British businesses locked in disputes with HMRC over possible unpaid tax July 31, 2023 More than half of British mid-sized firms are locked in disputes with the taxman over potential unpaid tax, a sign of the troubles companies encounter when trying to navigate the UK’s complex web of levies. Some 61 per cent of 500 firms surveyed by consultancy BDO are embroiled in a tax dispute with HMRC. Tax [...]
Poor tax scrutiny has enabled abuse and fraud, MPs warn July 26, 2023 Poor scrutiny of the “complex” tax system has led to relief abuse and even fraud, an influential finance committee of MPs have warned. The Treasury Committee is calling for a systematic review into the cost of over a thousand forms of tax relief which they say are “complex, un-costed and exploited” in a new report. [...]
HMRC recovers a ‘remarkable’ £34bn from investigations into tax evasion and avoidance July 23, 2023 Investigations into tax evasion and avoidance have yielded £34bn in extra tax revenue over the past year, according to HMRC’s annual report. Although the total this year was higher than the £30.8bn gained last year, it was still lower than the £36bn targeted by HMRC. Tax evasion, which is illegal, is when someone conceals information [...]
Some civil servants work from home 60 per cent of the week, new data shows July 20, 2023 Civil servants working on supporting the UK’s businesses were at their desks for just 40 per cent of the second week in July, government figures have revealed. Staff at the former Business, Energy and Industrial Strategy (BEIS) department came into the office for two fifths of the time during the week beginning Monday 10 July, [...]
Picture is ‘bleak’ for business as insolvencies rise again in June July 18, 2023 Insolvencies increased again in June as businesses continued to struggle under the weight of rising costs and falling customer demand. According to new figures from the Insolvency Service, there were 2,163 insolvencies in June. Although this was down on last month’s record figure of just over 2,500, it was still 27 per cent higher than [...]
Britons are worst investors in Europe and have £1.8trn sitting idle in savings July 5, 2023 Britons’ are the worst investors in Europe and have around £1.8trn sitting idle in savings accounts, around the entire value of the FTSE 100, a new report released today has found.
So Energy back on its feet – but trust must be won back, says boss July 3, 2023 The energy industry needs to win back the trust of customers following, argues the boss of a leading challenger firm.
Quarter of taxpayers in London and southeast stung by higher income tax July 2, 2023 A quarter of taxpayers in London and the southeast of England now fall within the higher rate of income tax, it has been revealed. Almost 2.5m people in the capital and commuter belt constituencies now come under the 40 or 45 per cent tax bracket, analysis of HMRC data by the Liberal Democrats has shown [...]
Rate pain takes its toll as home sales tumbled almost 30 per cent in May June 30, 2023 Home sales tumbled by 27 per cent in May compared with the same month a year earlier, according to HM Revenue and Customs (HMRC) figures. Across the UK, 80,020 transactions were recorded in May 2023, which was also 3 per cent lower than in April 2023. HMRC’s report said the big fall compared with May [...]
Number of higher rate income taxpayers soars to record high 5.59m June 29, 2023 The number of Brits paying the higher rate of income tax has surged to its highest level on record, caused by Prime Minister Rishi Sunak and Chancellor Jeremy Hunt freezing tax bands to help rebalance the public finances, official figures out today reveal. Some 5.59m people in the UK are being subjected to the higher [...]