Blog

HMRC Lowers Late Payment Interest Rates Following the Bank of England’s base rate cut to 4.5%, HMRC has reduced its late payment interest rate to 7% and repayment interest rate to 3.5% from 25 February. Corporation tax interest rates have also been adjusted. However,...

Higher education is a major financial commitment, with tuition fees and living expenses quickly adding up. Planning ahead can help ease the financial burden and reduce reliance on borrowing.  Understanding University Costs  For 2024/25, tuition fees remain capped at...

The Construction Industry Scheme (CIS) is a tax system for businesses in the construction sector. It ensures that contractors deduct tax from subcontractor payments and submit it to HMRC. Understanding CIS is key to staying compliant and managing cash flow...

Mixed Business Outlook for 2025  UK businesses are optimistic, with 70% expecting turnover growth and 73% forecasting higher profits, according to Lloyds Bank. Government initiatives are expected to boost competitiveness, but challenges remain. The CBI warns of a...

Key Dates and Deadlines in Personal Tax As 31 January approaches, taxpayers face the critical deadline to submit self-assessment tax returns and make payments. Despite reminders, many leave it to the last minute, causing delays and penalties for late submissions or...

The Impact of UK Interest Rate Cuts: What Happens if Inflation Rises? Interest rates play a crucial role in shaping the economy, influencing everything from borrowing and spending to saving and investment. When the Bank of England (BoE) cuts interest rates, it...

For employers, navigating the world of employee benefits can be tricky. You want to keep your team happy and motivated, but tax implications can make things confusing. Thankfully, HMRC offers a little perk called "trivial benefits", these can be Vouchers There’s in no...

How to reward your team in a tax-efficient way. As 2023 draws to a close, many employers will be looking for ways to reward their teams’ hard work. But how can you do that in a tax-efficient way that benefits both you and your employees? Thankfully, showing your...

Self-assessment What to watch out for when navigating this important financial obligation. The UK self-assessment system has its quirks and nuances, and understanding how to stay compliant is crucial to a smooth and stress-free income tax process. From early paper...

Accountants are struggling to work with HMRC at even the most basic level and are calling for urgent improvement. The overwhelming majority (93%) of respondents to an ACCA survey said that HMRC needed to make drastic improvements across at least three key areas...