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A study by the Office for National Statistics shows that 55-to-64-year-olds are paying far more in tax than they take out of the system. This age group pay the highest levels of tax and receive the lowest levels of benefits, the report shows. On average those born in the 1950s paid £3,000 a year mo...
New rules on offshore assets, along with the loan charge crackdown, have helped HMRC increase its income from tax investigations by 27% in just one year. While HMRC claimed its tax avoidance work led to £34bn being collected last year, Hacker Young noted that just £13bn of this was actually cash...
Phil Hall, head of public affairs at the Association of Accounting Technicians, has criticised WH Smith, saying it is putting taxpayers at risk of fines after selling a guide to completing a tax return that is five years out of date. He tweeted his concern over the £24.99 Do-it-yourself Tax Retur...
Johnston Carmichael ’s Alistair Miller has warned construction contractors of a need to take action ahead of VAT changes due to come into force on October 1, saying a shift that will see the main contractor responsible for declaring the VAT on services supplied by sub-contractors means firms inv...
Lisa Tait of Anderson Anderson & Brown looks at Scottish income tax, considering whether it is progressive or hindering the economy north of the Border. Writing in the Press and Journal, she notes that Scottish income tax revenue grew by 1.8% in the 2017/18 tax year, with the growth driven pri...
Watson Buckle has urged landlords and property investors to look into their tax matters ahead of an April 2020 change to Capital Gains Tax (CGT) which will see taxpayers given 30 days to file their return and make an advance payment towards their tax bill, with current rules allowing people to pay...
One in four companies failed to comply with new Making Tax Digital (MTD) filing rules by the deadline of August 7th, the Times reports, but HMRC has said it will show leniency as businesses may be "fully focused" on preparing for a no-deal Brexit. About 490,000 companies with sales above the VAT t...
Todd Davison, director at Purbeck Insurance Services, warns small businesses that the risks of taking a Personal Guarantee backed finance facility are about to increase following new rules making HMRC a preferred creditor in a business insolvency. Davison explains that the change will mean that, i...
A survey from the Federation of Small Businesses (FSB) reveals that four in 10 SMEs are raising their prices as a result of having to pay higher wages. The FSB said business owners were also forced to pay themselves less, hold back investment and reduce staff hours in an attempt to absorb inflation-...
Small business owners are being urged to take a break after a survey by Simply Business found bosses are going without a holiday for several years. Time pressures and money concerns mean that 9% of SME owners - equivalent to more than half a million - haven't had a holiday in as long as five years....
Tax overpayments by people dipping into their pension pots have hit record levels, with around 17,000 people clawing back nearly £47m between April and June – up from the £29m claimed by 14,000 savers in the same period for 2018. Analysis shows that over-55s have reclaimed almost £500m since pe...
HMRC figures show that the tax office saw a record capital gains tax take of £8.8bn in the 2017/18 tax year, a total that marks a 14% increase and exceeds the £5.2bn pulled in through inheritance tax. With the analysis showing that the average CGT bill was £31,317 last year, Harvey Jones in the E...
