HMRC
Increasing number of scam emails and telephone calls reported
Increasing number of scam emails and telephone calls reported Companies House has reported an increase in scams as letters and telephone calls pretending to be from them have come to light. The following link that has been published, not only tells you what to do if you receive a letter or telephone call from Companies…
Read MoreHMRC releases information regarding businesses with HMRC debt
HMRC releases information regarding businesses with HMRC debt Reports from HMRC suggest that companies are struggling to pay tax bills on time with arrears to HMRC running at an average of £28bn per month, with official figures, which have been obtained from HMRC under the Freedom of Information, revealing the scale of unpaid debts owed…
Read MoreHMRC will begin to fine Crypto investors £300 for non-disclosure
HMRC will begin to fine Crypto investors £300 for non-disclosure Regulations introduced in the UK as part of Crypto-asset Reporting Framework (CARF) which require crypto platforms to share detailed information with tax authorities of clients’ crypto transactions, will come into effect from 01 January 2026. UK crypto holders will now have to provide personal details…
Read MoreHMRC is continuing to urge ‘side hustlers’ to complete tax returns
HMRC is continuing to urge ‘side hustlers’ to complete tax returns Under existing tax rules, as soon as you earn over £1,000 in a tax year through a ‘side hustle’ you will need to register with HMRC and file a self-assessment tax return. A side hustle can come in various forms, from creating monetised content,…
Read MoreLate payment penalties rise to 10%
Late payment penalties rise to 10% From this tax year, the slowest payers will face a ‘more than doubling’ in the penalty rate with no time to avoid this as the hike is already in place. As part of the push to close the tax gap, late payers will face a much tougher penalty regime…
Read MoreHMRC expected to raise £255M in late payment interest
HMRC expected to raise £255M in late payment interest HMRC recently cut the late payment interest rate to 8.25% following the Bank of England’s 0.25% base rate cut in May but it is still historically as high as it was in 2007 at the time of the financial crash. With effect from 6 April 2025,…
Read MoreHMRC has increased late payment interest
HMRC has increased late payment interest HMRC has updated its guidance to reflect the 1.5% increase in the late payment interest percentage that is now in force. Late payment interest is charged from the first day that a tax debt is overdue until the day it is paid in full. It has been calculated at…
Read MoreHMRC are moving communications to email and text to cut postage costs!
HMRC are moving communications to email and text to cut postage costs! For a long time HMRC has said it is ‘committed to modernising HMRC to become a digital first organisation’ and therefore it is looking to move contacting taxpayers via email and SMS, advising that this move will save £50m a year by 2028-29.…
Read MoreWhy is it important to file your Self-Assessment early this year?
Why is it important to file your Self-Assessment early this year? Over 300,000 people filed their tax return in the first week of the new tax year, almost 10 months ahead of the 2024-25 deadline. With Making Tax Digital (MTD) for Self-Assessment just around the corner, this will be the last year that a straightforward,…
Read MoreAre you a Sole Trader? Are you ready for Making Tax Digital (MTD)?
Are you a Sole Trader? Are you ready for Making Tax Digital (MTD)? With the new MTD for Sole Traders just around the corner – what do you need to know? From April 2026, sole traders earning over £50,000 will be required to file quarterly returns under MTD for Income Tax. However, three quarters (74%)…
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