Newsletter...
September 2024 - ENEWS
In this month’s Enews, we look at the failures highlighted by HMRC’s Charter report and the tax authority’s cut in interest rates. We also update you on tax obligations for crypto investors and calls for action in the Autumn Budget. With news on advisory fuel rates and guidance for employers, there is a lot to update you on.
- HMRC failing on responsiveness, says Charter report
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.......read more - HMRC sends 'nudge letters' to crypto investors
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......read more - HMRC late payment interest cut by 0.25%
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. From 20 August, the late payment interest rate was cut to 7.5% from 7.75%, where......read more - Scrap fuel duty cut, says RAC
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. Prime Minister Keir Starmer recently refused to rule out a rise in fuel duty and warned that the Autumn Budget will be 'painful'......read more - Freelancers want to see fairer, simpler tax system from Autumn Budget
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......read more - UK has record number of self-employed workers aged 60 or over
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. The analysis found that while the number of self-employed workers in their 50s and older has grown since 2021......read more - Advisory fuel rates for company cars
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......read more - Latest guidance for employers
HMRC has published the latest issue of the Employer Bulletin. The August issue has information on various topics, including......read more
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