Government cuts NIC rates again for employees & self-employed
[ad_1] From 6 April 2024, the headline rate of NIC will fall from 10% to 8% for employees, and from 9% to 6% for the self-employed. The government will also consult on how it will abolish Class 2 NIC. At the Spring Budget 2024, the Chancellor announced cuts to the rates of national insurance contributions (NIC) […]
Extension of VAT zero rates in Autumn Statement
[ad_1] The zero rate of VAT will apply to reusable period underwear and the installation of a wider range of energy saving materials from early 2024. The Chancellor announced the extension of two VAT zero rates at the Autumn Statement 2023. Period underwear The zero rate for women’s sanitary products, which replaced the reduced rate […]
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 […]
Measures to tackle business rates avoidance and evasion
[ad_1] The consultation focuses on proposed changes to prevent abuse of empty property relief and the “next in use” exemption involving charities and community amateur sports clubs (CASCs). It also asks for evidence relating to other rates avoidance and evasion behaviour including the existence of “rogue agents” that promote such behaviour. Following an announcement at […]
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 […]
Business rates modernisation bill introduced to Parliament
[ad_1] ICAEW’s Tax Faculty summarises the key changes contained in the bill. The Non-Domestic Rating Bill was introduced to the House of Commons on 29 March 2023. It gives effect to conclusions reached in the Business Rates Review completed in 2022. The key measures in the bill include: Shortening the business rates revaluation cycle The […]
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 […]
Significant changes ahead for business rates
[ad_1] ICAEW’s Tax Faculty explains the technical changes to the business rates system announced alongside the Spring Budget. Following a consultation, technical changes are being introduced to allow for several significant changes to be made to the business rates system. Ratepayers will need to notify the Valuation Office Agency (VOA) within 60 calendar days of […]
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 […]