Capital gains tax receipts increase £5bn in two years: Is its future aligned with income tax? May 15, 2022 The amount of Capital Gains Tax collected by the government has shot up by more than £5bn in the past two years, according to official figures from HMRC. Rising from £9.8bn in 2019/20 to £14.9bn in 2021/22, the huge increase comes after changes to the tax and rising house prices. The increase in Capital Gains [...]
VAT revenues rise to highest amount ever as HMRC pockets £157bn in just one year May 13, 2022 HMRC collected a record £157.2bn from VAT bills in in the last tax year, a 55 per cent jump on the £101bn collected in 2020/21, after businesses were forced to make up for VAT payments they deferred during the pandemic. Accountants have told City A.M. that HMRC’s VAT income has risen sharply after the rate [...]
UK pension holders in for a shock as thousands face unexpected tax charges due to exceeding lifetime allowance May 12, 2022 Thousands of pension savers potentially face tax charges as they have more than the lifetime allowance sitting in their personal pensions, figures indicate. Around 2,300 people have been paying into personal pension schemes exceeding the lifetime allowance of £1,073,100, according to HM Revenue and Customs (HMRC) data. InvestingReviews.co.uk obtained the figures from HMRC following a [...]
To reap the benefits of venture capital we need an environment that fosters growth May 12, 2022 Firms supported by British venture capital will have a critical role in addressing some of the most important targets set for the country by the government. They can participate in the UK’s ambition to be a science and tech superpower, in the strategy to advance regions up and down the country, and of course in [...]
Tech Weekly: Matt Hancock on crypto ambitions and lockdown decisions May 6, 2022 This week City A.M. reporters Lily Russell-Jones and Charlie Conchie sit down with Conservative MP and former Health Secretary Matt Hancock. They chat about his outspoken views on crypto, regulation, and the need for accessibiity when it comes to crypto investing; go through his post-Cabinet ambitions; and unpick his decision-making at the height of the [...]
HMRC receives record high £157bn from VAT bills after tax holiday ends May 6, 2022 HMRC collected a record £157.2bn from VAT bills in 2021/22, a 55 per cent increase on the £101bn collected the year before.
UK audit chief in the running for HS2 top job May 2, 2022 The head of the UK’s accounting watchdog is reportedly in the running to lead the High Speed 2 rail construction project, raising further questions about the future of the country’s audit regime. Sir John Thompson, chief executive of the Financial Reporting Council (FRC), is in the frame for becoming the new chair of the project, [...]
Taxman waives fines for million Brits unwittingly caught in anti-money laundering crackdown April 29, 2022 The UK taxman has said it is waiving fines for those who unwittingly faced penalties for failing to list any trusts they own on anti-money laundering registers. Her Majesty’s Revenues & Customs’ (HMRC’s) decision to waive the penalties comes in the midst of a major anti-money laundering crackdown, which saw the introduction of new rules [...]
HMRC uses unprecedented amounts of data and ‘nudge’ letters in crackdown on foreign tax evaders April 23, 2022 The number of overseas investors confessing to tax evasion in the UK has more than quadrupled to 338 this year from 78 in the previous year, according to new data shared with City A.M. today. Many of these disclosures are from overseas investors in buy-to-let property who are coming clean about unpaid tax on their [...]
Insolvencies more than double as rampant inflation and rising interest rates hit firms April 22, 2022 Company insolvencies more than doubled last month as soaring inflation and rising borrowing costs pushed firms over the edge.