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| Online VAT filing portal to close in May | |
HMRC has reminded businesses that file VAT returns annually that the online VAT filing portal will close from 15 May 2023.
The VAT portal closed to standard quarterly filers on 7 November 2022, but was kept open for a longer period for those who file annual returns. | | | |
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| Tax threshold freeze trebles to £25 billion | |
Research carried out by think tank the Resolution Foundation has suggested that the size of the UK's six-year 'stealth tax' threshold freeze has nearly trebled to £25 billion.
The figure is significantly higher than the previous forecast of £9 billion announced during the 2021 Budget. | | | |
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| No sign of hiring difficulties easing, says BCC | |
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Businesses are still facing major difficulties in hiring new staff, according to a survey conducted by the British Chambers of Commerce (BCC).
The latest Quarterly Recruitment Outlook (QRO), a survey of more than 5,000 UK firms, found that 80% of those attempting to recruit have faced challenges. While recruitment difficulties are being experienced across the economy, firms in the hospitality and manufacturing sectors were the most likely to report recruitment difficulties. This is closely followed by the construction and engineering sector and then professional services; and the public, education and health sector. | |
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£177.6 million lost to impersonation scams in 2022 | |
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£177.6 million was lost to impersonation scams in 2022, data published by trade association UK Finance has revealed.
The data showed that there were 45,367 cases of impersonation scams in 2022. It also revealed that just 51% of individuals always check whether a request for personal data or money is legitimate. Just 38% of 18–34-year-olds always checked, according to UK Finance's research. | |
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| Latest guidance for employers | |
HMRC has published the latest issue of the Employer Bulletin. The April issue has information on various topics, including:
- Reporting expenses and benefits for the tax year ending 5 April 2023
- The annual ‘Tell ABAB’ survey gives small businesses a voice in the tax system
- Understanding your obligations on right to work and National Minimum Wage
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential. If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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