Anna’s Accountancy Alerts – Week 15 (10th – 16th July 2023)

Anna’s Accountancy Alerts - Week 15 (10th - 16th July 2023)

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Time to Pay arrangement

If you are struggling to pay and have PAYE arrears, you may be able to set up a Time to Pay arrangement online. If you do not meet the criteria for the online arrangement, you will be asked to call HMRC and an adviser will discuss the options available. The main criteria for the online arrangements are:

  • the PAYE debt has to be less than £15,000
  • you must not have any other debts
  • the Time to Pay arrangement must be set up within 35 days from the date the liability was due
  • the debt must not include penalties or specified charges
  • all returns must have been submitted

You should log into your business tax account and, as long as you have PAYE for employer enrolment, you will be able to do this yourself.

State pension

Plans to bring forward a rise in the state pension age (SPA) to 68 have been shelved by the government. Instead, this will happen by 2046, as originally planned (after the SPA rises to 67 in 2028). It follows reports that life expectancy won’t rise at the same rate as in recent decades.

Investment taxes

Cuts to the dividend tax allowance could see 1.8 million more people paying dividend tax by 2024-25, a freedom of information request by AJ Bell found. You could previously earn £2,000 tax-free a year; this has now fallen to £1,000 with another cut to £500 due in April 2024.

Keep up to date with all things Accounting and Finance with my bi-weekly Accountancy Alerts. 

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