Following the increase in the Bank of England base rate to 1.25% earlier this week, HMRC has confirmed that it will raise interest rates on late tax bills by a further 0.25% This means that the late payment interest rate will increase to 3.75% from 5...
Read MoreThe Association of Taxation Technicians (ATT) is urging the government to rethink the outdated penalties for not complying with Making Tax Digital (MTD) for VAT The ATT suggests that HMRC modernise its approach to penalties to encourage compliance with tax rules rather than punish those who...
Read MoreThe base rate has been increased by 0.25% to 1.25% in the third rise this year following the latest meeting of the Bank of England The decision on the rate rise was opposed by three members of the monetary policy committee who argued for a 0.5%...
Read MoreThe government has confirmed that student loan interest rates will remain at 7.3% from September 2022 Normally interest increases in line with inflation, but the current 9% rate would have seen student loan rates rise to 12% while the base rate is only 1.25%. A rise in...
Read MoreThe Charity Commission has launched a consultation on plans to collect additional information in the annual return to reduce risk and conflicts of interest This will see a series of new questions added to the annual return, which the Commission says will allow it to tighten...
Read MoreThe government is withdrawing the plug-in grant for cars scheme, which offered discounts on low-emission vehicles, to focus on charge points The scheme is being stopped immediately and will be replaced with a £300m package of grant funding focusing on expanding the public charge point network...
Read MoreThe government has ruled out proposals to tax sugar and salt in the food strategy for the UK The original plan, led by Leon founder Henry Dimbleby, was to introduce a tax of £3 per kilo of sugar and £6 per kilo of salt, which is...
Read MoreHMRC has confirmed to the Chartered Institute of Taxation that they intend to send ‘nudge letters’ to some taxpayers who sold shares in the year to 5 April 2020 It is likely to focus on those who have made substantial gains during their lifetime and may...
Read MoreHMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 June 2022, increasing rates between one and three pence per mile in light of soaring fuel prices at forecourts The advisory fuel rates that apply from 1 June 2022 have...
Read MoreHMRC is ramping up its activity against mini umbrella companies using both its civil and criminal powers to challenge use and curb abuse HMRC’s Fraud Investigation Service has deregistered tens of thousands of mini umbrella companies which they believed were involved in exploiting the VAT Flat...
Read More