Check if a letter you’ve received from HMRC is genuine

Letter OCA300 — repayment of student loan deductions

HMRC will contact you by letter to tell you there is a repayment of student loan deductions due.

We will include details of why the repayment is due and the employer you worked with at the time.

This letter will tell you about changes to the way we issue repayments as a result of the coronavirus (COVID-19) situation.

We will ask for personal information to allow us to make a faster repayment.

You can call the Taxes general enquiry helpline to confirm this request is genuine.

Letter VPCF1 — decision to cancel your VAT registration

As part of HMRC’s VAT registration security procedures, we check registrations to test their intention to trade is valid.

If we believe you are not eligible to be registered for VAT, you may receive a letter from us advising of our intention to deregister you.

If you send us information to show you’re eligible for registration within 30 days, you will stay registered. This means you will be able to manage your VAT records with HMRC.

We will let you know what information and documents to provide. If this is not sent within 30 days HMRC will deregister the business from VAT.

OECD Pillar 2 user research with mid-sized businesses

From 13 February 2023 up to 30 April 2023 HMRC may contact you by letter.

If you’re an organisation likely to fall within the scope of Organisation for Economic Co-operation and Development (OECD) Pillar 2, you may get a letter from HMRC inviting you to take part in research. Taking part is voluntary and interviews will take place in March and April 2023.

We’ll ask how your organisation files tax returns and incorporates new tax regimes. We will not ask you to disclose any sensitive information.

If you agree to take part, information you provide will be used in the development of OECD Pillar 2 digital services.

Overdue deferred VAT

From 14 February 2023 up to and including 31 March 2023 HMRC may contact you by letter.

You may get a letter from HMRC asking you to pay your deferred VAT bill from the VAT payment period 20 March 2020 to 30 June 2020.

If you do not pay or contact us within 30 days of the date of the letter, we may charge you a penalty.

More information about how to pay your VAT bill is available.

Self Assessment — claiming a repayment

You may get a letter from HMRC asking you to contact us about your repayment claim.

We may ask you to send more information to verify your claim.

You must respond to the letter so we can make any repayments owed to you as soon as possible.

You can call the Self Assessment: general enquiries helpline if you need further support or you’re not sure if the letter is genuine.

Other letters you should check

You can also to check letters listed in HMRC contact that uses more than one communication method.

Увеличение выплат по пособиям с Апреля 2023

Канцлер Джереми Хант объявил в ноябре, что любой, кто получает пособия DWP, увидит увеличение на 10,1% по сравнению с апрелем в соответствии с уровнем инфляции в сентябре. Те, кто получает базовую и новую государственную пенсию, также увидят повышение на 10,1% в соответствии с Triple Lock.

Максимальный размер пособий также будет расти в соответствии с инфляцией, поскольку он увеличится с 20 000 до 22 020 фунтов стерлингов для семей по всей стране. Нижние пределы для одиноких домохозяйств без детей вырастут с 13 400 фунтов стерлингов до 14 753 фунтов стерлингов.

Новые ставки означают, что в среднем в этом году семья, получающая Universal Credit, получит около 600 фунтов стерлингов больше. DWP опубликовал полное онлайн-руководство по увеличению государственных пенсий, пособий и увеличению максимального размера пособий на веб-сайте GOV.UK.

Новые еженедельные ставки перечислены ниже, если не указано иное, и округлены в соответствии с политикой правительства Великобритании.

Attendance Allowance

• Higher rate: £101.75 (from £92.40)
• Lower rate: £68.10 (from £61.85)

Carer’s Allowance

• April 2023 rate: £76.75 (from £69.70)

Disability Living Allowance / Child Disability Payment

• Highest: £101.75 (from £92.40)
• Middle: £68.10 (from £61.85)
• Lowest: £26.90 (from £24.45)

Mobility component

• Higher: £71.00 (from £64.50)
• Lower: £26.90 (from £24.45)

Employment and Support Allowance (ESA)

• Under 25: £67.20 (from £61.05)
• 25 or over: £84.80 (from £77.00)

Incapacity Benefit (long-term)

• April 2023 rate: £130.20 (from £118.25)

