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Personal Tax

HMRC announces harmonised interest rates

HM Revenue and Customs (HMRC) has announced the new interest rates that will be charged for and paid on late and overpaid taxes.

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ISAs give older savers chance to increase tax-free savings

Anyone aged over 50 will be able to invest more in tax-free ISA savings accounts as of next month.

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Genuine mistakes will escape offshore tax fines

People who have made a “genuine” mistake over their tax affairs or who have been affected by exceptional events will not face a fine under HM Revenue and Custom’s second and last disclosure offer for those with undeclared taxes in offshore accounts.

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Fuel duty rises

The latest rise in fuel duty, which sees 2p added to the cost of a litre, has come into effect.

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Inheritance tax interest charge part of 'fairer' system, says HMRC

HM Revenue and Customs (HMRC) has argued that the interest due on late inheritance tax payments is part of a new system that is fairer for customers.

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HMRC wins access to offshore bank account details

Over 300 banks and financial institutions will be obliged to hand over details of their customers’ offshore accounts to the tax authorities.

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Fraudsters target online tax returns

Criminals are making fraudulent claims for refunds in a new scam aimed at online self-assessment tax returns.

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Disclosure offer should cover more taxpayers

The latest campaign by HM Revenue and Customs (HMRC) designed to encourage people with undeclared funds in offshore accounts to disclose their tax liabilities should be extended.

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Minimum interest rate for tax overpayments

HM Revenue and Customs (HMRC) has announced that people who overpay their taxes will be guaranteed a minimum of 0.5 per cent interest on the money.

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Higher tax band will 'dampen' the economy

The introduction of the new higher income tax rate will damage the economy, the TaxPayers’ Alliance has claimed.

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