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Germany is preparing to raise tax thresholds to provide €10bn (£8.5bn) of relief for families battling the rising cost of living. Finance minister Christian Lindner said the country will increase the base tax-free allowance and also bring up the level at which the country’s 42% top income tax r...
New analysis from Pinsent Masons shows HMRC believes a “significant number” of Premier League football clubs and players are underpaying tax. Nearly two-thirds (64%) of Premier League footballers' contracts now take a form which HMRC says is open to abuse, the law firm says. “HMRC believes a s...
Thousands of workers have reported their employers to HMRC for committing furlough fraud, according to a freedom of information request by Pinsent Masons. Some 13,775 employees have used HMRC’s reporting system so far. Arun Chauhan, of the Institute of Chartered Accountants, said the high number o...
New data published by HMRC show that in the 2020 to 2021 tax year the total amount of Capital Gains Tax (CGT) liability was £14.3bn, up 42% on the year before. Julia Rosenbloom, tax partner at Evelyn Partners said: “HMRC's latest annual update shows the continued importance of CGT receipts to the...
Warner Bros. may have cancelled the Batgirl movie so that the studio could use the DC Extended Universe film as a tax write-down. According to Variety, several sources say Warner Bros. Discovery will take a tax write-down on Batgirl, and also the recently shelved Scoob! Holiday Haunt movie, which is...
The Treasury collected the highest amount of capital gains tax (CGT) on record in the tax year just ended, with a crackdown on buy-to-let properties and soaring house prices responsible for a 42% gain for the Treasury. Tax paid on capital gains rose to £14.3bn after an all-time high of 323,000 peop...
The majority of employers believe that a four-day working week will become the norm in the UK before 2030, according to a survey for NatWest Rapid Cash. The poll of 2,000 office workers, 500 SME employers and 500 recruitment agencies found that 78% of employers believe it will happen by the end of t...
A BBC investigation has found that more than 16,000 businesses which took out bounce back loans have gone bust without paying the money back. Analysis suggests the cost to the taxpayer of these insolvencies could be as much as £500m. As part of Government efforts to support businesses through the p...
HMRC has reminded married couples and people in civil partnerships to sign up for the Marriage Allowance, a perk allowing them to share their personal tax allowances if one partner earns below the personal allowance threshold of £12,570, and the other is a basic rate taxpayer. Eligible couples can...
The Association of Accounting Technicians (AAT) believes inheritance tax should be cut from 40% to 20% in a bid to stop tax avoidance. Phil Hall, head of public affairs and public policy at the AAT, said: “By halving the very high headline rate, incentives for avoidance or evasion will be removed,...
HMRC believes large businesses could be underpaying £1.4bn in tax by classifying workers as self-employed when they should be classed as employees for tax purposes, according to law firm Pinsent Masons. The report suggests firms may be classifying staff as self-employed to avoid making Employers’...
Taxpayers have been left to foot a £421m bill to cover Covid debts, after one in 12 businesses defaulted on state-backed emergency loans. Data from the Department for Business, Energy and Industrial Strategy show that around 8% of 1.6m borrowers – roughly 130,000 – failed to repay their debts a...
