Families unfairly penalised by UK tax system, CPS report warns July 10, 2023 The UK tax system must be reformed so that families are no longer unfairly penalised, a think tank has warned. Couples with two children and a single earner of £60,000 will pay over £7,000 more tax than if both parents earned £30,000 each, Centre for Policy Studies (CPS) researchers found. Research found single-earner married couples [...]
Hunt downplays tax cuts odds, conceding calming inflation is tougher than feared July 8, 2023 Tax cuts was growing less likely as Chancellor Jeremy Hunt signalled the pledge to halve inflation was proving harder than expected.
Javid: Truss ‘ignored’ Treasury warnings on balancing books – and Britain ‘paid consequences’ July 3, 2023 Liz Truss “ignored” warnings from the Treasury orthodoxy meaning the country “paid the consequences” for her disastrous mini-budget, Sajid Javid has said. The former chancellor said the focus in HMT on “balancing the books in the medium term” was a good thing, and without that the UK “would have constant financial crisis”. Speaking at an [...]
Council trialling four-day work week ordered to ‘end experiment immediately’ July 3, 2023 A council undergoing a four-day work week trial has been ordered to stop the experiment by a minister over concerns about local residents not getting value for money. South Cambridgeshire District Council was the UK’s first local authority to launch a trial of a shorter working week for employees, and said it planned to extend [...]
Quarter of taxpayers in London and southeast stung by higher income tax July 2, 2023 A quarter of taxpayers in London and the southeast of England now fall within the higher rate of income tax, it has been revealed. Almost 2.5m people in the capital and commuter belt constituencies now come under the 40 or 45 per cent tax bracket, analysis of HMRC data by the Liberal Democrats has shown [...]
Number of higher rate income taxpayers soars to record high 5.59m June 29, 2023 The number of Brits paying the higher rate of income tax has surged to its highest level on record, caused by Prime Minister Rishi Sunak and Chancellor Jeremy Hunt freezing tax bands to help rebalance the public finances, official figures out today reveal. Some 5.59m people in the UK are being subjected to the higher [...]
Peel Hunt records £1.5m loss as revenue down almost £50m amid ‘extraordinary’ market turmoil June 16, 2023 Investment banking firm Peel Hunt recorded a loss of £1.5m after warnings the UK is experiencing “extraordinary” market turmoil. The company reported revenue of £82.3m, down £48.7m on last year’s £131m, it made a loss before tax of £1.5m – a drop from the previous 12 months’ pre tax profits of £41.2m. CEO Steven Fine [...]
Warnings of ‘fire escape’ tax plans for wealthy Brits under Labour June 15, 2023 Wealthy Brits are preparing “fire escape” tax plans if Labour enter government, a tax advisor has claimed. David Lesperance, an international tax adviser, told the Telegraph he is acting as a “concierge” for well-off UK residents who want to protect their wealth after the next election. It comes after Labour leader Sir Keir Starmer promised [...]
Government price tag for making tax digital has ballooned, report warns June 12, 2023 The credibility of the government’s plans to allow people to file their tax bills digitally has been undermined by repeated delays and a bill that has increased about sixfold, the National Audit Office (NAO) has said. The official auditors said that the final bill is currently expected to be £1.3bn, an increase of more than [...]
‘Can’t come soon enough’: Will Sunak follow through on 2p tax cut reports? June 4, 2023 Rishi Sunak’s mooted plans to reduce the tax burden from a seven-decade high with a 2p cut in income tax ahead of the next election have been welcomed by Tory campaigners. Reports surfaced in the Sunday Telegraph that the PM – an ex-City banker – is keen to cut charges in order to incentivise work [...]