LATEST NEWS
HMRC Increase Interest Rates For Late Paid Tax and NIC
HMRC has increased its interest rates for late paid tax and NIC from 21 November 2017 by 0.25% but no increase to repayment interest rates. The current late payment and repayment interest rates applied to the main taxes and duties that HMRC currently charges...
Taxpayers Warned to Check HMRC Repayment Arrangements
In the run up to January’s online self assessment tax return deadline, the Low Incomes Tax Reform Group (LITRG) is warning of the risk that HMRC will issue any repayments due to last used debit or credit card, rather than the bank payment instructions entered on the...
Base Interest Rates Doubled to 0.5% – How Can It Affect You?
For the first time since July 2007, the Bank of England (BoE) has raised interest rates from 0.25% to 0.5% to help curb high inflation On 1 November, the Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase interest rates to 0.5%. The move reverses...
Introducing Simple Assessment – Who Said Tax Has To Be Taxing?
In a bid to reduce the number of taxpayers compelled to complete Self-Assessment tax returns HMRC has introduced Simple Assessments. The plan is to remove two million taxpayers from the self-assessment system regime. The first tranche targeted are those who have PAYE...
The Upcoming Budget and Making Tax Digital
The UK first Autumn Budget in years will be delivered by Chancellor Phillip Hammond on Wednesday 22 November. It will be his second Budget in 2017 and will include projected tax changes and spending plans as a result of the earlier report by the Office for Budget...
The New General Data Protection Regulation – What Does it Mean?
The New General Data Protection Regulation A new EU data protection framework, the General Data Protection Regulation (GDPR), was adopted on 8 April 2016. From 25 May 2018, GDPR will affect the whole of the EU covering half a billion citizens. Its goal is to unify...
Warning of Fake HMRC VAT Email Scam
Cyber criminals have been targeting UK taxpayers with fake VAT return messages claiming to come from HMRC which, when opened, could infect PCs with a Trojan virus and allow them to take over the victim’s computer, according to information security specialists...
HMRC Stops Personal Credit Cards being Used for Company Debts
Business owners will not be able to use personal credit cards to settle outstanding PAYE late payment penalties, PAYE settlement agreements or Construction Industry Scheme (CIS) late filing penalties from January 2018 HMRC has confirmed that employers will not be able...
