Welcome to the news hub, in this section you'll find our latest news, view our Facebook wall and Twitter Feed.
Tens of thousands of families will face increased repayments of child benefit by 2030 due to frozen tax thresholds. An additional 54,000 families will be subject to the high-income child benefit charge (HICBC) as wages rise while the income threshold remains at £60,000. The number of families liabl...
An estimated 1m people failed to file their tax returns by the deadline of midnight on January 31, according to HMRC. On the final day, 475,722 submissions were made, with 27,456 filed in the last hour. Those who missed the deadline face an automatic £100 penalty. Penalties can escalate significant...
Taxpayers have funded over £500,000 to social media influencers to promote the HMRC app, aimed at encouraging younger users to adopt digital tax services. Since Labour took office in July 2024, £436,700 was paid to the Pablo/Unlimited Group, with an additional £85,719 to OmniGov for influencer pr...
Fred and Peter Done, founders of Betfred, have emerged as the UK's largest taxpayers, contributing over £400m in the past year. This amounts to approximately £1.1m daily to the exchequer. Their payments represent a significant portion of the £5.8bn total from the 100 wealthiest individuals and fa...
President Donald Trump has filed a $10bn lawsuit against the IRS and the Treasury Department, claiming they failed to prevent the leak of his tax information to the media between 2018 and 2020. The lawsuit, submitted in a Florida federal court, includes Mr. Trump's sons, Eric Trump and Donald Trump...
HMRC is launching a new "penalty points" system for taxpayers, replacing automatic fines for missed deadlines. The trial will start this month with 100 taxpayers under the Making Tax Digital scheme. For quarterly submissions, four points will incur a £200 fine, while two points for annual submissio...
The deadline for filing self-assessment tax returns for the 2024-25 tax year is today, with around 2m people at risk of a £100 penalty for late submissions. As of Thursday, over 10m returns had been filed, with HMRC expecting more than 12m submissions. An HMRC spokesperson urged: "Don't leave it un...
HMRC has announced it will open its helplines on Saturday, January 31, to assist taxpayers with self-assessment tax returns. The decision follows concerns raised after HMRC initially planned to keep the lines closed on the deadline day. Taxpayers have until midnight to file their returns to avoid a...
HM Revenue & Customs (HMRC) has increased its scrutiny of property transactions, with investigations rising 88% to 3,035 in the 2024/25 tax year. This surge follows Angela Rayner's resignation after underpaying £40,000 in stamp duty on her Hove apartment. The additional tax recovered has also j...
Tens of thousands of families are establishing trusts to avoid inheritance tax as reforms approach. In the 2024-25 tax year, 121,000 trusts were registered, a rise from 115,000 the previous year, according to HM Revenue & Customs. The inheritance tax nil-rate band has been frozen at £325,000 si...
HMRC will not provide phone support on the self-assessment tax return deadline day, Saturday, January 31, as the service is not available at weekends. Data shows that around 3.3m people have yet to file their returns....
HMRC has reminded taxpayers that significant changes for self-employed individuals and property earners are coming into effect on April 6. Those with a turnover exceeding £50,000 must maintain digital records and submit quarterly updates using approved software. The Making Tax Digital for Income Ta...
