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For the sixth time this year, interest rates will be increasing next month from 11th October 2022.

Starting at 2.6% at the beginning of 2022, the most recent increase was 4.25% just last month, following the Bank of England’s decision to raise their base rate from 1.25% to 1.75% in August.

Now, in September, the Bank of England Monetary Policy Committee has voted to increase the base rate yet again to 2.25%. Since HMRC interest rates are linked to the Bank of England’s base rate, this means that HMRC interest payments – which went up last month – are also going up in October.

There is still no facility for contacting HMRC by email, but there is now the option of receiving a response by email when you contact HMRC.

As anyone who has dealt with HMRC by post will know, it can be a very slow process. With resources stretched further than ever by the combination of Brexit and COVID-19, it’s taking HMRC a long time to work through the ever-growing backlog of post.

This has prompted HMRC to slowly move into the twenty-first century by providing the option to receive responses by email, instead of waiting for a letter or phone call.

Of course, there are risks to all kinds of communication with HMRC – here’s what you need to be aware of, and what you need to do to opt in to receiving emails from HMRC.

Working through Inheritance Tax (IHT) is difficult after any death. The residence nil rate band (RNRB) provisions for spouses or civil partners can be especially confusing to navigate.

For example, when the second individual passes away, any unused RNRB left over from the first individual’s death can be relieved – but some executors are using the value at the first person’s date of death to claim this, when they should be using the second person’s date of death.

It doesn’t seem like HMRC has been picking up on this error, so if you think a mistake has been made in RNRB relief value in a case like this, then you’ll have to write to them yourself.

This blog explains the basics of residence nil rate band relief and what to do if you need help with claiming RNRB transfers.

The latest data from HMRC shows that Inheritance Tax (IHT) receipts from the Treasury have doubled in the last decade.
While it was once seen as something that only the wealthy would have to worry about, more and more people are finding themselves liable for IHT.
But what exactly is an Inheritance Tax receipt, and why are so many people having to pay?
This blog explains what’s going on with IHT and what you can do to reduce your own liability.

Companies that claim tax relief or tax credits on research and development (R&D) expenditure will see some changes to the system for accounting periods starting from 1st April 2023.

Several new activities will qualify for R&D relief, but the process for making R&D relief claims will be different. Not only will the service go completely digital, alongside many other tax services, but the rules are also being adjusted to try to reduce fraudulent R&D claims.

Here’s what you should know about the R&D tax relief changes that will come into effect next year.

After much speculation, new Prime Minister Liz Truss has announced the government’s plans to handle the ongoing energy price crisis. This highly anticipated statement comes a few weeks after the Ofgem price cap rose to an eyewatering £3,549 a year.
The earlier assistance package proposed by then-Chancellor Rishi Sunak in February was based on projections of the price cap increasing from £1,971 in April to £2,800 in October. Since then, Ofgem has decided to review the price cap every three months instead of every six months.
The regulator’s current price cap of £3,549 for the October–December 2022 period is an increase of 80% on the current level, but projections for the next three-month period’s price cap suggest an even more shocking increase to £6,500 a year in the first quarter of 2023.
To support the British public and businesses with soaring energy bills this winter, the government is taking action to provide financial support and tackle the underlying issues with the UK energy market. This blog explains what you need to know about the new energy price cap.