HMRC
HMRC is keeping an eye on Crypto currency gains
HMRC is keeping an eye on Crypto currency gains HMRC is warning anyone who is holding crypto currency over long periods and making a gain that they will be liable for tax on their profits. Not only will taxpayers have to declare when they have sold tokens for a profit, but also when assets are…
Read MoreHMRC advise – Unique Tax Reference (UTR) numbers are no longer available via the telephone!
HMRC advise – Unique Tax Reference (UTR) numbers are no longer available via the telephone! With effect from 6 May 2025, HMRC will no longer confirm a taxpayer’s UTR number over the phone, either to taxpayers themselves, or to their authorised agents who are calling on behalf of their clients. This move, which is designed…
Read MoreOver 1 million savers have been hit by tax on savings
Over 1 million savers have been hit by tax on savings HMRC is writing to taxpayers to tell them their savings will incur tax, which is an annual activity and is part of their mission to ‘help people’ to pay the right amount of tax. Now the 2023-24 tax year is closed with self assessment…
Read MoreTax investigations lasting an average of 45 months
Tax investigations lasting an average of 45 months HMRC tax investigations are running on for as long as three years and nine months on average which is putting a significant burden on businesses with reports showing that at any given time it is predicted that half of the UK’s biggest businesses are under investigation by…
Read MoreTax receipts go over £850bn for the first time
Tax receipts go over £850bn for the first time Gross tax receipts have surpassed last years by £28.1bn, reaching a high of £857bn as stamp taxes, inheritance tax, and income tax increase drastically. HMRC’s tax receipts have risen to £857bn in 2024/25, compared with £828.1bn in 2023/24. The total tax take was only £633bn pre…
Read MoreR & D – HMRC clarifies subcontracted activities
R & D – HMRC clarifies subcontracted activities There has always been some confusion between customers and subcontractors in the R&D schemes. In fact, clarifying this was a major aim of the new Merged and ERIS schemes, which were introduced for accounting periods starting on or after 1 April 2024. However, many claims are still…
Read MoreHMRC increase beneficial loan rate to 3.75%
HMRC increase beneficial loan rate to 3.75% HMRC has increased the ‘actual official rate’ for beneficial loan arrangements from 2.25% to 3.75% from 6 April 2025, the highest rate since 2014, when interest is calculated using the ‘precise method’. However, the rate for loans repaid using the ‘averaging method’ for the 2025-26 tax year has…
Read MoreHMRC receives over £400m in late payment interest
HMRC receives over £400m in late payment interest A recent freedom of information request has found that the amount of money paid out in late payment interest to HMRC hit £409.4m in 2024, more than tripling in just three years. Back in 2021 £131.9m was paid in late interest by taxpayers who failed to pay…
Read MoreOnline Side Hustlers sent letters from HMRC about unpaid tax
Online Side Hustlers sent letters from HMRC about unpaid tax HMRC has now started sending letters to online sellers and side hustlers it suspects of not paying tax or disclosing sales on online platforms in 2022-23, giving them just 30 days to respond. The letters will need immediate action and if HMRC do not receive…
Read MoreHMRC updates when to set up ‘time to pay’ plans online
HMRC updates when to set up ‘time to pay’ plans online In the first update to ‘time to pay’ guidance since 2021, HMRC has clarified when pay plans can be set up without speaking to them directly! There has not been any change to the qualifying criteria for self-assessment taxpayers with the £30,000 limit on…
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