NEWS

HMRC have revised their late-payment and overpayment interest rates, following the Bank of Englands 6 August 2025 decision to reduce the bank base rate to 4%.From 27 August 2025, the late-payment interest rate for most taxes will be 8% and the...

Save As You Earn scheme bonus rates are automatically adjusted following a change to the bank base rate, in accordance with the bonus rates automatic mechanism. As a consequence of the 0.25 percentage point base rate cut in August 2025, the following...

Tax year 2024/25 saw a record 517 cases dealt with under alternative dispute resolution (ADR) up from 367 cases in the previous tax year reports law firm BCLP. Of those 517 cases, 43% took longer than HMRCs four-month target to...

HMRCs Pension Schemes Newsletter 171 (July 2025) includes the following points of interest for practitioners:Reforms to inheritance tax on pensions: personal representatives rather than pension scheme administrators will be liable for...

HMRC received a record 164,670 anonymous fraud tip-offs in 202425, up almost 9% over the previous tax year. Price Bailey reports, however, that payments to informants over the same period fell by 13%, suggesting that HMRC are being...

HMRC have issued new guidance to help employers and agents dispute an employer PAYE charge. The guidance links through to an online service which can be used to get help from HMRC where the employer PAYE bill is wrong, and the business needs help...

Tax Journal thanks its authors for July (click on links below to view author profiles and access their contributions).

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

A record number of late-filing and late-payment penalties were overturned on appeal in 2024/25, according to data obtained by Price Bailey, with 46,266 cancelled compared to 35,876 in the previous tax year. The firm notes that the 2024/25 figure...

The CIOT reports that HMRC are conducting a trial involving not sending corporation tax return and payment reminder letters CT208 PR1 and CT208 PR2 to 5% of companies that have an authorised agent. The trial will run from July to December 2025 but if...