HMRC raises interest rates again as base rate increases
HMRC interest rates are linked to the Bank of England base rate.Late payment interest is set at base rate plus 2.5%. Repaymentinterest is set at
7th August 2023
HMRC interest rates are linked to the Bank of England base rate.Late payment interest is set at base rate plus 2.5%. Repaymentinterest is set at
The latest Finance Act includes two changes that will affect all R&Dclaims: a requirement to provide additional information before an R&D claimis made; and a
Tax-Free Childcare accounts can be used to pay for approved childcare for children aged 11 or under, or 16 if the child has a disability.
March and April’s main tax events for your diary from DPC Accountants
The table below sets out the HMRC advisory reimbursement rates for employees’ private mileage using their company car from 1 March 2023. Where full reimbursement is made there is no taxable fuel benefit.
The government is committed to a number of important changes to Research & Development (R&D) tax relief from 1 April 2023. It also looks increasing likely that the two existing systems will be merged into a single system in future years and we hope to hear more in the March 2023 Budget.
Companies considering the acquisition of new plant and machinery need to be aware that the temporary ‘super-deduction’ of up to 130% for the cost of
A new, and arguably fairer, system for determining penalties for late returns and late payment of VAT applies to return periods commencing on or after 1 January 2023. The same system will also apply to the returns to be submitted under making tax digital for income tax, when it eventually starts!
Although the start of making tax digital for income tax self-assessment has been delayed to 2026 at the earliest, the start date of the new regime for taxing the profits of unincorporated businesses on a tax year basis has not been delayed and the transition will still take effect in the tax year to 5 April 2024.
Making tax digital (MTD) for income tax self-assessment (ITSA) was originally scheduled to start in 2018 and was then put back to 2023 and then 2024. It was announced just before Christmas that the new system of submitting digital information quarterly to HMRC has been delayed yet again! The start date will now depend upon the gross business receipts of the individual.
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