Aug 19, 2022 | Personal Tax
Inheritance tax (IHT) receipts totalled £2.4 billion for April to July 2022, £0.3bn higher than last year, data released by HMRC shows. The increase was due to the volume of wealth transfers that took place over the COVID-19 pandemic, recent rises in asset values and...
Aug 15, 2022 | Business TaxPersonal Tax
Following the increase of the Bank of England's (BoE) base rate to 1.75%, HMRC will raise late payment interest on tax bills by 0.5%, coming into effect on 23 August 2022. This means the late payment interest rate will be 4.25%, having already increased to 3.75% on 5...
Aug 10, 2022 | Personal Tax
HMRC has reported a drop in the number of non-domiciled taxpayers in the tax year 2020/21. The number of individuals claiming non-domiciled status fell 11% year-on-year, from 76,500 to 68,300. Despite the drop, the total income tax, capital gains tax and National...
Aug 9, 2022 | Business TaxPersonal Tax
HMRC will be revising the late payment rates for tax returns following the Bank of England's (BoE) rise in interest rates. After the BoE's monetary policy committee voted to raise the base rate from 1.25% to 1.75% on 4 August, HMRC announced it will be revising...
Aug 3, 2022 | Personal Tax
HMRC is reminding married couples and people in civil partnerships to sign up for the marriage allowance tax break. The marriage allowance allows married couples and civil partners to share their personal tax allowances if one partner earns below the personal...
