Hello and welcome to the March edition of the PKB newsletter. This month we’re bringing you the usual round-up of all the latest news in the world of finance and accounting.
News that’s important to YOU
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Spring Statement 2018 – were there any changes?
Chancellor Philip Hammond has delivered his Spring Statement, and on his promise to move away from two major fiscal announcements every year. There was no red briefcase, no red book, and no tax changes as the chancellor announced updated economic forecasts in a speech lasting less than half the length of any of his previous statements. Read our full report to find out more.
Our feature blog this month is about employee benefits. A great way to attract top talent to your business and improve staff retention but at what cost does this come to both you and your employees? Find out in our latest post which can be found here.
It has been revealed that nearly 750,000 taxpayers missed the tax return deadline on the 31st of January. If you’re one of them, please have a read of our full news story which contains important information about the fines you’re at risk of receiving.
In some slightly better news, taxpayers have turned the tables on HMRC and the Revenue has been forced to return nearly half-a-million pounds in overpaid tax. Other stories we have for you include the impressive revenue the food and beverage industry is generating in exports and how the number of employers complying with auto-enrolment has now reached a record high.
We hope you enjoy this month’s newsletter and if you have any questions about any of the issues raised, please don’t hesitate to give us a call and we will be more than happy to help.
Approximately one in 15 people failed to meet the cutoff date for submitting their self-assessment tax return for the 2016/17 financial year. This means that 745,588 people now face the risk of receiving a fine from HMRC.
On top of the £100 fixed penalty fee, you may receive a number of hefty fines from HMRC. You can avoid this by submitting your tax return as soon as possible. More information about the fines you’re liable to can be found in our full news story.
Taxpayers reclaim £493 million from HMRC
An analysis of government statistics has revealed that HMRC has had to return nearly half-a-million pounds to taxpayers since April 2015.
It was found that the Revenue has been overcharging on two areas of the tax system – pension freedoms and stamp duty on ‘second homes’ which aren’t actually second homes. This has affected buyers who have completed the purchase of a house before selling their current home and as a result have been hit with an extra 3% stamp duty charge. More information can be found about this in our full news story.
The number of employers complying with auto-enrolment reaches one million
Data released by The Pensions Regulator has revealed that the number of employers complying with auto-enrolment has reached the one million mark.
Since 2012, the government’s auto-enrolment policy has put a mandatory requirement on businesses to enroll their staff into a workplace pension. This has been a gradual process, starting with the UK’s largest employers and has now worked its way down to smaller organisations.
Head over to our news story to find out how auto-enrolment has benefited more than nine million UK workers so far.
Food and drink businesses generated a record £22bn in exports in 2017
According to official government figures, the UK’s food and beverage industry raised a record £22 billion from exports in 2017.
Whisky exports have by far been the most popular, with this alone bringing in a whopping £4.5 billion last year. This was followed by sales of salmon (£720 million), chocolate (£680 million) and cheese (£623 million). Sales of milk and cream also rose by 61%, salmon by 23% and pork by 14%.
Find out what the top five destinations for UK food and drink exports are and what the future holds for UK exports, here.
PKB Accountants can help with any of the issues discussed in this month’s newsletter so please feel free to get in touch if you have any concerns.