Advisory fuel rates for company cars
New company car advisory fuel rates have been published and took effect from 1 June 2023. The guidance states: ‘you can use the previous rates for up to one month from…
Tax
One in five workers will be higher rate taxpayers by 2027, says IFS
The number of people paying income tax at 40% or above will reach 7.8 million by 2027/28, according to research published by the Institute for Fiscal Studies (IFS). This represents…
HMRC increases late payment interest rate to 7%
Following the Bank of England’s latest increase in the base rate, HMRC has increased both late paid tax and the rate paid on repayments of tax. The Bank increased the…
‘Fresh thinking’ needed in regard to MTD for ITSA
The Institute of Chartered Accountants in England and Wales (ICAEW) has written to HMRC regarding how Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) can be better shaped…
Number of early self assessment filers doubles in five years
The number of self assessment taxpayers filing their tax return on the first day of the tax year has more than doubled since 2018, HMRC has revealed. More than 77,500…
Don’t miss out on a tax refund for work expenses, HMRC urges
HMRC is reminding employed workers they can claim a refund on work-related expenses on the GOV.UK website. More than 800,000 taxpayers claimed refunds for work expenses during the 2021/22 tax…
Tax threshold freeze trebles to £25 billion
Research carried out by think tank the Resolution Foundation has suggested that the size of the UK’s six-year ‘stealth tax’ threshold freeze has nearly trebled to £25 billion. The figure is significantly…
Summer 2023 Newsletter
It’s taking a while to shake off colder temperatures, although there are glimpses of warmer weather ahead. The same might be said of the economy, with the Office for Budget…
Taxpayers given more time for voluntary national insurance contributions
The government has extended the voluntary national insurance deadline to give taxpayers more time to fill gaps in their contributions and boost their state pensions. The extension comes after members…
HMRC late payment interest rate hits 6.75%
HMRC has revised interest rates with late payment bills charged 6.75% from 13 April, the highest level since January 2008 The late payment and repayment interest rates follow the rise in…
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