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Farrell & Farrell
Feb 121 min read
UK: HMRC to reduce interest rate charges on late payments
From 17th February, taxpayers who owe money to HMRC will pay 7% interest, down from 7.25%. HMRC say that 1.1 million self-assessment...
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Farrell & Farrell
Feb 41 min read
UK: Self Employed Tax Return Late Filing Penalties
Basis Period Reform was introduced for tax year 2023/24 meaning sole traders and partners in a business have to report their profits on a...
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Farrell & Farrell
Jan 161 min read
UK: Changes to HMRC text messages
HMRC have updated some of their text messages to make them easier to recognise as genuine.  The new ‘branded messages’ include the HMRC...
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Farrell & Farrell
Nov 28, 20241 min read
UK: HMRC company car advisory fuel rates
The HMRC company car advisory fuel rates that apply from 1 December 2024 have been cut for petrol and diesel vehicles by 1p per mile, and...
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Farrell & Farrell
Oct 11, 20241 min read
UK: Six months left to pay missing National Insurance to state pension.
People have until 5 April 2025 to maximise their state pension by making voluntary National Insurance (NI) contributions dating back...
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Farrell & Farrell
Oct 10, 20241 min read
UK: HMRC reverts to paper submissions for P87 expenses claims
HMRC is changing the way employees can claim PAYE employment expenses by going back to paper submissions through the post to reduce...
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Farrell & Farrell
Sep 27, 20241 min read
UK: 2023/24 UK self-assessment registration deadline is approaching
Individuals who are required to complete a self-assessment tax return for the first time must notify HMRC by 5th October 2024. Those...
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Farrell & Farrell
Sep 13, 20241 min read
UK: Call to update NI records to reflect child benefit claims
HMRC is urging parents who claimed child benefit before 2000 to check if they are eligible to increase their state pension. Some parents...
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Farrell & Farrell
Sep 4, 20241 min read
UK: HMRC company car advisory fuel rates
The HMRC company car advisory fuel rates that apply from 1 September 2024 have been cut for petrol and diesel vehicles by between 1p and...
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Farrell & Farrell
Aug 29, 20241 min read
UK: HMRC delays RTI reporting on employee hours and dividends
Plans to force employers to include details of employee working hours and dividends paid to directors on PAYE real time information...
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Farrell & Farrell
Aug 23, 20241 min read
UK: Child Benefit reminder - 8 days to extend child benefit for 16 to 19 year olds
HMRC is urging nearly a million parents with 16 to 19 year old children in education that they must renew child benefit claims urgently...
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Farrell & Farrell
Aug 6, 20241 min read
UK: HMRC late payment interest cut by 0.25%
Further to the Bank of England cutting the base rate to 5% on 1 August, this has triggered a cut in HMRC interest rates. From 20th...
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Farrell & Farrell
Jul 26, 20241 min read
UK: Pensions for seasonal temporary staff
HMRC has warned employers who take on extra staff over the summer to check if the workers are eligible for automatic enrolment into a...
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Farrell & Farrell
Jun 3, 20241 min read
UK: HMRC company car advisory fuel rates
The HMRC company car advisory fuel rates that apply from June 2024 have been increased by between 1p and 2p for petrol and diesel...
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Farrell & Farrell
Mar 20, 20241 min read
EDIT: HMRC U-turn on plans to cut access to helplines
HMRC have just announced that further to feedback, they are now halting plans to restrict access to the self-assessment, VAT and PAYE...
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Farrell & Farrell
Feb 27, 20241 min read
HMRC company car advisory fuel rates from 1 March 2024
The HMRC company car advisory fuel rates that apply from March 2024 have been cut by between 1p and 2p for all classes of vehicle. These...
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Farrell & Farrell
Feb 20, 20241 min read
UK: HMRC U-Turn on BIK treatment of double cab pickups
HMRC have now announced that just days after the decision to treat double cab pickups (with a payload of more than one tonne) as cars...
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Farrell & Farrell
Feb 16, 20241 min read
UK: HMRC BIK treatment of double cab pickups
HMRC have announced that new rules are coming into effect on 1 July 2024 in relation to the tax treatment of double cab pickups provided...
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Farrell & Farrell
Oct 17, 20231 min read
UK: HMRC CLARIFICATION – ELECTRIC COMPANY CARS/VANS
HMRC have clarified their position and updated the guidance relating to the tax treatment of employees charging wholly electric company...
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Farrell & Farrell
Aug 9, 20231 min read
UK – HMRC interest rates increase again
As HMRC interest rates are linked to the Bank of England base rate, the 3 August increase from 5% to 5.25% has triggered another increase...
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