HMRC has reduced late payment and repayment interest rates following the cut to the base rate. The Bank of England cut the base rate to 5.0% on 1 August, the first reduction for over four years. This has triggered a…
HMRC is failing on the key metrics of responsiveness, ease and accuracy, according to the annual HMRC Charter report. The report reviewed HMRC's performance against its Charter from April 2023 to March 2024. The survey received over 1,600 responses, with…
HMRC has 'sent nudge' letters to crypto investors who it suspects have failed to pay the correct tax on their gains, according to the Chartered Institute of Taxation (CIOT). Many crypto investors are unaware of their tax obligations due to…
Chancellor of the Exchequer Rachel Reeves said she was taking difficult decisions after a Treasury spending audit revealed £22 billion of unfunded pledges. Ms Reeves confirmed that the Autumn Budget will take place on 30 October. In a statement to Parliament,…
HMRC has launched a digital tool to help businesses estimate what registering for VAT may mean for them. The VAT Registration Estimator helps to show businesses when their turnover could require them to register for VAT and its effect on profits.…
The British Business Bank has launched the Growth Guarantee Scheme to help smaller businesses access finance. The Growth Guarantee Scheme is the successor to the Recovery Loan Scheme and is expected to support around 11,000 smaller businesses. The British Business Bank…
HMRC will send Simple Assessment tax statements to pensioners in the next few weeks. The combination of frozen tax thresholds and a substantial increase to the state pension has led to many more pensioners being dragged into paying income tax…
Jeremy Hunt’s Autumn Statement earlier this week has shone a light on National Insurance, but what is National Insurance and what do the changes mean? National Insurance contributions allow people to qualify for certain benefits and the State Pension. There…
What is VAT? Value Added Tax (VAT) is a consumption tax that is levied on the value added to goods and services at each stage of production or distribution. In the UK, businesses collect VAT from their customers on behalf…
In the UK, individuals and entities who meet certain criteria are required to register for self-assessment tax returns. Here's a general overview of who may need to register: Self-Employed Individuals: If you are self-employed and earn more than £1,000 you…
