Late payment interest warning for outstanding tax
There are several reasons for the increase in late payment interest collections, including increasing interest rates and frozen or reduced tax liability thresholds.
An insight from the gbac team on all things accounting, finance and more.
There are several reasons for the increase in late payment interest collections, including increasing interest rates and frozen or reduced tax liability thresholds.
Are you planning to come from another country to work as an employee in the UK? From 6th April 2025, an improved version of overseas workday relief (OWR) will be introduced.
HMRC is having a busy start to 2025 when it comes to Making Tax Digital (MTD) updates. As we reported earlier, the MTD timeline has changed for those due to start using the digital platform to submit Income Tax Self-Assessment (ITSA) returns from 2026.
Though there may yet be a late reprieve – which doesn’t seem likely, according to predictions for the upcoming Spring Forecast – the cost of purchasing a property in England or Northern Ireland will be going up from 1st April 2025 due to increasing Stamp Duty Land Tax (SDLT).
In December 2024, Chancellor of the Exchequer Rachel Reeves announced the date when her next formal report to Parliament would be due, following the Autumn 2024 Budget.
A recent First Tier Tribunal (FTT) case has revealed the importance of staying on top of your tax returns even if you think you don’t owe any tax – as a UK taxpayer who lived overseas learned the hard way.
If any of our latest content leaves you wondering how this may affect your business, our team are on hand to deal with any queries you have.
Complete the contact form below and a member of our team will aim to get back to you within two working days.