News

HMRC will reduce late payment and repayment interest rates from 25 February following the cut in the base rate. The Bank of England cut the base rate to 4.5% on 6 February, triggering a 0.25% cut in HMRC interest rates…

New company car advisory fuel rates have been published and took effect from 1 March 2025. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only…

HMRC has published the latest issue of the Employer Bulletin. The February issue has information on various topics, including: end of year reporting payrolling employees’ benefits and expenses get ready for changes to National Insurance new online iForm for PAYE…

The government has launched a consultation on plans for the rollout of electronic invoicing (e-invoicing) in the UK. The 12-week consultation is being jointly conducted by HMRC and the Department of Business and Trade (DBT) and will consider whether to…

Businesses will get a ‘measure of relief’ after interest rates were cut by the Bank of England, says the British Chambers of Commerce (BCC). The Bank cut the base rate from 4.75% to 4.5%, the lowest level since June 2023.…

An increasingly complex tax system is costing UK businesses an estimated £15.4 billion a year in compliance, according to a report from the National Audit Office (NAO). HMRC’s cost of collecting tax has risen by £563 million over the past…

People plugging gaps in their National Insurance contributions (NICs) have added £35 million to their State Pensions since last April, according to figures from HMRC. More than 37,000 online payments have been made through the online service, equating to 68,673…

The government has stopped controversial plans to collect information about the exact hours worked by every employee in PAYE returns. The data collection on employee hours was meant to start from April 2026, but the plan has been scrapped as…