Autumn Finance Bill published
The government published the Autumn Finance Bill 2022 on 22 November 2022. The Bill is officially known as Finance Bill 2022-23. The Bill contains the legislation for many of the tax measures announced in the recent Autumn Statement.
The Autumn Finance Bill will be followed by the main Spring Finance Bill 2023 which will be published after the spring Budget and will cover any remaining tax measures needed ahead of April 2023.
Some of the many measures included within the Bill are:
The
Self-assessment payments on account
Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments are due on:
31 January during the tax year e.g. for 2022-23 the first payment on account is due on 31 January 2023.
31 July following the tax year e.g. for 2022-23 the second payment on account is due on 31 July 2023.
These payments on account are based on 50% each of the previous year’s net income tax liability. In addition, the third (or only) payment
Who is a Scottish taxpayer?
The Scottish rate of income (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. This means that Scottish taxpayers who also have savings and dividend income need to consider the UK rates as well as the Scottish rates when calculating their income tax bill.
Scottish taxpayer status applies for a whole tax year. It is not possible to be a Scottish taxpayer for part of a tax year. The definition of a Scottish taxpayer is generally focused on the
Filing abridged company accounts
Companies that are dormant or qualify as a small company or ‘micro-entity’ can choose to send a simpler set of accounts known as abridged accounts to Companies House and do not need to be audited. These abridged accounts contain a simpler balance sheet and mean that less information about the company will be available in the public domain.
A company is usually classed as dormant by Companies House if it’s had no ‘significant’ transactions in the financial year to be reported.
A small company
Low-cost broadband and phone tariffs
The Department for Digital, Culture, Media & Sport (DCMS) has published a new press release to confirm that they have been working together with internet service providers to deliver low-cost broadband and phone packages called social tariffs.
These new social tariffs offer discounted broadband and mobile deals for people on Universal Credit and other benefits. The new tariffs are being offered by a range of suppliers and the deals currently range from £10 – £25 per month. This can offer
Use HMRC’s tax app to save time
A free HMRC tax app is available and offers some useful functionality. In fact, in the 12 months up to October 2022, HMRC received almost 3 million calls from people asking for information that is now readily available on the app.
This included:
354,499 calls from people who forgot/lost their National Insurance number;
444,301 calls from people who wanted their employment history and tax details; and
323,381 calls from people who wanted their tax codes.
The information can also be