There is currently a telephone scam where a recorded message is left, allegedly from HMRC, stating that HMRC are bringing a lawsuit against the individual and are going to sue them. The recipient is asked to phone 0161 8508494 and press “1” to speak to the officer dealing with the case. This scam is becoming widely reported and seems to be targeting older people. Please do not reply to the message.
Rate falls to 2.75% from 23 August 2016
The reduction in the bank base rate to 2.5% from 4 August 2016 has resulted in a corresponding reduction in the rate of interest charged on tax paid late.
The late payment interest rate is calculated as bank base rate plus 2.5%. It therefore falls from 3.0% to 2.75% with effect from 23 August 2016. This applies to all unpaid tax and duties, with the exception of interest on quarterly instalments of corporation tax, which is charged at 1.25% (reduced from 1.5%) with effect from 15 August 2016.
The rate of interest on overpaid tax is calculated as bank base rate minus 1%, but with an overriding minimum of 0.5%. The rate therefore remains unchanged at 0.5%.
Wouldn’t it be rewarding to know you are doing some good in the world at the same time as sorting out your personal financial affairs? Well now you can. We have decided that we will make the following charitable donations for each will that we draft and for each mortgage reference that we prepare:
Christian Aid £3 To buy a life-saving insecticide-treated mosquito net
Water Aid £15 To help give one person access to safe water