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Scottish higher earners to pay more income tax


The Scottish government has announced income tax changes that will see higher earners pay more than elsewhere in the UK - and lower earners pay less. Finance secretary Derek Mackay announced a new tax band of 21p for those earning more than £24,000. The higher rate of tax will be increased from 40p...

Sturgeon warns Scots to prepare for tax rises


Nicola Sturgeon has warned Scots to expect a tough Budget from finance secretary Derek Mackay today, with tax rises looking increasingly likely. Scotland’s First Minister suggested it was time for those who earn the most to pay "a modest amount more" in order to protect public services. Mr Mackay...

Changes to new penalty point regime for MTD


The CIOT has welcomed HMRC’s decision that penalty points for filing late under Making Tax Digital will have a ‘shelf life’ and will therefore expire after a period of good compliance. HMRC has also said it will consider whether submission of already late returns should be incentivised, making...

Sturgeon's advisers warn against 50p rate


Nicola Sturgeon has been warned against reintroducing the 50p top rate of income tax in case high earners depart Scotland in response. A paper by Chief Economist Gary Gillespie and the First Minister’s economic advisory council suggested a smaller rise, to 46p or 47p, might be possible in Thursday...

HMRC loses more than half of reviews


Official data reveals more than half of disputes between taxpayers and HMRC are found against the Revenue. HMRC’s annual report shows that 52% of cases reviewed in 2016-17 were upheld in favour of taxpayers. The overall number of reviews also increased, from 27,000 to 29,500, with reviews of VAT p...

Accountants in demand for digital tax advice


Research by HMRC shows the majority of small businesses and landlords expect to consult an accountant for support in meeting the requirements of digital reporting under Making Tax Digital. Of the 2,900 small businesses and landlords surveyed, 72% were most likely to ask an accountant/tax agent for a...

Think tank calls for more devolution before tax reforms


Think tank Reform Scotland has said the Scottish government needs more devolved powers before increasing income tax. It said Holyrood should wait until it has control over additional levers such as VAT and corporation tax, arguing that reform of income tax bands would be “incoherent” while Scotl...

SMEs unaware of R&D tax reliefs


Tax specialist Catax says its research show Britain’s SMEs are missing out on £84bn in tax credits for the research and development they carry out. Of the 3.5m SMEs actively trading, around 57% or 1.9m are eligible for R&D relief. However, it found only 1% of those have actually claimed their...

HMRC slammed for banning credit card payments


Less than three weeks before the deadline for submitting, and paying, self-assessment tax returns HMRC is to stop accepting credit card payments. A European directive being introduced on January 13 will ban all companies, including HMRC, from charging customers a fee for using Mastercard and Visa cr...

Warning over pensions as Scotland considers tax changes


Proposed income tax changes in Scotland will cause chaos for pensions providers, advisers and consumers, experts say, with incomplete records held by HMRC part of the problem....

Sturgeon warned it could take 'years to repair' tax damage


Nicola Sturgeon has been warned by Scottish business leaders that it could take years to repair the damage done by increases in income tax. Tim Allan, the president of the Scottish Chambers of Commerce, said: “Our concern is that, at a time of sluggish growth and faltering business investment, a c...

Hodge attacks tax advisers but lawyers offer balanced view


Dame Margaret Hodge this week launched an attack on advisers saying the government must come down harder on accountants and lawyers who facilitate tax avoidance. Speaking as part of a panel at a Times Law Brief Premium event this week, she said: “We need to be much, much tougher on advisers.” Br...



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