London homeowners will see their annual bill jump by up to £7,300 when they remortgage this year as 3.5 million borrowers face a rate shock. Nationally, homeowners will have to spend nearly an extra £9bn in interest over 2023 and 2024 as they are forced to refinance at rates that are double what they are used to, according to the Centre for Economics and Business Research. – Telegraph
Last week, HSBC withdrew all its mortgage deals as new borrowers attempted to lock in fixed rates ahead of this week’s Bank of England expected rate hike.
HMRC’s delayed programme to digitise the tax system is expected to cost five times its estimate in real terms, according to the spending watchdog. The National Audit Office (NAO) warned that “significant delivery risks” continued to loom over the “making tax digital” scheme, which was announced eight years ago. It has been delayed four times. – The Times
Members are reminded that MTD is currently scheduled to take effect from next April. 2024
Businesses, self-employed people and landlords will be required:
- to operate MTD from 6 April 2024 in relation to their trading and property income chargeable to Income Tax and Class 4 NICs if their gross income from these income sources for a tax year exceeds £10,000
- to keep their records digitally (for ITSA purposes only),provide digital quarterly updates and provide their ITSA return information to HMRC through MTD compatible software