Penalty interest rate set to rise again
The Bank of England raised its base rate again in June, and HMRC has confirmed the penalty rate of interest on late-paid tax will follow suit. What will the new rate be and when will it start to apply?
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Double up on the employment allowance
You’re the sole shareholder of a limited company which employs several members of staff. You’re working on plans to start another business with an ex-colleague. Can both businesses benefit from the full employment allowance (EA)?
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VAT cut for children's holiday activities over summer
The government has announced a temporary reduction in the rate of VAT applying to certain children's holiday activity programmes during the summer holidays. The measure is intended to help families with childcare costs during the school break. What has changed?
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Deadline to issue P60s
The base rate has been increased several times already in 2022 as the Bank of England attempts to exert some control on spiralling inflation. The latest increase (on 16 June) set the rate at 1.25%. This means that HMRC’s penalty interest rate will rise to 3.75% (up from 3.5%). HMRC has confirmed that this will take effect from 27 June for quarterly instalment payments, and from 5 July for everything else.
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