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 [...]
Rise in capital gains tax on the cards as Chancellor Hunt scrambles to raise £50bn November 4, 2022 As the Chancellor is weighing up “difficult decisions” to address a £50bn black hole in the public finances, Jeremy Hunt is looking at raising taxes on the sale of assets such as shares and property. Hunt is also considering an increase in dividend tax, in a move that would come as a blow to entrepreneurs. [...]
Council tax rebate goes to 19m households in £150 cost of living boost November 1, 2022 Millions of people have received their £150 council tax rebate from the government, as the deadline to ensure eligibility for it is extended. 19 million households, representing 99 per cent of those who can receive it have now got the money in their bank accounts, it has been announced. In total, £2.87bn of the council [...]