HMRC increases late payment interest rate to 7.5%
HMRC has increased interest rates with late payment bills charged 7.5% from 11 July, the highest rate since 2001. The move follows the Bank of England’s June increase in the base…
Tax
HMRC gives £1.8 million a year to charities to help excluded taxpayers
The voluntary and community sector will be able to apply for grants from HMRC to support their work with taxpayers who need extra assistance with their tax affairs. Eligible organisations need…
HMRC clamping down on landlords with undeclared income tax
HM Revenue and Customs (HMRC) continues to increase its focus on undeclared income tax from buy-to-let landlords, with an 83% rise in cases during the 2022/23 tax year. The Let…
Why wait to file your Tax Return?
The deadline for filing your 2023 Self Assessment Tax Return online and to pay any tax you owe is 31 January 2024, however you don’t have to wait until then…
MTD expected to cost £1 billion more than originally forecast
A report published by the National Audit Office (NAO) has found that HMRC’s Making Tax Digital (MTD) initiative is expected to cost around £1 billion more than its initial £226 million…
HMRC closes self assessment helpline for three months
HMRC is planning to close its self assessment tax helpline for three months over the summer to focus call centre resources on dealing with other problem calls. All calls to the…
HMRC extends deadline for voluntary NICs to April 2025
HMRC has extended the voluntary national insurance contributions (NICs) deadline until 2025. Extending the voluntary NICs deadline until 2025 will give people more time to consider whether paying voluntary contributions…
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…
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…
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