Interest Rates Reduced After Year-Long High
Interest rates have been cut after being held at a 16-year high for the past year. The decision to hold rates at 5.25% during each of the past seven updates was closely contested. However, the Monetary Policy Committee (MPC) has now voted by a narrow margin of 5 to 4 to lower the bank rate […]
HMRC to Issue Simple Assessments to 560,000 Taxpayers for 2023/24
HMRC will be issuing simple assessments (PA302) over the next six weeks to 560,000 individuals who have outstanding tax liabilities for the 2023/24 tax year. Simple assessments are sent to taxpayers who owe tax that cannot be collected through a Pay As You Earn (PAYE) tax code and who do not meet the criteria for […]
HMRC 2023/24 Reports: Record Revenues & KPI Underperformance
HMRC has released a series of reports analysing its performance in 2023/24, including the annual report and accounts, and a performance report against the charter. Tax Revenues Highest on Record The annual report for 2023-24 reveals that total tax revenues reached a record £843.4 billion, marking a 3.6% increase from the previous year. […]