In the  recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions for both employees and self-employed people.
 

In the  recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions for both employees and self-employed people.
 

A large number of taxpayers are at risk of a fine if they miss a key deadline at the end of July.

Jeremy Hunt delivered his first Spring Budget today, referring to it as a ‘Budget for Growth.’
The first part of the speech as usual dealt with the economic background and forecasts on which the budget has been based. According to the Chancellor the most recent forecast is that although the economy will not grow this year, it is likely that a technical recession will be avoided. It is expected that the rate of inflation will fall to 2.9% by the end of the year, and the Bank of England will continue to focus their interest rate policy on targeting a long-time inflation rate of 2%.

HMRC’s Code of Practice 9 (COP9) leaflet outlines the procedures for any investigations into serious fraud by HMRC. COP9 covers both direct and indirect taxes and includes confirmation from HMRC that taxpayers will be treated fairly and courteously. Investigations of this type by HMRC are designed to ascertain the full facts of a case and to collect any tax liabilities, penalties and interest deemed owing in cases of fraudulent conduct.

The Bank of England’s Monetary Policy Committee (MPC) met on 2 February 2023 and voted 6-3 in favour of raising interest rates by 50 basis points to 4% in a move to try and continue to tackle upward pressures on inflation. This is the tenth time in a row that the MPC has increased interest rates with rates now the highest they have been since November 2008.

Stamp Duty Land Tax or “SDLT” is due when someone buys a property, or land, over a certain price in England and Northern Ireland.