Wind farm developer threatens to sue UK government over plans for ‘windfall tax’ December 28, 2022 A Cheshire wind farm developer has threatened to sue the UK government over its plans to impose a ‘windfall tax’ on renewables companies. Community Windpower – which owns 1.5 GW of UK wind generation capacity – has said it will take legal action to block the UK’s Electricity Generator Levy. The temporary tax imposes a [...]
Best London areas to live: From schools to roads and care, this is where council tax takes you the furthest December 21, 2022 As the cost of living crisis rages, energy bills are rising and inflation is biting harder than ever, the council tax rebate scheme was introduced to lift some burden off Brits’ shoulders. However, with it still a significant cost, where in London and across the UK are residents getting the most in return for their council tax? [...]
Treasury grabs extra £85bn in taxes from Brits after Covid measures end December 19, 2022 The UK government has added an extra £85.1bn in tax revenues over the last year after a raft of Covid-19 support measures were scrapped, new figures out today show. Total revenue flowing into the treasury from Brits’ pockets hit £775.6bn in the year to April 2022, up from £690.5bn in the previous year, according to [...]
Exclusive: Change in capital gains allowance causes mass exodus of landlords looking for quick sale December 11, 2022 THE reduction in Capital Gains Allowance is an “unwelcome blow” and has seen the number of landlords looking to sell up hit a 13-year high. Jeremy Hunt announced that the amount you can make from the sale of certain assets before paying tax will fall from £12,300 to £6,000 in April and then to £3,000 in [...]
Government to spend tens of millions more to crack down hard on tax fraud December 9, 2022 The Autumn Statement revealed that the government will spend an additional £79m to fight tax fraud in the next five years, as HMRC is promised greater resources to tackle the tax gap. This marks a 27 per cent increase on the £292m investment announced at last year’s Budget. Through the extra £79m, HMRC expects to raise an [...]
Tax Tribunal backlog soars following HMRC crackdown on fraudulent umbrella companies December 4, 2022 The backlog of cases waiting to be heard in the UK’s tax tribunal has surged following an HMRC crackdown on fraudulent “umbrella companies”. The number of cases waiting to be heard in the First-Tier Tax Tribunal has increased 84 per cent over the previous year to heights of 46,000, according to UK government figures. The [...]
UK firms well below EU average for tax roll burden of workers on £30k November 28, 2022 The UK has one of the lowest payroll tax burdens for businesses, with the average cost of employing a worker on £30k being £3,000. A new study by accounting company UHY shows Britain is below the European average, with the cost of keeping a worker in their job being 10 per cent of their salary, [...]
HMRC sues EY following dispute over property tycoon’s tax affairs November 15, 2022 HMRC has filed a High Court lawsuit against EY over alleged misrepresentations to the UK tax authority in relation to British property investor Jamie Ritblat’s tax affairs. The case relates to a broader dispute between HMRC and the Tory donor over taxes on £141m in profits from Ritblat’s Delancey property investment firm, the Financial Times [...]
HMRC’s Covid fraud taskforce to leave billions unaccounted for November 14, 2022 An HMRC unit set up to tackle Covid fraud is set to leave £3.3bn outstanding when it winds down in March 2023, campaigners have warned. The Taxpayer Protection Taskforce, which was set up by Chancellor Rishi Sunak in March 2021, will be phased out, despite having collected less than 25 per cent of the money [...]
Value of UK business tax breaks hits record £105bn in past year alone November 14, 2022 The value of business tax reliefs in the UK hit £105.3bn in the past year, up from £100.3bn in 2020-21, shows new research shared with City A.M. this morning. The £105.3bn figure represents the combined cost estimated by HMRC for the 58 significant tax reliefs available to corporates. However, these represent just a fraction of [...]