From January 27, HMRC will no longer pay interest to taxpayers who overpay
income tax, capital gains, tax, stamp duty or national insurance while they wait
for the money to be refunded.
Taxpayers used to receive 0.75% on monies held, but the rate has been
reduced following the recent Bank of England rate cut.
The new 0% rate is already in force for companies overpaying corporation tax.
HMRC has confirmed it will never charge negative interest.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Does Darwin's theory apply to taxation? Colin ponders...