HMRC late payment interest cut

HMRC has reduced late payment and repayment interest rates following the cut to the base rate. The Bank of England cut the base rate to 5.0% on 1 August, the first reduction for over four years. This has triggered a cut in HMRC interest rates which are pegged to the base rate. From 20 August,… Read more…

Scrap fuel duty cut, says RAC

The 5p cut in fuel duty to be scrapped in the upcoming Autumn Budget, according to the RAC. The motoring organisation says that motorists in the UK are ‘not gaining any benefit’ and retailers have failed to pass on lower petrol and diesel prices to drivers. Prime Minister Keir Starmer recently refused to rule out… Read more…

Advisory fuel rates for company cars

New company car advisory fuel rates have been published and took effect from 1 September 2024. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or… Read more…

Latest guidance for employers

HMRC has published the latest issue of the Employer Bulletin. The August issue has information on various topics, including: electronic payment deadline falls on a weekend P11D and P11D(b) for tax year 2023 to 2024 supporting employees with changes to the High Income Child Benefit Charge pensions for seasonal temporary staff getting your new employees… Read more…

King’s Speech pledges to secure economic growth

The first King’s Speech since Labour’s victory in the General Election saw the new government pledge that securing economic growth would be its fundamental mission. King Charles III delivered the 2024 King’s Speech at the State Opening of Parliament and announced plans to accelerate housebuilding and high-quality infrastructure through planning reform. In the Speech, the… Read more…