Aug 15, 2022 | Business TaxPersonal Tax
Following the increase of the Bank of England's (BoE) base rate to 1.75%, HMRC will raise late payment interest on tax bills by 0.5%, coming into effect on 23 August 2022. This means the late payment interest rate will be 4.25%, having already increased to 3.75% on 5...
Aug 9, 2022 | Business TaxPersonal Tax
HMRC will be revising the late payment rates for tax returns following the Bank of England's (BoE) rise in interest rates. After the BoE's monetary policy committee voted to raise the base rate from 1.25% to 1.75% on 4 August, HMRC announced it will be revising...
Jul 28, 2022 | Business TaxPersonal Tax
HMRC plans to collect further data on taxpayersto tackle tax evasion. Announced in a new public consultation, HMRC aims to collect more data on self-employed workers, partnerships, and taxpayers who earn dividends. As well as job titles and hours, locations of...
Jul 25, 2022 | Business TaxPersonal Tax
HMRC handed out 80% more penalties for errors on people's tax returns in the last tax year, with 83,317 fines issued for the tax year 2021/22. HMRC charged a total of 18,757 taxpayers with a £100 penalty, totalling £1.87m in revenue. While most penalties were issued...
Jul 5, 2022 | Business Tax
Small businesses need more Government support to stay afloat and meet net zero goals, according to the Association of Accounting Technicians (AAT). In a survey commissioned by the financial body, 67% of SMEs said they would benefit from tax reliefs for specific work...
