HMRC will reduce late payment and repayment interest rates from 28 May following the 0.25% cut in the base rate earlier in the month. The Bank of England cut the base rate to 4.25% on 8 May, triggering a 0.25% cut in HMRC interest rates which are pegged to the base rate. From 28 May,… Read more…
Almost half of UK sole traders feel unprepared for upcoming Making Tax Digital (MTD) for Income Tax changes, according to research conducted by IRIS Software. The new MTD rules mandate digital record-keeping and quarterly Income Tax updates starting April 2026 and non-compliance can lead to significant penalties. The study found that almost one in three… Read more…
The government is introducing legislation to regulate cryptoassets and improve consumer protection for the asset class. The new rules will apply to firms offering services for cryptoassets like Bitcoin and Ethereum. The government says that around 12% of UK adults now own or have owned crypto, up from just 4% in 2021. But it says… Read more…
The number of employers expecting to increase staff numbers in the next three months has fallen to a record low outside of the pandemic, according to research from the Chartered Institute of Personnel and Development (CIPD). One in four employers plan to make redundancies in the next three months, the report added. A survey of… Read more…
New company car advisory fuel rates have been published and took effect from 1 June 2025. 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…
Sole traders and landlords with an income over £50,000 have been warned that there is less than a year before they will be required to use Making Tax Digital for Income Tax (MTD for IT). HMRC says the launch of MTD for IT on 6 April 2026 will mark a significant and time-saving change in… Read more…
The independent review into the loan charge has issued a call for evidence with examples of promotional material and marketing leaflets a priority for the review team. The review was announced by the Treasury in January and is being led by Ray McCann, a former President of the Chartered Institute of Taxation. It is now… Read more…
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