Brexit: Senior EU official derides UK position as “fantasy” May 25, 2018 The UK has been described as living in a “fantasy” when it comes to Brexit, prompting an angry response from Whitehall. This week saw officials return to the negotiating table in Brussels for another round of Brexit talks in which withdrawal issues, Northern Ireland and the future relationship were up for discussion. But in a [...]
Brexiters’ favoured “max fac” customs proposal could cost businesses £20bn, warns HMRC boss Jon Thompson May 23, 2018 Brexiters’ favoured customs union proposal could cost businesses up to £20bn, the head of HM Revenues & Customs has warned. And while Theresa May’s preferred option would cost a fraction of that, it could take up to five years to implement. Jon Thompson, chief executive of HMRC, confirmed that the new customs partnership – in [...]
Drop in apprenticeships sparks calls for reform of levy-based system May 17, 2018 The 25 per cent drop in the number of apprenticeships in the space of a year has sparked criticism that the introduction of a levy-based system has adversely affected the scheme. Data released by the Department for Education (DfE) reveals that the number of apprenticeships dropped from 309,000 in the six months to February last [...]
Philip Hammond grilled by Labour MPs Wes Streeting and John Mann over Lycamobile in explosive Treasury committee hearing April 25, 2018 The UK is “in the foothills of discussions” about financial services being included in the final Brexit deal – but the chancellor did not commit to it being included in October’s agreement. Speaking at the Treasury Select Committee this afternoon, Philip Hammond said he was “ambitious to make progress” – but he declined to comment [...]
UK housing market continues to slump as number of homes sold in March drops April 24, 2018 The number of residential property transactions in the UK has dropped 7.2 per cent between February and March, according to the latest figures from HM Revenue and Customs (HMRC). The HMRC UK Property Transaction Statistics report showed that this month’s seasonally adjusted figures were 11.8 per cent lower compared with the same month last year. [...]
Steve Webb slams taxman as HM Revenue & Customs forced to remove relief calculator from its website April 18, 2018 Pension experts have slammed HM Revenue & Customs (HMRC) for failing to take down a flawed tax relief calculator, despite knowing it was providing incorrect advice. Top-rate taxpayers could have lost out on thousands of pounds of tax relief when planning their financial affairs for the coming year by using an online tool to help [...]
The AA thinks pumped-up petrol prices may have diverted £1bn away from high street spending last year March 24, 2018 Higher petrol prices in 2017 cost drivers £1bn in money that may otherwise have been spent on the high street, according to new research from breakdown cover provider The AA. A rise of nearly 9p per litre in the average price of petrol last year siphoned off a huge chunk of consumers’ spending capacity, The [...]
Ladbrokes fails to recoup £71m from HMRC in long-running tax spat March 22, 2018 Ladbrokes’ long-running tax battle with HMRC has come to a halt after the Court of Appeal rejected the bookies’ appeal to win a £71m rebate for the third time. Ladbrokes’ dispute with HMRC dates back to 2008, when it entered into a scheme promoted by Deloitte that was branded as tax avoidance by HMRC. The [...]
Bed & ISA: shelter existing shares from tax March 19, 2018 Investing in an ISA is a great way of building up investments tax efficiently. But did you know there is a straightforward means of making Stocks & Shares ISA subscriptions without investing any new money? Simply by using existing shares held outside an ISA in a process known as a “Bed & ISA” you can [...]
Make the most of your tax breaks before the end of the tax year March 15, 2018 ISA allowance ISAs are often the first port of call for investors looking to save tax. They are simple, flexible and tax-efficient. By using your full ISA allowance each year (£20,000 in the current 2017/18 tax year) it’s possible to build up a large pot of money sheltered from capital gains tax or income tax. [...]