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…
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…
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…
11.5 million file self assessment by 31 January deadline
More than 11.5 million taxpayers beat the self assessment deadline to file their tax return for the 2023/24 tax year by 31 January and avoid a £100 late filing penalty,…
HMRC cuts late and repayment interest rates
HMRC will reduce late payment and repayment interest rates from 25 February following the cut in the base rate. The Bank of England cut the base rate to 4.5% on…
Parliamentary watchdog accuses HMRC of deliberately ‘degrading’ phone services
Parliament’s spending watchdog has accused HMRC of deliberately running down its phone services to force people to go online, according to a report. The Public Accounts Committee’s (PAC) report into…
HMRC could save millions of hours with tracking system
HMRC could save an estimated 1.7 million hours of call handlers’ time every year if it implemented an automated status tracking system, according to two of the leading bodies for…
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