Tax news in brief 5 April 2023
[ad_1] Highlights from the broader tax news for the week ending 5 April 2023, including: tax on state pension arrears; self assessment forms on gov.uk; and the 12-month look back for plastic packaging tax. State retirement pension arrears Since August 2020, the Department for Work and Pensions (DWP) has been paying arrears of state retirement […]
P11Ds and P11D(b)s submitted online from 6 April 2023
[ad_1] Employers (except for the digitally excluded) will be required to submit and amend forms P11D and P11D(b) online only. Paper original and amendment forms P11D and P11D(b) will be rejected. Form P11D is used by employers to make an annual report of taxable expenses or benefits provided to employees, where the amounts were not […]
HMRC interest rates to increase in April
[ad_1] Following the Monetary Policy Committee decision to increase the Bank of England base rate to 4.25%, HMRC has announced increases to both the interest charged on late paid tax and the rate paid on repayments of tax. As HMRC interest rates are linked to the Bank of England base rate, the 23 March 2023 […]
Check your national insurance record before 5 April 2023
[ad_1] ICAEW urges those planning to claim the UK state pension to check their national insurance (NI) record before 5 April 2023. Currently, voluntary contributions can be made to plug gaps back to April 2006, but this will be curtailed from April. The Tax Faculty has created a checklist of actions. National insurance contributions are […]
Change to state pension top-ups comes into force from April – should you boost your contributions?
[ad_1] A rule that allows people to fill historic gaps in their National Insurance contributions record to boost their state pension is set to change from 6 April 2023. You need at least 10 qualifying years of contributions (NICs) in your National Insurance record to receive any state pension, and 35 years to get the […]