VAT registration threshold to increase
[ad_1] Among the indirect tax Budget announcements is the increase to the VAT registration threshold from 1 April 2024. A new duty on vaping products will also be introduced as well as changes to airport passenger duty and landfill tax rates. The headline announcement for indirect taxes is that the VAT registration threshold will increase […]
Increase SAYE and SIP investment limits to increase take-up
[ad_1] ICAEW responds to HM Treasury’s call for evidence to consider opportunities to improve and simplify two types of tax-advantaged share schemes. Increasing the save as you earn (SAYE) and share incentive plan (SIP) investment limits, which have not risen since the original incentive levels were set, would increase the schemes’ appeal to the highest […]
HMRC’s debt levels remain high as interest rates increase
[ad_1] The increase in HMRC interest rates from 22 August 2023 will make it harder for taxpayers to clear these debts. HMRC is seeing more taxpayers getting into debt and the average value of those debts is increasing as the economic situation remains challenging. The majority of tax debt is owed by small and medium-sized […]
HMRC interest rates to increase in July
[ad_1] Following the Monetary Policy Committee decision to increase the Bank of England base rate to 5%, HMRC has announced increases to both the interest charged on late paid tax and the rate paid on repayments of tax. As HMRC interest rates are linked to the Bank of England base rate, the 22 June 2023 […]
HMRC interest rates increase again
[ad_1] Following the Monetary Policy Committee’s decision to increase the Bank of England base rate to 4.5%, HMRC has announced increases to interest charged on both late paid tax and the rate paid on repayments of tax. As HMRC interest rates are linked to the Bank of England base rate, the 11 May increase from […]
HMRC interest rates to increase in April
[ad_1] Following the Monetary Policy Committee decision to increase the Bank of England base rate to 4.25%, HMRC has announced increases to both the interest charged on late paid tax and the rate paid on repayments of tax. As HMRC interest rates are linked to the Bank of England base rate, the 23 March 2023 […]
HMRC interest rates for late and early payments increase again
[ad_1] As HMRC interest rates are linked to the Bank of England base rate, its 15 December increase from 3% to 3.5% has triggered another increase in rates for late payments and repayment of tax. HMRC has announced increases to both interest charged on late paid tax and the rate paid on repayments of tax. […]