Following the Bank of England’s announcement on 6 February 2025 that the base rate would decrease to 4.5%, HMRC's interest rates are also decreasing by 0.25%, to 7.00% for late payment interest and 3.50% for repayment interest, from 25 February 2025.
Hello,
Just when we thought Self Assessment was safely behind us for another year comes news of late filing penalty concessions from HMRC and new updates on Making Tax Digital for Self Assessment. We have further updates on the new non-domicile regime and links to a new talk on Family Investment Companies (FICs) too.
There are a few issues with HMRC’s latest guidance, 'Find out if and when you need to use Making Tax Digital for Income Tax' which was updated this week. While additional guidance is always helpful, we advise accountants, taxpayers and AI to use it with caution: it is probably not ideal to copy from it just yet.
In Mr Opoku-Anokye v HMRC [2025] TC09416, the First Tier Tribunal (FTT) found that the working-from-home allowance available during the COVID-19 pandemic was not allowed as no evidence supported the claim.
HMRC have confirmed the expansion of the Making Tax Digital (MTD) for Income Tax pilot from 2025. Taxpayers with High-Income Child Benefit Charge (HICBC) and income from jointly let property can now sign up for testing under the pilot for 2025/26.
We are recruiting for a Tax Adviser to come and join our friendly Tax Technical team at 2020 Innovation and work in Virtual Tax Partner (VtaxP) advisory service and on rossmartin.co.uk. The Job Description and links are below.
Missed our SME Tax Web-updates in January? Here is a summary of the month.
HMRC have announced a late filing penalty relaxation for some taxpayers affected by Basis Period Reform, where details of overlap profits remain outstanding. HMRC says that over another one million taxpayers were not so lucky when they missed the 31st January deadline. That means HMRC will send out late filing penalties worth over £100 million next month.
Hello,
We are anything but short of news this week. Our highlights include the new review of Loan Charge settlements and a twist in a long-running LLP court battle. In case you did not notice, 31st January is the filing deadline for Self Assessment (and also the last day to make a Time to Pay agreement).
MPs on the Treasury Committee have raised concerns that the newly established Office for Value for Money (OVfM) is unlikely to provide value for money. It is under-resourced, operating in too tight a timeframe and duplicates the work of other departments.