New Chancellor Nadhim Zahawi in spat with Bank of England’s Andrew Bailey: ‘I’m just setting out my stall as prime minister!’ July 12, 2022 Chancellor Nadhim Zahawi insisted this morning it was appropriate for him to set out tax proposals during his Tory leadership race after criticism from Bank of England Governor Andrew Bailey. He told BBC Breakfast this a.m.: “I’m just setting out my stall as prime minister! And I have fully costed these pledges, and I’ll be [...]
£134bn: Biggest rise in tax receipts since 2000 gives chancellor room to make cuts July 11, 2022 The new chancellor of the exchequer may have leeway for tax cuts, after a £134bn spike in so-called ‘stealth ‘ taxes. There was the biggest increase in receipts since the turn of the century over the last 12 months, up to £718bn, representing a 23 per cent increase on the previous year. The rise from [...]
Nadhim Zahawi: ‘I don’t know how rich I am’ July 11, 2022 Tory leadership hopeful Nadhim Zahawi was unable to say how rich he is, but insisted he and his family have never used offshore firms to avoid tax. The Iraqi-born politician who is one of 11 candidates in the race made his comments during an interview with Sky News, as he committed to publish his tax [...]
£330 pay boost for 30m Brits as National Insurance threshold will rise to £12,570 from tomorrow July 5, 2022 Millions of Brits will get a modest boost in their pay packets this month as they grapple with surging living costs, because – from tomorrow – the threshold at which people pay National Insurance (NI) will increase. The UK Government has previously said this will benefit nearly 30m working people with a typical employee saving [...]
After Eamon Holmes, Gary Lineker and Lorraine Kelly, Sky Sports star Alan Parry hit with £356k tax bill: ‘Who will HMRC target next?’ July 5, 2022 Sky Sports presenter, Alan Parry, has had his appeal against a £356,420.37 IR35 tax bill dismissed at a First-Tier Tax Tribunal hearing. Parry was contesting that the contracts his limited company, Alan Parry Productions Limited, held with BSkyB between tax years 2013/14 to 2018/19 reflected an employment relationship, rather than self-employment. But due to the Judge [...]
Londoners owed £40m in council tax refunds July 3, 2022 London households are owed £40m in council tax refunds, new research yesterday revealed. An investigation by Moneysavingexpert.com showed that 862,027 households in England, Scotland and Wales were due a refund in overpaid council tax. With claims worth a total of £150.2m, households that have overpaid their council tax are owed an average of £174 each. [...]
No 10 moves towards VAT cuts for millions of Brits as cost of living crisis rages July 1, 2022 Downing Street is proposing to reduce value-added tax in an effort to ease the cost of living. The Prime Minister’s chief of staff Steve Barclay suggested reducing the 20% headline rate of tax temporarily, The Times reported on Thursday. He said the temporary cut would bring down the tax bill for millions across the UK [...]
Taxpayers to foot extra £27.3m bill for Royal Family even as cost of living soars July 1, 2022 UK taxpayers will pay an extra £27.3m over the next two years for the Royal Family even as a cost of living crisis grips the country. The additional amount is to help the Royal Family meet expenses after a drop in profits at the Crown Estate, Bloomberg reported on Thursday. The Royals spent £102.4m in [...]
Brits paid billions more in taxes over the last year as HMRC ramped up tax collection June 23, 2022 The British population paid more in taxes in 2021-2022 as HM Revenue and Customs collected £718.2bn in taxes, a near 23 per cent rise from the year before. Total HMRC tax receipts for April 2022-May 2022 were £121.9bn, according to HMRC data released today. These were £14.8bn higher compared to the same period last year even as the [...]
Criminal attacks, non-payment and evasion result in £32bn gap between tax expected and tax paid June 23, 2022 The difference between the total amount of tax expected and that which is actually paid hit £32 billion in 2020/21 – according to HM Revenue and Customs (HMRC). At 5.1 per cent, there has been no change in the percentage tax gap compared to the previous year, although the monetary value has fallen by £2 [...]