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INHERITANCE TAX could be in for big changes after an expert warned Chancellor of the Exchequer Rishi Sunak is “not afraid to raise taxes”.
HMRC outlines changes to late payment penalty regime
HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers.
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On 13th September, the government announced tax changes to fund £12 billion a year to be spent on the NHS and social care across the UK
National Insurance contributions (NICs) will increase by 1.25% for one year only for employees, employers and the self-employed from April 2022. This will cover both Class 1 (employee and employer), Class 1A and 1B and Class 4 (self-employed) NICs. Those above State Pension Age are not impacted by the April 2022 changes.
The Tax Office will hit businesses with penalty fines of 5% plus interest as billions in unpaid VAT is owed to HMRC
Steep penalties will be issued to those businesses not meeting overdue VAT payments or those who do not get in touch to arrange repayment plans now the deferred payment deadline has passed.
HMRC has confirmed that the penalty regime for non-payment of VAT due to the deferred VAT scheme introduced at the start of the pandemic is now in place
A financial penalty may be charged if you did not take any action to pay your deferred VAT in full, or failed to make an arrangement to pay by the deadline of 30 June 2021.
