Business
Countdown for 5.7 million customers to file their tax return
WITH less than a month to go to the Self Assessment deadline, HM Revenue and Customs (HMRC) is urging nearly 5.7 million customers to file their tax return for the 2022 to 2023 tax year.
HMRC data shows almost 6.5 million customers have already beaten the Self Assessment clock by filing their tax return, including 49,317 customers who used the New Year holiday to get a head start on their tax obligations:
- 25,593 customers filed their tax return on New Years Eve, with the most popular time being between 12:00 and 12:59, when 2,677 customers filed
- 127 customers saw in the New Year by filing their tax return between 00:00 and 00:59 on 1 January
- 23,724 customers filed on New Year’s Day, with the most filing between 15:00 and 15:59, when 2,354 customers filed
The deadline to file a tax return for the 2022 to 2023 tax year and pay any tax owed is 31 January 2024. Customers can submit their tax returns and pay any tax owed online at GOV.UK.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “The clock is ticking for those customers yet to file their tax return. Don’t put it off, kick start the new year by sorting your Self Assessment. Go to GOV.UK and search ‘Self Assessment’ to get started start today,”
HMRC has a wide range of resources online including a series of video tutorials on YouTube, help and support on GOV.UK, to support customers in completing their tax return.
The quickest and easiest way customers can pay their tax bill is via HMRC’s app which is free and secure. Information about the different ways to pay, can be found on GOV.UK.
Customers who are unable to pay in full can access support and advice on GOV.UK. HMRC may be able to help by arranging an affordable payment plan, known as Time to Pay for those who owe less than £30,000. Customers can arrange this themselves online. Go to GOV.UK and search “HMRC payment plan” for more information.
HMRC will consider a customer’s reasons for not being able to meet the deadline.Those who provide HMRC with a reasonable excuse may avoid a penalty. The penalties for late tax returns are:
- an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time
- after 3 months, additional daily penalties of £10 per day, up to a maximum of £900
- after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater
- after 12 months, another 5% or £300 charge, whichever is greater
There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, 6 months and 12 months. Interest will also be charged on any tax paid late.
Customers need to be aware of the risk of falling victim to scams and should never share their HMRC login details with anyone, including a tax agent, if they have one. HMRC scams advice is available on GOV.UK.
Business
Main Street Music to close retail shop as owner focuses on handmade guitars
A POPULAR Pembrokeshire music shop is changing the way it operates, with Main Street Music confirming it will no longer trade as a retail shop from September 1.
The business said there will be an immediate 15% sale on all stock, but stressed that Main Street Music is not disappearing completely.
The owner said the decision had been made “with a heavy heart”, adding that the shop’s closure as a retail outlet would be a loss for Pembrokeshire as the county’s last professional guitar dealership.
He said his long-term passion had always been making musical instruments, something he had done since his teenage years, later receiving scholarships and a fellowship for his studies.
After college, he was given the opportunity to buy the business at the age of 24.
He said: “I have had an amazing time running this shop, giving it everything I’ve got, met some wonderful people and sold some incredible guitars.”
Although the business itself remains successful, he said tighter retail margins, dealership pressures and rising costs had made it difficult to grow in a way that would allow him to employ others and spend more time in the workshop.
The shop will eventually reopen as an appointment-only workshop and showroom for handmade guitars and repairs.
Current repair work will continue on a case-by-case basis by appointment only.
Main Street Music thanked customers for their support over recent years, saying the owner was proud of where the shop had been taken.
Caption:
Main Street Music will close as a retail shop from September 1, but will continue as an appointment-only workshop and showroom for handmade guitars and repairs.
Business
Fishguard and Goodwick Bowls Club set to appeal council’s refusal of signage
A Pembrokeshire sports club, which was recently refused permission by the council to keep advertising signs which support its activities, is looking to fight that decision.
Earlier this month, in an application refused by Pembrokeshire County Council on the grounds of visual impact, Fishguard & Goodwick Bowls Club sought retrospective permission for up to 36 signs on land close to the town’s Phoenix Centre.
The signs, which the applicants said provide “an important source of revenue for the Fishguard and Goodwick Bowls Club, supporting the ongoing operation and maintenance of local community sporting facilities,” had been in place for some 18 months, being removed ahead of the formal planning application.
Speaking after the refusal, Richard Brind, club captain of Fishguard & Goodwick Bowls Club, said the club had discussed challenging the decision, and had been taking advice from local county councillors about the best potential route, with options including a direct appeal through the Welsh Government’s PEDW (Planning and Environment Decisions Wales).
“We acted in good faith as we believed we had permission from a PCC department to install the signs.
“The irony in all of this is we actually paid PCC to have the signs made by their sign making department (who were the department that told us it would be OK to install the signs on our fence).
“The landlord of the grounds which is PCC have told us that they had no objection to us installing the signs, providing planning is granted.”
Mr Brind added: “I’m disappointed with the way the planning department have handled the process, not the decision, but I do think that was wrong; other sports clubs have signs up in the area, it doesn’t seem right.”
On the financial implication, he said: “Unfortunately, the costs of everything goes up, the costs to maintain the green are not covered by our membership, this year we’re probably going to spend £5,000. The money from the signs was certainly helping to keep the club viable, if we don’t get that money from somewhere, maybe through increased fees; membership would have to go up by a half, from £80 to £120.
“The funding we receive from the ads, it’s not vital but it’s a definite help, losing it would be ‘death from 1,000 cuts,’ money slowly trickling out.”
He finished: “I could understand it if it was an area of outstanding natural beauty rather than a car park, where we are we’ve got Jewsons and a petrol station.”
A spokesman for Pembrokeshire County Council said: “The Local Planning Authority has considered the application in accordance with the Town and Country Planning (Control of Advertisements) Regulations 1992 (as amended), which require due consideration of the impact signage would have on visual amenity and public safety.
“While comments regarding advice the applicant received from other council departments and landowner consent are noted, each application must be determined on its own merits with regard to relevant policy and legislation.
“The Authority recognises the club’s valuable role in the community; however, financial considerations are not material to the assessment of advertisement consent.
“Whilst there is a right of appeal to Planning and Environment Decisions Wales (PEDW), the Local Planning Authority remains willing to engage with the applicant regarding any revised proposals they may wish to present.”
Business
Government backs high street with crackdown on cheap imports
MINISTERS have announced plans to speed up reforms aimed at helping high street businesses compete with online retailers and overseas sellers.
The Treasury said changes to low-value imports will now be brought forward by six months, with customs duty relief on goods worth £135 or less set to be scrapped from October 2028.
The move is designed to stop online retailers gaining an unfair advantage over shops, pubs, restaurants, hotels and other high street businesses.
At present, many cheaper imported goods can enter the UK without customs duty, a system which ministers say has left traditional retailers at a disadvantage.
The Government is also reviewing how VAT is collected from businesses trading through online marketplaces, amid concerns that some sellers are failing to pay the tax they owe.
The Treasury said revenue raised from tougher VAT enforcement would be used to help improve the business rates system for high street firms.
Dan Tomlinson, Exchequer Secretary to the Treasury, said: “This action tackles the unfair competition and dodgy businesses that are doing real damage to our high streets.
“And by making sure that tax is paid when it’s owed, we can raise revenue to put back into improvements to the business rates system for pubs, restaurants, hotels and other high street businesses.”
The package also includes a consultation on VAT reform for land used in new social housing developments.
Ministers say the change could help speed up the delivery of affordable homes by making the tax system better reflect how social housing schemes are developed.
The Treasury said the measures form part of wider plans to make the UK tax and customs system simpler, fairer and more focused on economic growth.
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