It’s Tax Freedom Day: It may be the latest it’s been since 2001 but you’re finally earning for yourself June 3, 2016 Ask a random person on the street how much tax they pay and they’ll usually guess around 20 per cent of their income. That’s the basic rate of income tax, and it’s easy to forget taxes like VAT, council tax, beer and wine duties, air passenger duty, motoring taxes and stamp duty. Even if you remind [...]
Privatising the Land Registry sounds like a great idea – but this is why it’s not May 27, 2016 It not uncommon to read about government policy decisions and count yourself lucky that you’re not the one making them. But when it comes to the current debate over whether to privatise the Land Registry, while a good idea on the surface, rejecting this proposal should be a no-brainer. It may not be a conundrum on [...]
The initiative that’s earned HM Revenue & Customs (HMRC) more than half a billion in five years May 26, 2016 The taxman revealed today that its 140 targeted taskforces have helped it to track down more than £500m in five years. Since 2011, HM Revenue & Customs (HMRC) has used taskforces to carry out focused bursts of enforcement activity, including crackdowns on the retail sector, the tobacco industry and the adult entertainment industry. The taskforces have gone from strength [...]
National Audit Office investigation finds 3.2m people could have paid the wrong amount of tax May 25, 2016 More than three million taxpayers could have paid the wrong amount of tax last year after staff cuts at HM Revenue and Customs (HMRC) saw the number of tax investigations double and people were left waiting nearly an hour to speak to the taxman. An investigation from the National Audit Office (NAO) found that the number of [...]
Sportech share price jumps as court refuses HMRC appeal over Spot the Ball taxes May 24, 2016 Shares in pools operator Sportech have jumped by over 15 per cent today, after its success in the latest round of its legal battle with Her Majesty's Revenue and Customs (HMRC). The Court of Appeal has refused HMRC permission to appeal its judgment in favour of Sportech relating to a £97m tax repayment claim to the Supreme Court. The [...]
UK property transactions down by 45 per cent in April as stamp duty changes hit May 24, 2016 The number of property transactions in the UK fell by 45 per cent between March and April, according to new data from HM Revenue and Customs (HMRC). The figures from HMRC show 94,370 properties were sold in April compared to 164,400 in March as landlords scrambled to snap-up homes before stamp duty changes came into effect, putting a [...]
Performance vehicle: Five tips to get the most mileage from your Sipp May 24, 2016 Whether you’re a young saver prepared to take on more risk, or a retiree who doesn’t want to trade their nest egg for an annuity, self-invested personal pensions (Sipps) are tax-efficient vehicles which put you at the controls. Also known as DIY pension schemes, Sipps can be used to invest in any number of assets [...]
Cut capital gains tax with EIS investment May 24, 2016 Investors facing a capital gains tax bill have an opportunity to cut it down by investing in the UK’s early stage businesses. Chancellor George Osborne recently cut the rate of capital gains tax to 20 per cent, down from 28 per cent. It’s applicable in the current tax year, but anyone who made a capital gain [...]
Burrito costs are going up by 20 per cent – here’s why May 16, 2016 The cost of producing a burrito is about to rise 20 per cent after a landmark tribunal hearing between a Mexican takeaway chain Chilango and HMRC. Judge Barbara Mosedale – who has previously ruled that filling in online tax returns was a breach of religious rights in certain cases – agreed with HMRC that burritos were hot food, meaning that [...]
Payroll tax errors bag the taxman an extra £737m May 16, 2016 Payroll errors are costing companies, particularly smaller companies, a pretty penny, research released today has found. According to the study by accountancy firm UHY Hacker Young, HM Revenue & Customs (HMRC) has bagged itself an additional £737m through investigations into slip-ups on payroll compliance, and over half (£373m) of that amount comes from SMEs. UHY Hacker [...]