The Chartered Institute of Payroll Professionals
News On Line
What is a HMRC internal manual? These manuals contain guidance on PAYE and technical guidance for HMRC staff and tax professionals.
HMRC is seeking for your views and this is a significant opportunity for professionals to share their thoughts on areas of improvement or maintenance.
If you have any comments or feedback you would like to share with HMRC, email hmrcmanualsteam@hmrc.gov.uk. Alternatively, you can send feedback directly to the policy team on Policy@cipp.org.uk, as the policy team sit on the HMRC guidance strategy forum where your comments can then be directly reported to HMRC.
Back to contents
Update: HMRC interest rates for late and early payments Published: 4 August 2023 Emailed: 9 August 2023
Announced on 3 August 2023 by the Bank of England (BoE), the bank rate is now set at 5.25%. HM Revenue and Customs (HMRC) interest rates for late and early payments have also been updated.
These interest rates are set in legislation and are set as follows:
•
late payment interest rate is the base rate plus 2.5%
•
repayment interest is set at the base rate minus 1%, but with a lower limit of 0.5%.
From 22 August 2023, the rates will be:
•
late payment interest – 7.75%
•
repayment interest – 4.25%.
Find out more information, here.
Keep a look out for the next update on the bank rate, due on the 21 September 2023.
Back to contents
HMRC quarterly performance report Published: 7 August 2023 Emailed: 9 August 2023
HM Revenue and Customs (HMRC) has now published the ‘ HMRC quarterly performance report: April to June 2023 ’. This report provides details of HMRC's quarterly performance against the department's priority objectives for quarter one of reporting year 2023/24.
Below are some of the summary points outlined in the report:
• in 2022 to 2023 HMRC generated £814 billion in tax revenue – an increase of 11.3% on last year
• HMRC achieved a long- term reduction in the UK’s tax gap from 7.5% in 2005/06 to 4.8% in 2021/22. It costs HMRC half a penny to collect every pound of tax revenue
• in 2022 to 2023, HMRC’s compliance work protected £34 billion of tax revenue that would otherwise have been lost to the Exchequer through error, fraud and other forms of non-compliance
• customer service levels on phones and post haven’t been where HMRC want them to be. HMRC recognise the real difficulties this has caused some customers and agents. A range of factors, from the impact of higher inflation on resources to an increase in customers with more complex tax affairs, are making it harder to meet service standards using the same approaches that may have worked in the past
cipp.org.uk
Page 111 of 314
Made with FlippingBook - Online magazine maker