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HMRC Interest Rates for late and early payments

HMRC Interest Rates for late and early payments

The current late payment and repayment interest rates applied to the main taxes and duties that HMRC currently charges and pays interest on are Late payment interest rate — 7% from 31 May 2023 Repayment interest rate — 3.5% from 31 May 2023 HMRC interest rates are...
Travel Expenses Claim

Travel Expenses Claim

When travel & subsistence qualifies for tax relief The term ‘travel expenses’ includes the actual costs of travel together with any subsistence expenditure and other associated costs that are incurred in making the journey. Travel in the performance of the...
Pass it on: The residence nil-rate band

Pass it on: The residence nil-rate band

The residence nil rate band (RNRB), which is currently £175,000, increases the inheritance tax (IHT) nil-rate band of £325,000 when, in very general terms, the family home is inherited by children, grandchildren or other lineal descendants. Who, what and when? The...
Mini Budget September 2022

Mini Budget September 2022

Taxpayers – Tax Cuts effective from 6th April 23 Income tax Cut the basic rate of income tax to 19% Currently, people in England, Wales, and Northern Ireland pay 20% on any annual earning between £12,571 to £50,270 45% higher rate of income tax abolished One single...