Feb 22, 2023 | Current AffairsPersonal Tax
The Treasury is in a £5.4bn surplus after receiving more in tax receipts than it spent in January. Income tax receipts rose by 33% to £21.9 billion in January - the highest monthly tax take since records began in 1999. Meanwhile, the overall tax take also soared to...
Feb 10, 2023 | Business TaxPersonal Tax
The Institute of Chartered Accountants in England and Wales (ICAEW) is calling for an emergency taskforce to tackle HMRC's underperformance. In a statement, the ICAEW said that ministers must act immediately to address long-standing delays at HMRC, which have become a...
Feb 9, 2023 | Government AnnouncementsPersonal Tax
HMRC has temporarily paused the Making Tax Digital for income tax self-assessment (MTD for ITSA) pilot for newcomers. In a statement to AccountingWeb, an HMRC official said the decision would allow the tax authority to refresh its testing strategy. They also plan to...
Feb 7, 2023 | Government AnnouncementsPersonal Tax
HMRC is raising interest on tax debt following the Bank of England's (BoE) base rate increase on Thursday (2 February). The new late payment and repayment interest rates will come into effect from 21 February. Taxes affected include income tax, National Insurance...
Feb 1, 2023 | Government AnnouncementsPAYE and NIPersonal Tax
Around 2.7 million customers were yet to file their self-assessment tax return with just hours to go before the deadline at midnight on Tuesday (31 January). Over 9 million taxpayers have already submitted and paid their tax returns for the 2021/22 tax year ahead of...
