HMRC cuts late payment interest rate to 8.25%
HMRC will reduce late payment and repayment interest rates from 28 May following the 0.25% cut in the base rate last week. The Bank of England cut the base rate…
Tax
Record numbers file assessment in first week of new tax year
Almost 300,000 people filed their tax return in the first week of the new tax year, setting a new record, HMRC has revealed. Self assessment taxpayers can submit their tax…
Parents of teens reminded to extend Child Benefit claim online
Parents of 16 to 19-year-olds will receive reminders from HMRC to extend their Child Benefit claim by 31 August if their child is staying in education or training or payments…
Tax red tape costs small businesses nearly £25 billion a year
Tax compliance costs the UK’s small businesses nearly £25 billion a year, according to recent research conducted by the Federation of Small Businesses (FSB). The average small firm spends £4,500…
Spring Statement Summary 2025
Spring Statement – 26 March 2025 Having set herself ‘iron-clad’ fiscal rules and the goal of holding a single fiscal event each year, the Chancellor was in a difficult position…
Upcoming Changes to the UK Tax Treatment of Double Cab Pick-Ups for Businesses
The UK tax landscape is set to undergo some significant changes that will impact businesses using double cab pick-ups. It is important to be aware of the upcoming shifts in…
Review your State Pension position before deadline of 5 April 2025
In summary, individuals need a minimum of 10 ‘qualifying years’ to have any entitlement to the State Pension. After 10 years, the more qualifying years an individual has, the more State Pension they will…
Spring Statement 2025 – Headlines
Chancellor Rachel Reeves gave her Spring Statement to the House of Commons this afternoon. Whilst not a fiscal (tax) event we can report the following headlines: We will have a…
Financial benefit of MTD could be as high as £915 million
The financial benefits of MTD for VAT could be as high as £915 million, according to analysis carried out by HMRC. Since April 2022 all VAT-registered businesses should be using MTD…
Businesses warn of National Insurance ‘powder keg’
The overwhelming majority of businesses say the rise in employers’ NICs will force them to change their plans, according to research by the British Chambers of Commerce (BCC). With under…
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