HMRC has published the latest issue of the Employer Bulletin. The August issue has information on various topics, including:
•electronic payment deadline falls on a weekend
New company car advisory fuel rates have been published and took effect from 1 September 2024.
The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.
The advisory fuel rates for journeys undertaken on or after 1 September 2024 are:
The number of self-employed people aged 60 or over has reached a record level, according to analysis by Rest Less.
These numbers have increased by over a third in the past decade, totalling 991,432 self-employed people aged 60 or over in 2023.
Freelancers want to see Chancellor Rachel Reeves use the Autumn Budget to move towards a fairer, simpler tax system, according to the Association of Independent Professionals and the Self-Employed (IPSE).
IPSE’s research found that 80% of freelancers believe that government tax policies, such as IR35, are harming their businesses.
The 5p cut in fuel duty to be scrapped in the upcoming Autumn Budget, according to the RAC
The motoring organisation says that motorists in the UK are 'not gaining any benefit' and retailers have failed to pass on lower petrol and diesel prices to drivers.
HMRC has reduced late payment and repayment interest rates following the cut to the base rate.
The Bank of England cut the base rate to 5.0% on 1 August, the first reduction for over four years.
This has triggered a cut in HMRC interest rates which are pegged to the base rate.
HMRC has 'sent nudge' letters to crypto investors who it suspects have failed to pay the correct tax on their gains, according to the Chartered Institute of Taxation (CIOT).
Many crypto investors are unaware of their tax obligations due to uncertainty over tax rules and limited understanding of the nature of crypto assets.
A chargeable disposal occurs when individual:
HMRC is failing on the key metrics of responsiveness, ease and accuracy, according to the annual HMRC Charter report.
The report reviewed HMRC's performance against its Charter from April 2023 to March 2024.
The survey received over 1,600 responses, with complaints about service levels a recurring theme.
HMRC has published the latest issue of the Employer Bulletin. The July issue has information on various topics, including:
•PAYE Settlement Agreement calculations 2023 to 2024
The UK's economic recovery is finally putting ‘down roots’ after GDP grew faster than expected in May, says the Confederation of British Industry (CBI).
The UK economy expanded by 0.4% in May, rebounding from zero growth in April, according to the Office for National Statistics (ONS).