Contractors Urged to Verify Subcontractors’ CIS Status
HMRC is urging contractors to regularly verify the Construction Industry Scheme (CIS) status of their subcontractors. The reminder comes as HMRC has identified instances of incorrect CIS tax deductions by some contractors. As part of its latest outreach campaign, HMRC is highlighting the need for contractors to: a. Verify all new subcontractors before making […]
HMRC Late Payment Interest Rates Revised After Base Rate Cut
The Bank of England Monetary Policy Committee announced on 1 August 2024 a reduction in the base rate from 5.25% to 5%. HMRC interest rates, which are linked to the Bank of England base rate, will subsequently be reduced for both late payment and repayment of taxes. The new HMRC interest rates will take effect […]
HMRC 2023/24 Reports: Record Revenues & KPI Underperformance
HMRC has released a series of reports analysing its performance in 2023/24, including the annual report and accounts, and a performance report against the charter. Tax Revenues Highest on Record The annual report for 2023-24 reveals that total tax revenues reached a record £843.4 billion, marking a 3.6% increase from the previous year. […]
Autumn Budget Announced for 30 October 2024
The Chancellor of the Exchequer, Rachel Reeves, has announced in the House of Commons that the Autumn Budget will be on 30 October 2024. The Budget will be accompanied by a comprehensive fiscal statement from the Office of Budget Responsibility (OBR). This announcement came as part of the Chancellor’s statement on ‘public spending inheritance’, with the Chancellor […]
Draft Audit Reform and Corporate Governance Bill Back On Agenda
Audit and corporate governance reforms have been placed on the new UK Government’s legislative agenda. The Draft Audit Reform and Corporate Governance Bill was included on the King’s speech earlier this month, following previous proposals by the Kingman Review (2018), the Brydon Review (2019), and the Competition and Market Authority’s (CMA) statutory audit market review […]
HMRC Issues Further Pillar 2 Guidance
In its third update on Pillar 2, HMRC has provided clarity on various aspects of the rules and outlined its plans for the coming months, including the next phase of its Pillar 2 online service. The multinational top-up tax (MTT) and the domestic top-up tax (DTT) have been introduced as part of the UK’s adoption […]
UK Firms Failing to Meet Anti-Money Laundering Standards
A HM Treasury report on anti-money laundering (AML) and counter-terrorist financing (CTF) has revealed that 18% of assessed financial services firms and over a third of accountancy firms were non-compliant with the regulations. The Financial Conduct Authority (FCA), which supervises approximately 18,000 financial services firms in the UK for AML/CTF compliance, found that 4% of […]