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More than two million individuals are expected to pay tax on their savings this year, according to data from HMRC, a significant increase from 1.17m last year. For higher and additional rate taxpayers, the combined total will rise from 630,000 to 1,061,000 over the same period. Laura Suter, director...
HMRC has been criticised for not adequately informing online sellers about the need to file tax returns. Starting in 2025, web platforms will report income to HMRC based on calendar years, complicating tax calculations. The Low Incomes Tax Reform Group (LITRG) highlighted the absence of a standard r...
Businesses in Scotland are grappling with the challenges posed by the highest tax rates in the UK, as highlighted in the Fraser of Allander Institute's latest report. The survey of 300 firms revealed that nearly two-thirds have been affected by the Scottish Government's income tax policy, with 17% r...
Recent findings reveal that 41% of businesses with 150 to 249 employees are bending tax rules, often claiming personal expenses as business-related. Tim Halford, Chief Commercial Officer at Xeinadin, stated: "Our survey highlights a concerning trend where a majority of SMEs are using loopholes." The...
State pension payments are set to rise by 4% next year, increasing the full new state pension from £221.20 to £230.05 a week. This change will push approximately 340,000 pensioners over the personal allowance threshold of £12,570, resulting in them paying income tax for the first time since retir...
Analysis by the National Audit Office (NAO) shows that small firms are responsible for more than 80% of tax evasion. The report cites HMRC estimates that £5.5bn was lost to deliberate tax evasion in the 2022/23 financial year, with small businesses responsible for 81% of the total. Despite a reduct...
Close to 900,000 pensioners will be subjected to income tax for the first time this year due to a freeze on the tax-free allowance at £12,570, a decision made by Rishi Sunak in 2021 and extended by Jeremy Hunt until 2027-28. Adam Pope, a retirement expert from Spencer Churchill Claims Advice, warns...
The tax office says it will not pursue pensioners for "tiny" tax amounts that would be too costly to collect. HMRC confirmed that it will not issue assessments for tax amounts that exceed collection costs....
The UK could be missing out on billions in tax revenue from crypto investors, with research focused on Norwegian tax returns suggesting that a large number of crypto investors owe taxes. The report shows that 88% of all Norwegian crypto investors fail to declare their holdings, with each tax-avoidin...
HMRC has clarified the rules regarding tax on state pensions and other pension income following a taxpayer's inquiry about their self-invested personal pension. The taxpayer asked whether an ad hoc payment would be treated as a regular monthly payment. HMRC said it will use the information it receiv...
HM Revenue & Customs has announced it will write off tax bills for certain state pensioners affected by frozen income tax thresholds. As many as 400,000 retirees may face tax liabilities due to these thresholds, with the triple-lock increase potentially pushing the state pension above the person...
Income tax receipts in July reached £32.7bn, the highest for that month since records began in 2008, highlighting the government's dependence on frozen tax thresholds. Over the past year, total income tax receipts rose to £281bn, an increase of £20.7bn or 8%. Rachel Reeves, the Chancellor, has no...
