Tax paid by Brits on at least £150k skyrockets as ‘fiscal drag’ makes HMRC increasingly lean on high income taxpayers April 20, 2022 The total income tax paid by high earners making £150,000 or more has increased by 77 per cent in the last decade, reaching £60.9bn in the 2019-20 tax year, up from £34.5bn in 2010-11, according to data that was shared with City A.M. Over the same period the total tax take from basic rate taxpayers [...]
Revealed: The UK’s biggest council tax increases, with some councils adding £145 this year alone April 20, 2022 The cost of council tax has climbed by as much as £145 in parts of the country, as yet another cost associated with our homes puts a squeeze on our household finances. From groceries to utilities, the rising cost of living is causing financial instability for homeowners and renters across the country. One of the most significant costs [...]
Homes for Ukraine scheme: tax treatment April 20, 2022 | City Talk The Government has announced that sponsorship payments under the Homes for Ukraine scheme will not be taxable and that the conditions for some tax reliefs will be adjusted to take account of the scheme. Homes for Ukraine scheme The scheme allows individuals, charities, community groups and businesses in the UK to bring Ukrainians to the UK and [...]
Calls grow louder for Rishi Sunak to ‘come clean’ on family tax affairs and wife’s non-dom status April 7, 2022 Responding to the news that Chancellor Rishi Sunak’s wife claims non-domicile tax status, the Liberal Democrats are calling for the Chancellor to ‘come clean’ on his family’s tax affairs “This news will be a slap in the face for families struggling to cope with Rishi Sunak’s crippling tax hike,” Treasury spokesperson Christine Jardine told City [...]
Rishi Sunak’s wife hits back at claims she uses non-dom status to avoid paying UK taxes April 6, 2022 Rishi Sunak’s wife has hit back at claims that she took up “non-dom” status to avoid paying UK taxes. Akshata Murthy, the daughter of Indian tech billionaire N.R. Narayana Murthy, has claimed she has been forced to take up “non-domicile” status, due to not being able to hold dual citizenship under Indian law. The billionaire [...]
Tax Spotlight: How the jump in national insurance will affect you and your household April 6, 2022 As Brits try to juggle surging living costs on a shrunken wage packet, experts have warned the pain of the rise in national insurance will be felt by people on their next payday, Here is a look at why the increase is happening and why “awful April” is seen as just the start of a [...]
Exclusive: HMRC to crack down on cabbies and taxi drivers with new tax checks before licence renewal April 4, 2022 HMRC is launching a crackdown on taxi drivers, mini cab drivers and scrap metal merchants from April, with the introduction of new tax evasion checks, City A.M. has been told. The introduction of a number of new tax evasion checks will allow HMRC to further scrutinise workers in what it sees as ‘high risk’ sectors [...]
UK has more than £854bn in offshore wealth, with 0.92 per cent lost from GDP March 29, 2022 UK citizens own more than £854bn in offshore wealth, ranking it fifth in Europe when measured as a percentage of lost GDP. Britain lost an estimated £19.2bn in tax because of the problem according to new research by anti money laundering group Credas Technologies, with the overall figure representing almost one per cent of national [...]
On HMRC’s radar: Number of ‘nudge’ letters for offshore income or gains shoots up to nearly 177,000 March 28, 2022 Information obtained from HM Revenue & Customs (HMRC) reveals that HMRC has to date issued nearly 177,000 so-called “nudge” letters in respect of offshore income or gains since they started the practice with less than a thousand in the 2016/17 tax year. This is thought to be the first time that HMRC has released public [...]
Weekend Read: HMRC launches more than 1,000 new probes every single day in attempt to recoup lost pandemic revenue March 26, 2022 HMRC has launched 137,000 tax investigations in the six months to December 2021, up 9 per cent from the 126,000 investigations in the same period last year, according to new data shared with City A.M. today. This amounts to the Revenue opening 1,062 tax investigations per day. HMRC is ramping up its compliance activity as [...]