HMRC explains key dates for payments to ISA savers

HMRC explains key dates for payments to ISA savers

Savers can deposit up to £20,000 a year into tax-free ISA accounts

HMRC Marks 20th Anniversary

HM Revenue and Customs (HMRC) has marked its 20th anniversary. The department was established in April 2005 through the merger of the Inland Revenue and HM Customs and Excise, combining tax administrations to reduce overlap and enhance service delivery. The creation of HMRC by the then Chancellor of the Exchequer, Gordon Brown, bringing together both direct and indirect tax collection under one organisation. Today, nearly every Self Assessment t…

An overview of filing and payment penalties for businesses

Across the major taxes, HM Revenue & Customs (HMRC) issues penalties when tax is not filed or paid on time. The specific rules vary by tax type, but late submission or payment will cost you. Let’s look at what has changed, particularly under Making Tax Digital (MTD) for VAT and MTD for Income Tax, and then recap the penalties across other key taxes. Making Tax Digital – New late-payment regime from April 2025 The Spring Statement confirmed incre…