HMRC increases late tax payment rate
HMRC has increased the late payment rate from 3% to 3.25%, while the repayment rate remains frozen at 0.5% Tom Selby, a senior analyst at investment platform AJ Bell thought that this was “grossly unfair”, commenting: “It seems grossly unfair for HMRC to increase the...
HMRC publish further information on Making Tax Digital (MTD).
HMRC have released further information on Making Tax Digital (MTD) in the run up to the introduction of MTD for VAT in April 2019. This includes a new HMRC VAT Notice providing some additional clarity for businesses and a list of software providers that have...
Requirement to Correct: time is running out to disclose
‘Requirement to Correct (RTC)’ legislation requires UK taxpayers to ensure that all foreign income and assets, where there may be UK tax to pay, have been correctly declared to HMRC by 30 September 2018. HMRC will impose very harsh penalties for those who fail to...
200,000 receive back pay as HMRC enforce National Minimum Wage
BEIS and HMRC are urging underpaid workers to complain about National Minimum Wage (NMW) and National Living Wage (NLW) underpayments. Recent figures show that the number of workers receiving the money they are owed has doubled. During 2017/18, HMRC investigators...
