Duties Articles

Alcohol duty freeze takes effect

As part of the Autumn Statement measures the Chancellor announced that the duty rates on beer, cider, wine and spirits would be frozen at the current rates until 1 August 2024. This change took effect from 1 February 2024 and will last for 6 months. The alcohol duty freeze will mean that more than 38,000 pubs will benefit. Not increasing alcohol duty in line with inflation will create an...

New crackdown on illicit tobacco

HMRC has continued to tackle the UK’s most notorious hotspots for the sale and supply of illicit tobacco as part of its overall remit to tackle tax fraud. This has resulted in the seizure of more than 27 million illicit cigarettes and 7,500kg of hand-rolling tobacco. These seizures have taken place under Operation CeCe in its first two years of action. Operation CeCe is a joint HMRC-National...

Alcohol duty changes

Changes in the way alcohol is taxed will come into effect from 1 August 2023. The new system of calculating alcohol duty for all alcoholic drinks will be made using standardised tax bands based on alcohol by volume (ABV). This will replace the current alcohol duty system, which consists of four separate taxes covering beer, cider, spirits, wine and made-wine. These changes are expected to make...

Alcohol duty changes

Changes in the way alcohol is taxed will come into effect from 1 August 2023. The new system of calculating alcohol duty for all alcoholic drinks...

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Are you self-employed?

Notify HMRC promptly when self-employed, by October 5 after tax year-end, for timely self-assessment and penalty avoidance. Follow HMRC guidelines...

Cost of living final payment 2023-24

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested...

Beware fake tax rebate offers

HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails,...

Importing or exporting for the first time?

When engaging in international trade, navigating regulations can be overwhelming. Utilize HMRC’s digital assistant on GOV.UK for guidance on EORI...

Top-line, bottom-line?

Monitoring small business finances involves more than tracking sales; it requires assessing costs, creating forecasts, and analyzing balance sheets. Regular...

Autumn Finance Bill 2023 update

The Autumn Finance Bill 2023, officially named Finance Bill 2023-24, introduces tax measures like permanent full expensing and extended reliefs....

What is Class 1A NIC?

Employers pay Class 1A NICs on benefits, subject to Income Tax. Special rules and conditions, including no existing Class 1...

Tax on inherited private pensions

Inheriting private pensions involves grasping tax implications, nominations, and rules, considering the owner’s age and limitations for defined benefit pots....

Eligibility for the VAT Flat Rate Scheme

The VAT Flat Rate scheme is for businesses with an expected turnover below £150,000. It involves a fixed percentage of...
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