Archive:May 2024

Please find below all the articles from May 2024.

Treasury collects £10bn extra in Business taxes

Wednesday, May 1, 2024

It has been revealed that companies across the UK have paid £95.2 billion in
Business taxes in the financial year just finished (23/24) – a rise of £10.3 billion compared to the year before.

These taxes include receipts from Corporation Tax, Petroleum Revenue Tax, Bank Levy, Bank Surcharge, Diverted Profits Tax, Digital Services
Tax, Residential Property Developer Tax, Energy Profits Levy, Electricity Generator Levy and Economic Crime Levy.

For all taxes across the board, total HMRC receipts for April 2023 to March 2024 were £827.7 billion, which is £39.1 billion…

Tax penalty fears for pensioners as millions ‘dragged into net’

Wednesday, May 1, 2024

Baroness Ros Altmann, a leading campaigner on pensions, has highlighted her fears after figures
showing that the number of pensioners liable for tax have doubled in the last 14 years.

The number has risen to over 9 million, compared to just 4.5million back in 2010.

She said the stats were ‘worrying’ and means millions more pensioners are being ‘dragged’ into the tax net.

Baroness Altmann, who served as Pensions Minister under David Cameron, said as the new State Pension climbs above 90% of the personal tax threshold,
more pensioners may be…

New employment rights kick in

Wednesday, May 1, 2024

Business owners need to be aware of a batch of new laws that have just taken effect covering employees’ rights.

There are new protections for pregnant women and new parents facing redundancy.

And workers are also getting more flexibility over where and when they work.

New laws are said to provide greater security for workers by strengthening existing redundancy protections to cover pregnancy and a period of time after parents return to work.

And The Employment Relations (Flexible Working) Act has also come into force. Employees now have…

HMRC helpline axe saga rumbles on as closure looms again

Wednesday, May 1, 2024

The saga over whether HMRC will axe its tax helpline continues to rumble on, with the latest
comments suggesting it may still close after all.

HMRC had to back down from a proposal that would see the Self-Assessment line closed from 8 April to 30 September, following widespread pressure and then
the intervention of Chancellor Jeremy Hunt.

In the latest twist though, Jim Harra, HMRC’s chief executive, has refused to rule out future helpline cuts. Speaking to
The Treasury
Select Committee in late April, he said the time-limited closure…