HMRC changes central assessment process for late VAT returns
[ad_1] Central assessments may no longer be cancelled immediately upon submission of the late return. When traders miss the deadline for filing a VAT return, a ‘central assessment’ is raised by HMRC’s system. This is also known as a ‘VAT notice of assessment of tax’. A central assessment estimates the VAT liability due to HMRC […]
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 […]
PAYE payment by variable direct debit: late payment notices
[ad_1] Late payment notices will be suppressed, but not immediately. ICAEW’s Tax Faculty has previously explained how HMRC notifies employers of the date that their direct debit (DD) will be collected. The faculty noted that, as HMRC collects the DD a few days after the normal due date for electronic PAYE payment, a late payment […]
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. […]