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| HMRC increases late payment interest rate to 7% | |
Following the Bank of England’s latest increase in the base rate, HMRC has increased both late paid tax and the rate paid on repayments of tax. The Bank increased the base rate to 4.5% from 4.25% on 11 May, the 12th consecutive rise.
The late payment and repayment interest rates follow this rise and are applied to the main taxes and duties that HMRC currently charges and pays interest. | | | |
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| 'Fresh thinking' needed in regard to MTD for ITSA | |
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The Institute of Chartered Accountants in England and Wales (ICAEW) has written to HMRC regarding how Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) can be better shaped to suit the needs of small property businesses and the self-employed.
On 19 December 2022, HMRC announced the deferral of MTD for ITSA's start date and an informal review into the initiative.
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| Advisory fuel rates for company cars | |
New company car advisory fuel rates have been published and took effect from 1 June 2023. 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.
To read more about the advisory fuel rates for journeys undertaken on or after 1 June 2023, please click below. | | | |
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential. If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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