Welcome to the April 2024 Newsletter from Walsh & Co

HMRC has put plans to close its self assessment helpline for six months every year to one side following feedback from the public.

Meanwhile, working parents have been urged to make use of HMRC's Tax-Free Childcare (TFC) initiative to help save on childcare costs. 

HMRC halts helpline closures

HMRC has halted its plans to restrict taxpayer helplines and direct people to online services instead.

The tax authority had announced that it was closing its self assessment helpline for six months every year. It was also restricting the opening times of its VAT helpline and the usage of its PAYE helpline.

HMRC says it is halting these plans 'in response to the feedback while it engages with its stakeholders about how to ensure all taxpayers' needs'.

HMRC Chief Executive Jim Harra said: 'Making best use of online services allows HMRC to help more taxpayers and get the most out of every pound of taxpayers' money by boosting productivity.

'Our helpline and webchat advisers will always be there for those taxpayers who need support because they are vulnerable, digitally excluded or have complex affairs.

'However, the pace of this change needs to match the public appetite for managing their tax affairs online.

'We've listened to the feedback and we're halting the helpline changes as we recognise more needs to be done to ensure all taxpayers' needs are met, whilst also encouraging them to transition to online services.'

HMRC urges working families to save on childcare costs

HMRC is urging working parents to make use of its Tax-Free Childcare (TFC) scheme to help save on Easter childcare costs.

It stated that working families can save up to £2,000 a year per child, or £4,000 if their child is disabled, on childcare bills under TFC.

The scheme helps parents to pay for approved childcare for children aged 11 or under, or up to 16 if the child has a disability. HMRC is reminding families that they can receive up to £500 every three months – for every £8 paid into their online TFC account, they will automatically receive an additional £2 top up from the government.

TFC can be used to help pay for childminders, nurseries, breakfast and after school clubs, HMRC said.

Myrtle Lloyd, Direct General for Customer Services at HMRC, commented: 'Springtime is a good opportunity to take a fresh look at family finances. A quick check online and you can find out how TFC can help cut the cost of your childcare bills. Every bit of financial support helps – I would urge families to 'hop to it' and search 'Tax-Free Childcare' on GOV.UK to find out how you could be better off and open your account today.'

ESSENTIAL TAX DATES FOR APRIL

5 April
Last day of 2023/24 tax year.
Deadline for 2023/24 ISA investments and pension contributions.
Last day to make disposals using the 2023/24 CGT exemption.

14 April
Due date for income tax for the CT61 period to 31 March 2024.

19 April
Automatic interest is charged where PAYE tax, Student loan deductions, Class 1 NI or CIS deductions for 2023/24 are not paid by today. Penalties may also apply if any payments have been made late throughout the tax year.
PAYE quarterly payments are due for small employers for the pay periods 6 January 2023 to 5 April 2024.
PAYE, Student loan and CIS deductions are due for the month to 5 April 2024
Deadline for employers' final PAYE return to be submitted online for 2023/24.

QUOTE OF THE MONTH

'Businesses are clear about the factors that are holding back growth – high inflation, high interest rates, skills shortages, a lack of infrastructure investment and trade barriers with the EU.'

David Bharier, Head of Research at the British Chambers of Commerce (BCC), commenting on data published by the Office for National Statistics (ONS) which showed that the UK economy returned to growth in January.

ON OUR WEBSITE

A wealth of resources for businesses
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For a comprehensive bank of guides covering Venture Capital Trusts, the dividend nil-rate and much more, please visit the Your Money area of our website.

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