Editorial: Tax-hiking ministers aren’t entitled to demand pay rises, too September 27, 2021 To listen to Government ministers at the moment, one could be forgiven for thinking we were in the middle of an economic boom. Amid an entirely predictable collapse in haulier numbers and knock-on shortages, the response so far has been on the one hand an underwhelming visa scheme and on the other a demand for [...]
HMRC delays move to make income tax digital by another year September 24, 2021 HMRC has delayed its planned move to make tax digital (MTD) by a further year, now scheduled to come into force in April 2024. The delay means businesses or landlords with a business income of over £10,000 a year will have now have an extra year to prepare for the digitalisation of income tax. General [...]
Exclusive: Record £38bn in tax by self-employed shows HMRC’s ‘peak leniency has passed’ September 23, 2021 The amount of income tax paid by self-assessment taxpayers has jumped 31 per cent to hit a record £38bn in the past year, up from £29bn the previous year, according to an analysis of HMRC tax receipts that was shared exclusively with City A.M. today. The boom in tax revenues from the self-employed is because [...]
Exclusive: HMRC disbands ‘secret’ unit that probed family investment companies September 22, 2021 A dedicated unit within HMRC that focused on family investment companies has been disbanded, City A.M. understands. A source within HMRC confirmed this afternoon that the ‘secret’ specialist HMRC unit, which was set up in 2019 to investigate risks associated with family investment companies and tax avoidance risks, has been wound up. The primary reason [...]
Exclusive: Growing group of British landlords that live abroad admit tax evasion September 21, 2021 UK expats who own a buy-to-let property in the UK increasingly approach HMRC to admit they have evaded tax, according to new data shared with City A.M. this morning. 248 overseas investors in UK buy-to-let properties came forward to admit tax evasion in the year up to 31 March, according to data shared by accountancy firm UHY [...]
Property transactions rose almost a third in August September 21, 2021 Property transactions in August rose almost one third on the previous month, according to official estimates. The provisional seasonally adjusted estimate of residential transactions in August was 98,300, 32 per cent higher than July, HMRC data published on Tuesday revealed. The number of transactions was also 20.8 per cent higher than August 2020. It comes [...]
Legal Q&A: How referees’ pay could be hit by a tax dispute with HMRC and why this could have wide-reaching effects on the gig economy September 21, 2021 Lawyer Kevin Barrow explores the implications of an ongoing case between referees and HMRC. What’s this case about? It’s about whether PGMOL (Professional Game Match Officials Limited) needs to deduct income tax and National Insurance Contributions (NICs) from payments it makes to referees whom it has engaged on a self-employed “gig worker” basis to officiate at [...]
Exclusive: HMRC claw back record £4bn in lost taxes September 21, 2021 HMRC’s investigations and compliance work saved £4bn in taxes from being lost in the last quarter, nearly double the £2.2bn for the same period last year, according to new data shared with City A.M. today. The increase in the amount of taxes saved will be due in part to the winding down of the furlough [...]
Exclusive: UK ‘tax gap’ for large businesses climbs as HMRC is owed £6.1bn in underpaid tax September 17, 2021 The UK’s estimate for underpaid and evaded tax by large businesses has jumped 15 per cent, according to new research shared with City A.M. today. The ‘tax gap’ for large businesses reached £6.1bn in the past year, ending 31 March 2020, up from £5.3bn the previous year, according to Square Mile-based law firm Pinsent Masons. [...]
Can tax be simplified? September 16, 2021 ICAS supports tax simplification as a vital part of building an effective and trusted tax administration system but making simplification happen isn’t simple. Why simplify tax? The complexity of UK tax legislation is reflected in complex tax administration systems which are difficult to use and do not facilitate compliance. Compliance is also undermined because many [...]