Spring Statement 2024

Cuts to National Insurance contributions and the abolition of so-called 'non-dom' tax breaks were among the headline announcements in the Spring Budget 2024. The Chancellor delivered his speech in the House of Commons, unveiling a range of tax and spending measures. However, there was no cut to income tax, despite much speculation in recent weeks that one might come due to the General Election, set to be held this year.

£38million of tax overpayments refunded

Newsletter issue – March 2024 Have you overpaid on your pensions tax? HMRC has released information showing that £38million worth of repayments were issued to thousands of savers (aged 55 and over) in the final quarter of 2023. More than 12,000 reclaim forms were processed. In the main, it was individuals accessing their pensions flexibly who were impacted. The unexpected tax bills have arisen due to an "emergency" tax code applied to their first withdrawal.

Budget to bring tax and mortgage changes?

Newsletter issue – March 2024 It's nearly that time again when the Chancellor of the Exchequer rises to his feet to address the House of Commons to deliver the latest Budget. This Spring announcement - set for 6 March - is earlier than typical, with a General Election looming sometime later this year, in all likelihood. The Government has to go to the polls by January 2025 at the very latest.

Scammers target self-employed with fake tax refund promise

Newsletter issue – March 2024 A surge of bogus tax refund phishing scams is feared by HMRC officials. The Government body has warned self-employed people to watch out for fraudsters who are likely to want to target the 11.5 million or so who have just recently sent in their Self-Assessment tax returns.

Record Self-Assessment returns, but estimated 1m miss deadline

Newsletter issue – March 2024 The record number of taxpayers submitting Self-Assessment tax returns was beaten in January, it's been revealed, with a new high of 11.5million being reached. That's quite some number! But, judging by the figures HMRC released, somewhere between 0.5million and 1.1million failed to send theirs in by the deadline of 31 January. Of the 12.1 million expected to file for the 2022-2023 tax year 778,068 managed to file on the last day, with 61,549 submissions occurring during the peak filing hour and 32,958 filed in the final hour.

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