Errors made in applying the corporate interest restriction
[ad_1] HMRC has identified a number of common errors made by companies and agents in respect of the corporate interest restriction. The corporate interest restriction (CIR) is an annual cap on the amount of tax relief a company or group may claim for finance costs. Where CIR applies for a group, a reporting company should […]
How to tax interest paid by public service pensions schemes
[ad_1] HMRC has provided guidance on the tax treatment of interest paid under the public service pensions remedy. If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to add reading this article as an activity to […]
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 […]
New HMRC interest rates for late and early tax payments
[ad_1] Following the Monetary Policy Committee decision to increase the Bank of England base rate to 4%, HMRC has announced increases to both 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 decision on 2 February […]
Agent Update 104: points of interest
[ad_1] ICAEW’s Tax Faculty highlights key news and reminders for agents including: new option for identity verification; withdrawal of FBI2; crypto gains and losses; and voluntary class 2 national insurance contributions (NIC). Agent Update 104 contains numerous updates for agents. Many have been shared in tax news, but the following should also be noted. HMRC […]
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. […]
Agent Update 103: points of interest
[ad_1] ICAEW’s Tax Faculty summarises issues and reminders for agents including: a new agent toolkit; CGT 60-day paper returns; updates to HMRC’s app; tax returns for deceased individuals; webinars; HMRC’s online forms; COVID-19 VAT deferrals; and XBRL tagging of 2022 accounts. HMRC Foreign Income Toolkit HMRC has published a new toolkit to assist agents declaring […]