Income Support

• Under 25: £67.20 (from £61.05)
• 25 or over: £84.80 from (£77.00)

Jobseeker’s Allowance (contributions based)

• Under 25: £67.20 (from £61.05)
• 25 or over: £84.80 (from £77.00)

Jobseeker’s Allowance (income-based)

• Under 25: £67.25 (from £61.05)
• 25 or over: £84.80 (from £77.00)

Maternity/Paternity/Shared Parental Allowance

• Standard rate: £172.48 (from £156.66)

Pension Credit

• Single: £201.05 (from £182.60)
• Couple: £306.85 (from £278.70)

Personal Independence Payment (PIP) / Adult Disability payment

Daily Living Component

• Enhanced: £101.75 (from £92.40)
• Standard: £68.10 (from £61.85)

Mobility Component

• Enhanced: £71.00 (from £64.50)
• Standard: £26.90 (from £24.45)

State Pension

• Full New State Pension: £203.85 (from £185.15)
• Basic Old State Pension (Category A or B): £156.20 (from £141.85)

Widow’s Pension

• Standard rate: £139.10 (from £126.35)

Universal Credit (Monthly rates shown)

Standard allowance

• Single under 25: £292.11 (from £265.31)
• Single 25 or over: £368.74 (from £334.91)

Couple

• Joint claimants both under 25: £458.51 (from £416.45)
• Joint claimants, one or both 25 or over: £578.82 (from £525.72)

Child Benefit payment rates for 2023/24

There are two Child Benefit rates in place.

Current rates per week

• Eldest or only child – £21.80
• Additional children – £14.45

New rates per week – from April 2023

• Eldest or only child – £24.00

Guardian’s Allowance rates from April 2023

The new weekly rate for Guardian’s Allowance will be £20.40 – an increase of £1.85 on the current 2022/23 rate of £18.55.

Additional children – £15.90

Self-Assessment Tax Return (SATR) Deadline Reminder

Dear Clients,

Under current rules, the annual allowance for tax relief on pensions this tax year is £40,000.

There is also a three year carry forward option for any unused reliefs in those past years, while the lifetime limit for tax relief on total pension contributions is currently £1,073,100 which is due to remain in force until at least April 2026.

You can potentially obtain tax relief on private pension contributions worth up to 100% of your annual earnings subject to the overriding limits quoted above.

Remember, tax relief is paid on pension contributions at the highest rate of Income Tax paid which means that: –

A basic rate taxpayer can save 20% tax

A higher rate taxpayer can save 40% tax

An additional rate taxpayer can save 45% tax

If you are an employee making pension contributions, the first 20% of tax relief is usually automatically applied by your employer with no further action required by you unless you are a higher rate or additional rate taxpayer in which case you can claim back the additional tax relief owed via your Self-Assessment Tax Return.

Self-Assessment Tax Return (SATR) Deadline Reminder

Anyone who is required to submit a SATR for tax year 2021-22 and has not yet done so, please note the deadline of the 31st January is getting closer. Please remember that payment of any tax due should also be made by this date which will include the balance of any payment due for tax year 2021-22 plus the first payment on account due for the current tax year 2022-23.

If you are filing online for the first time you should ensure that you register to use HMRC’s Self-Assessment online service as quickly as possible as it may take up to 10 working days for your activation code to arrive by post and with further potential strike action a possibility, there is no time to lose.

If you miss the filing deadline, you will usually be charged a £100 fixed penalty which applies even if there is no tax to pay or if the tax due is paid on time. Subsequent failure to have submitted a return and paid the tax due by the 1st May 2023 will result in additional penalties of £10 per day up to a maximum of £900, although additional penalties may also be charged if the return and payment due remain outstanding after this.

Last year, of the 12.5 million taxpayers required to complete a Self-Assessment return, more than 2.3 million missed the deadline!

Whether your business structure is a sole trader, partnership or limited company, today’s tax rules have never been more complex and you may find that delegating this potentially stressful and time-consuming task to a professional accountant will prove invaluable and actually save you both time and money, while allowing you to focus all your creative energy on what you do best, generating profits.

Happy New Year!