`The Chartered Institute of Payroll Professionals
News On Line
• post on hand at HMRC is back to normal levels, clearing a backlog of 1.5 million items between October 2021 and April 2022 • customer satisfaction levels remained above 80% • the economic impacts of coronavirus took the debt balance to a peak of £72 billion in 2020 • the debt balance has reduced to $41.6 billion at the end of 2021-22 • focus on meeting Charter standards • closer to making tax digital with all VAT-registered businesses mandated to file through compatible software from April 2022.
The data the report is drawn from is also available in spreadsheet format.
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HMRC late payment and repayment interest rates Published: 8 August 2022 Emailed: 10 August 2022
Following the change to the Bank of England bank rate, Her majesty’s Revenue and Customs (HMRC) will be increasing interest rates.
These interest rates are set in legislation and are set as follows:
• late payment interest rate is the bank rate plus 2.5% • repayment interest is set at the bank rate minus 1%, but with a lower limit of 0.5%.
As the base rate has now reached 1.75%, repayment interest will now rise with the bank rate should it increase further. From 23 August 2022, the rates will be:
Late payment interest – 4.25% Repayment interest – 0.75%
• •
Up to that date the rates will be 3.75% and 0.5% respectively.
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New variable payment plan for employer PAYE payments Published: 11 August 2022 Emailed: 17 August 2022
Her Majesty’s Revenue and Customs (HMRC) will be allowing employers, but not agents, to take advantage of a variable Direct Debit payment plan.
This can be arranged through the “pay employer’s PAYE” page or through the business tax account. A n ew link to set up a direct debit will be introduced from 19 September 2022.
Once signed up, employers with a variable payment plan will have the following charges collected once a return has been submitted to HMRC:
Full Payment Submission Employer Payment Summary Construction Industry Scheme
• • • • • •
Apprenticeship Levy
Class 1A National Insurance
Earlier Year Update.
HMRC has not indicated when, or if, this facility will be available to agents.
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