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Uncategorised

Please find below all the articles that have been categorised as 'Uncategorised'.

Treasury collects £10bn extra in Business taxes

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…

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

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…

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New employment rights kick in

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…

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HMRC helpline axe saga rumbles on as closure looms again

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…

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Online live funerals receive VAT exemption

Funerals that are broadcast online for well-wishers unable to attend in person are
becoming exempt from VAT. During the COVID pandemic, streaming  funerals became commonplace due to restrictions on the number of people
gathering. Now, there has been an update to the rules around VAT which means any funerals shown live over the web will not face the charge.

The update
also includes live streaming of a cremation or burial. If VAT has been charged in the past, then an adjustment can be made on future VAT returns.

This…

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Bumper IHT receipts set to be new record high

We‘ve seen plenty of speculation before the last two Budgets that Inheritance
Tax would see major reforms. Yet nothing materialised. And the latest figures released by the Treasury show perhaps why there might be
some reluctance to change the rules, with the amount of tax received hitting a record high.

The latest stats have shown that the Treasury looks set to collect £7.54bn in the 2023/24 tax year. That‘s higher than the previous record
of £7.1bn, which was recorded in the 2022/23 tax year.

The Treasury has brought in £6.8bn…

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Plans to close HMRC helpline for half a year halted

You may have seen somewhat of a furore breaking out in the media towards the end of the month,
as HMRC announced its tax helpline would shut down for half of the year. Rather than use the phone line, anyone seeking help from HMRC officials would
be faced with using online services such as a chatbot instead. The proposal meant the Self-Assessment line would be closed from 8 April to 30 September.
It follows a trial last year.

However, the Chancellor Jeremy Hunt, appeared to step in and order…

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Spring Finance Bill sets shape for tax changes to come

You‘ve probably digested the main news by now from the Spring Budget. Now comes the next
stage:the Spring Finance Bill. The bill was published on 14 March, ensuring that
the measures announced in the Budget take their next steps towards becoming reality.

Whenever a government announces new taxation in a Budget or Spring or Autumn Statement, these plans require statutory (or legislative) authority.
A number of tax changes will now be enshrined into law if the bill passes as expected.

Cuts to National Insurance contributions and the abolition of…

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National Insurance contributions (NICs) to be cut

As expected, Mr Hunt’s main announcement surrounded NICs. In line with prior media reports,
he went even further than the changes he made on NICs in the Autumn Statement last November.

He announced a 2p cut in NICs. From April 6 employee NICS will be cut from 10% to 8%. Meanwhile, self-employed NICS will go from 8% to 6%.

Mr Hunt said: “It means an additional £450 a year for the average employee or £350 for someone self-employed. When combined with the autumn reductions,
it means 27 million employees will…

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Non-dom tax breaks to be abolished

As had been trailed in many of the newspapers in the week leading up to the Budget,
the contentious ‘non-dom’ scheme will be scrapped.

Mirroring what has been one of the higher profile policies of the Labour Party, Mr Hunt said the tax breaks for wealthy foreign residents
in the UK will be abolished and replaced with a new scheme.

So-called non-doms are UK residents but not domiciled here for tax purposes.

Mr Hunt said the Government would “introduce a system which is both fairer and remains competitive with other countries.”

“The…

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