Uncategorised

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

Battle lines drawn on tax – but is there a ‘conspiracy of silence?’

Monday, July 1, 2024

You’ve probably heard a fair bit about tax so far in this General Election campaign, with many claims and counter-claims thrown around by the major parties.
How do we know what to really make of it? For seasoned political aficionados, it is familiar story at election time. Do the numbers add up? Can the country really afford the policies that have been put forward?

Well, for one leading independent voice on the economy and taxation, the Institute of Fiscal Studies, not enough has been said in the campaign about…

Budget will loom following General Election result

Monday, July 1, 2024

Once the votes are all counted and we know who the winners and losers are in this year’s General Election on 4 July, minds will start turning to the
implementation of the policies promised by the incoming party.

Whether the next Government is Labour, Conservative, a Coalition or an even more unexpected winner, such as the Lib Dems or Reform UK emerges, there will be a raft of pledges to be put into effect.
That means another Budget.

Sometimes following a General Election, we have seen an ‘Emergency Budget’. In…

Tax lost to error and ‘failure’ rises – four years on from digital tax

Monday, July 1, 2024

Whilst the main focus of the nation in terms of tax talk has all been about the General Election, some very interesting
figures have been published this month by HMRC.

Have you heard before of the phrase the ‘Tax Gap’? The stats in question surround this topic. According to the Chartered Institute of Taxation, the definition of this gap is “the
difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid.”

The new report assesses the tax gap in 2022-23. The…

As Euro 2024 kicks off, tax spotlight takes a Football focus

Monday, July 1, 2024

Whilst many of you will have been tuned in to watch Europe’s top footballing nations battle it out in Euro 2024 in Germany,
back in the UK there has been some attention on a rarely discussed aspect of the beautiful game – tax.

One strand of the conversation has been a debate around the possible introduction of a new 10% tax on Premier League transfers – a subject that has arisen during the election campaign.

The other thread of the discussion has been to do with suggestions that HMRC has…

HMRC issues ‘tax refund companies’ alert

Monday, June 3, 2024

HMRC is warning against being hooked by self-professed ‘tax refund companies’ claiming
they can help you reduce your tax bill.

The organisation is running a campaign to highlight that some of these ‘tax experts’ will offer to make expense claims ” on your behalf, just so
they can claim a commission – even if it turns out you aren’t eligible to claim ” .

” If someone promises easy money and it sounds too good to be true, it probably is, ” HMRC says.

” Handing over your…

New Scottish tax sparks petition to recall powers

Monday, June 3, 2024

If you’re a Scottish resident, you’re no doubt aware that from April a whole new band of tax has taken effect.

The new Advanced Income Tax band , coming in at a 45% rate , applies on annual income between £75,000 and £125,140. An additional 1p has also been added to the
Top Rate of tax . It’s gone up from 47% to 48% for income over £125,140 .

The move, unsurprisingly, is not universally popular and it has triggered a new petition on the Government website to strip the…

July tax credits deadline prompts payment warning

Monday, June 3, 2024

Nearly one million people need to be aware of a looming tax deadline, coming on 31 July.

It’s that time when tax credit renewal notices are sent out. There are about 730,000 tax credits customers who should get their letter by 19 June, if they haven’t
already. Most claims get automatically renewed but up to 10,000 may need to submit their claim for renewal. Without doing so, there is a risk of payments being stopped.
The process can be completed either through the HMRC app or its website….

Spotlight falls on potential tax changes as General Election called

Monday, June 3, 2024

After much speculation about when The Prime Minister would call a General Election, Rishi Sunak surprised many with his
announcement in recent days that it would take place on 4 July. We had expected an Autumn Election, but we’ve ended up with a Summer vote instead.

Of course, as with all General Election campaigns, people want to know what it means for their income and what tax changes are likely to occur. With Labour’s consistently vast
lead in the opinion polls (around 20 points ahead on average) showing…

Tax lost to error and ‘failure’ rises – four years on from digital tax

Saturday, June 1, 2024

Whilst the main focus of the nation in terms of tax talk has all been about the General Election, some very interesting
figures have been published this month by HMRC.

The new report assesses the tax gap in 2022-23. The…

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…