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Do you need to complete a Self Assessment tax return this year?

If someone has had a change in circumstances, then they might need to complete their first ever Self Assessment tax return for the 2022 to 2023 tax year, HM Revenue and Customs (HMRC) is reminding people.

UK Taxpayers can use the quick and easy free online checking tool on GOV.UK and register with HMRC by 5 October if they do need to self-assess. Taxpayers can also use it if they think they may not need to complete one this year, also.

Myrtle Lloyd, who is HMRC’s Director General for Customer Services, said: “It's really important taxpayers check if they should complete a Self Assessment tax return so they can pay the right amount of tax owed and avoid penalties for not filing a return, if required. It's quick and easy to check by using the interactive tool on GOV.UK - there is no need to ring us.”

Taxpayers might need to complete a tax return if they:

Are newly self-employed and have earned over £1,000

Have multiple income sources

Have received any untaxed income, for example earning money for creating online content

Earn over £100,000 a year

Earn income from property that they own and rent out

Are a new partner in a business partnership

Are claiming Child Benefit and they or their partner have an income of over £50,000

Receive interest from banks and building societies (more than £10,000)

Receive dividends in excess of £10,000

Need to pay Capital Gains Tax

Are self-employed and earn under £1,000 but wish to pay Class 2 NICs voluntarily to protect their entitlement to State Pension and certain benefits

The online checking tool can also be used by those who may no longer need to do Self Assessment, including if they:

Gave up work or retired

Are no longer self-employed

Earn below the minimum income thresholds

If taxpayers no longer think they need complete a Self Assessment tax return for the 2022 to 2023 tax year, they should tell HMRC before the deadline on 31 January 2024 to avoid any penalties.

Taxpayers can register for Self Assessment on GOV.UK. Once registered, they'll receive their Unique Taxpayer Reference, which they will need when completing their tax returns.

HMRC has wide range of resources to help taxpayers file a tax return including a series of video tutorials on YouTube and a new step by step guide, for anyone that is filing for the first time.

Taxpayers must 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.

HMRC points out benefits of early Self Assessment tax filing

Self Assessment customers can help themselves by filing their tax return early

Self Assessment customers could take advantage of four key benefits when filing their tax return early, HM Revenue and Customs (HMRC) has revealed.

The Self Assessment deadline for the 2022 to 2023 tax year is 31 January 2024. Customers who file early will have more control over their financial affairs and beat the January rush.

The four benefits to filing early are:

Planning: find out what you owe for the 2022 to 2023 tax year as soon as you've filed, which allows for more accurate financial planning.

Budgeting: spread the cost of your tax bill with weekly or monthly payments using HMRC’s Budget Payment Plan.

Refund: Check if you’re due a refund in the HMRC app once you’ve filed.

Help: you can access a range of online guidance and information to help you file your return and get help if you're unable to pay your bill in full by the 31 January deadline. You may be able to set up a Time to Pay plan.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “Customers who file their tax return early get to see exactly what they owe, so as a result they have more time to budget, thus reducing the stress around Self Assessment.

“Given that January is the busiest month for HMRC’s phone lines, I am strongly urging customers to check out the tips on filing their tax return early on GOV.UK and to consider doing so themselves.”

There is lots of help and support available online:

Customers can access the new online tool to check whether they need to do a Self Assessment tax return.

HMRC’s top tips for filing tax returns early can be found on GOV.UK.

Ask HMRC’s digital assistant to find information about Self Assessment. If they cannot help, chat live with an HMRC webchat adviser.

Access webinars and videos about Self Assessment.

However, HMRC customers should be very aware of the risks of falling victim to phishing scams so must never share their HMRC login details with anyone, including any tax agents, should they have one. HMRC scams advice is available on GOV.UK.

However, please be aware that The Self Assessment helpline is temporarily shut down and will be reopening on 4 September 2023. HMRC point out that about two-thirds of all calls can be resolved by customers themselves online on GOV.UK.

Customers can ask for help from HMRC’s digital assistant or chat with a webchat adviser.

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The Energy Bills Discount Scheme, Is It About as Clear as Mud?

Tom Anderton

The Government claims its energy scheme will most support businesses tied into expensive contracts from when the price of energy had peaked.

TEAM Energy’s Head of Customer Success, Tom Anderton, breaks down what support businesses can expect to see from the new Energy Bills Discount Scheme.

