutes to spare. There were 36,767 customers who filed in the last hour before the deadline, but the peak hour for filing on the day was between 4pm and 4:59pm, when 68,462 customers submitted their tax return.
More than 12 million customers were expected to file a self assessment tax return for the 2021/22 tax year. HMRC is urging customers who missed the deadline to submit theirs as soon as possible or risk facing a penalty.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said:
‘Thank you to the millions of customers and agents who got their tax returns in on time. Customers who have yet to file, and who are concerned that they will not be able to pay in full, may be able to spread the cost of what they owe with a payment plan.’
Internet link: HMRC press release
SPRING BUDGET MUST EASE COST PRESSURES ON BUSINESSES, SAYS BCC
/in Financial /by Matthew WilliamsUK BUSINESS CONFIDENCE PLUMMETS TO 13 YEAR LOW
/in Financial /by Matthew WilliamsThe UK’s business confidence has dropped to a 13-year low, according to a survey conducted by the Institute of Chartered Accountants in England and Wales (ICAEW).
The ICAEW’s latest Business Confidence Monitor (BCM) showed that record high inflation and rising costs, including energy and the cost-of-living crisis, have adversely affected business confidence.
The latest monitor showed confidence had fallen to -23.4 for Q1 2023, the lowest since the global financial crisis of 2009. This has dropped considerably when compared to -16.9 for Q4 2022.
Most sectors have shared this decline, with construction, property, retail and wholesale and manufacturing the least confident. Annual growth in domestic sales was slowest in the manufacturing and engineering (3.9%) and retail and wholesale (4.8%) sectors.
Michael Izza, Chief Executive of the ICAEW, said:
‘Financial challenges have had a big impact on certain sectors and across the board investment is set to fall over the next year, but it is notable that sentiment could be starting to level off.
‘With confidence at a decade low, it’s time for the Chancellor to outline his long-term vision for growth for Britain, injecting resilience into the economy and bringing in a period of renewal for the future.’
Internet link: ICAEW website