news round up

HMRC late payment interest rate rise

HMRC’s late payment interest rate has increased to 3.25% from 5 April 2022. It applies to the main taxes and duties administered by HMRC. If you are at risk of making a late payment, you will need to factor in both late payment interest and possible penalties.

Advisory fuel rate change

Despite current fuel price volatility, HMRC’s advisory fuel rates effective 1 March 2022 have increased by just 1p and then only for LPG. Employers who want to pay more than advisory rates can do so without tax consequences if the higher rates can be justified.

Register of overseas entities

The government will introduce reforms to improve transparency over ownership of companies and property in the UK by foreign entities. The reforms include the long-delayed register identifying ultimate beneficial ownership of property, with restrictions over selling for those who do not comply.

For accounting and tax planning advice get in touch