Ahead of the closure of the Energy Bill Relief Scheme (EBRS) in March, the UK Government has announced a new initiative to support businesses with the high cost of energy.

The Energy Bills Discount Scheme (EBDS) will apply a discount based on the wholesale price of energy until March 2024. The move comes in response to the falling price of wholesale energy which has dropped to levels seen before the Ukraine war.

The Government claims the scheme will most support businesses tied into expensive contracts from when the price of energy had peaked. Contracts that at the time were compounded by a number of suppliers exiting the I&C market due to its volatility and suppliers still operating being able to name their price.

The announcement sets out guidance for how businesses can expect to benefit from the discount. From April, eligible businesses will see a ‘unit discount of up to £6.97/MWh on their gas bill and up to £19.61/MWh on their electric bill. This will be subject to a wholesale price threshold, set with reference to the support provided for domestic consumers, of £107/MWh for gas and £302/MWh for electricity.’ Clear as mud.

Here is my take on it, writes Tom Anderton

What this all really means is if you are paying under 30.2 p/kWh for your electricity rate, under the new scheme, you will not receive any support.

In all cases, even for businesses out of contract or with fixed or flexible contracts, the maximum discount you will receive is 1.961 p/kWh.

Thus, any unit rate above 32.161 p/kWh will hit the maximum discount available and so will not be fully reduced down to the threshold.

What is not clear, and what we will need to wait for the guidance for, is whether for fixed contracts this is linked to the published wholesale price by the Government for the date the contract was signed or based on daily wholesale prices, as was the case with the EBRS.

So, for example:

Contracted Rate Discount Applied Effective Unit Rate Being Levied

22.0 p/kWh         NONE                 22.0 p/kWh

29.0 p/kWh        NONE                 29.0 p/kWh

31.2 p/kWh        -1.0 p/kWh         30.2 p/kWh

35.1 p/kWh        -1.961 p/kWh         33.139 p/kWh

41.8 p/kWh        -1.961 p/kWh         39.839 p/kWh

The discount will apply to the same businesses eligible for the Energy Bill Relief Scheme and be automatically added by suppliers to bills.

Additional support will be made available under the Energy and Trade Intensive Industries (ETII) part of the scheme to organisations with high energy use such as manufacturing and mining; however, these industries will need to register for the discount.

For eligible ETII businesses, the price threshold of the scheme will be 18.5 p/kWh for electricity and 9.9 p/kWh for gas with a maximum discount of 8.91 p/kWh for electricity and 4.0 p/kWh for gas. The discount is due to only apply to 70% of the consumed energy.

Isn’t it just the Energy Bill Relief Scheme by another name?

Where this scheme differs from the EBRS is the discount was determined by comparing the estimated wholesale portion of the unit price that would be paid in the period against a baseline ‘Government supported price’. For electricity, the supported price was set to 21.1 p/kWh and for gas 7.5 p/kWh.

The supported price is going up to 30.2 p/kWh for electricity and 10.7 p/kWh for gas, which is in line with the domestic relief scheme caps.

Under the EBRS, there was no maximum discount applied, unless you were on a flexible or deemed type contract (this was 34.5 p/kWh for electricity). This has now been extended so that all contracts are subject to a maximum discount of 1.961 p/kWh.

Will prices continue to rise?

Of course, wholesale energy prices were rising long before the Ukraine war. Issues with supply, demand, infrastructure and lockdown, the weather (unusually cold winters, not enough wind), industry change, have all impacted global supplies of both gas and electricity, sending prices soaring.

For businesses, as mentioned before, this instability caused a number of suppliers to drop out of the I&C market, which meant those left could pick and choose their customers, and their price.

While the wholesale price of energy has started to decline, there are still upcoming industry changes that will affect the value of your bills. The anticipated Transmission charges, the result of Ofgem’s Targeted Charging Review, are yet to come into effect, Market Wide Half-Hourly and further regulation could see supplier levies passed on to customers, long after the Government support has stopped.

www.teamenergy.com

TEAM Energy is a leading supplier of carbon and energy management solutions. We specialise in energy management software, energy bureau services and energy consultancy.

TEAM’s customers come from the private sectors including retail, transport and banking, and public sectors such as education, government, NHS and the emergency services. Public sector organisations can also benefit from TEAM’s services under various pre-tendered government frameworks.

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