The taxman is set to cut its interest rate for people who have overpaid tax
& Customs will not incur any interest cost on the money it owes
people who have overpaid tax, despite charging an interest rate for those who
owe the taxman.
‘HMRC has always encouraged people to pay their taxes by charging a
relatively high rate of interest on unpaid tax. When it’s the other way round,
with HMRC owing money to individuals and businesses, the interest rate is always
lower. It is called the “repayment supplement”, but now there is no repayment
and no incentive to ensure repayments are fast,’ Baker Tilly head of tax George
Bull told the Observer.
McGrigors partner Rupert Shiers believes the 0% rate might contravene
European law, which requires a competitive rate of interest on overpayments.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy