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 […]
Budget Responsibility Bill: New Fiscal Lock Legislation Introduced
In the King’s Speech on 17 July 2024, it was confirmed that the new Labour Government aims to legislate that all significant tax and spending changes undergo independent assessment by the Office for Budget Responsibility (OBR). The following day, the Budget Responsibility Bill was introduced to the House of Commons for its first reading. Labour […]
HMRC to Issue Simple Assessments to 560,000 Taxpayers for 2023/24
HMRC will be issuing simple assessments (PA302) over the next six weeks to 560,000 individuals who have outstanding tax liabilities for the 2023/24 tax year. Simple assessments are sent to taxpayers who owe tax that cannot be collected through a Pay As You Earn (PAYE) tax code and who do not meet the criteria for […]
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 […]
VAT on Private School Fees from 1 January 2025
The Government has published draft legislation to charge VAT at 20% on education and boarding services provided by private schools for a fee. The new law will bring in the following key changes: a. VAT on Education Services: From 1 January 2025, all education services and vocational training provided by private schools or connected […]
Reform of Non Dom Rules from April 2025
The newly elected Labour government has committed to eliminating the non-dom tax status to generate additional revenue for the NHS and other public services. In March 2024, Conservative Chancellor Jeremy Hunt declared that the non-dom tax regime would be phased out. Under his proposal, individuals moving to the UK from April 2025 would be exempt […]