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 cut in HMRC interest rates which are pegged to the... read more →
Sep
05
Sep
05
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 complaints about service levels a recurring theme. 'Being responsive' scored... read more →
Aug
03
HMRC has published the latest issue of the Employer Bulletin. The July issue has information on various topics, including: PAYE Settlement Agreement calculations 2023 to 2024 paying Class 1A National Insurance contributions improving the Self-Serve Time to Pay service for PAYE and VAT customers self assessment threshold change Spotlight 64... read more →
Aug
03
The UK's economic recovery is finally putting ‘down roots’ after GDP grew faster than expected in May, says the Confederation of British Industry (CBI). The UK economy expanded by 0.4% in May, rebounding from zero growth in April, according to the Office for National Statistics (ONS). The growth figures were... read more →
Aug
03
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 for the first time. The last government froze the personal... read more →
Aug
03
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 has so far accredited 41 lenders for the scheme... read more →