HMRC are set to raise interest rates on tax debt from 22 November following the 0.75% increase in the Bank of England base rate. The current late payment and repayment interest rates applied to the main taxes and duties that HMRC currently charges and pays interest on are: late payment interest rate — 5.5% from… Continue reading Avoid excess penalties now…
Should your business change its year-end now? Making Tax Digital for Income Tax (MTD ITSA) is due to start on 6 April 2024 with the first year being 2024/25. In preparation, the rules that determine which profits of a non-company business are charged to tax for a particular tax year are also being reformed. Which… Continue reading Making Tax Digital – ITSA
The threshold for which the 45p rate becomes payable has been reduced from £150,000 to £125,140 The allowance for dividends will be cut from £2,000 to £1,000 as of next year, and then to £500 from April 2024. The current capital gains tax exemption amount of £12,300 per year will be reduced to £6,000 next… Continue reading Autumn statement key tax announcements
