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Thousands of people encountered difficulties topping up their state pensions due to an early closure of the HMRC online portal. Individuals aged 40 to 73 had until April 5 to fill gaps in their National Insurance records, which could significantly enhance their pension claims. Approximately 21,000 p...
As of April 2027, unspent defined contribution pensions will be included in estates for IHT, potentially pushing many families over the £325,000 threshold and incurring a 40% tax bill. While the Treasury anticipates this will generate £1.46bn annually by 2029, former Pensions Minister Steve Webb b...
UK firms overpaid more than £14bn in corporation tax in the last tax year, according to analysis by UHY Hacker Young. Data shows that British businesses overpaid £14.2bn in corporation tax to HMRC in the year to April, with around 400,000 companies handing over too much. The report suggest that HM...
Workers are set to face a financial blow of up to £11,000 over the next five years due to the Government's new jobs tax. Chancellor Rachel Reeves has increased employer National Insurance contributions (NICs) from 13.8% to 15% in a move designed to generate approximately £25bn annually. However, a...
The tax office will no longer process requests for self-assessment refunds over the phone or via webchat due to a rise in attempted fraud, with those looking to make a claim for overpaid returns told to do so by post or online. HMRC said there has been an increase in "suspected fraudulent activity"...
Hundreds of thousands of pensioners may soon face income tax payments as the Treasury has dismissed calls to eliminate the "retirement tax." The state pension is set to rise to £230.25 a week, totalling £12,014 annually, while the income tax threshold remains frozen at £12,570 for the next three...
HMRC collected £251m in late penalties from self-assessment taxpayers between 2021 and 2023, according to data obtained through a Freedom of Information request by NFU Mutual. The analysis reveals that £157m was paid in the tax year ending April 2022, while £94m was handed over in the following y...
The Resolution Foundation has warned that 85,000 jobs are at risk from Labour’s hike to national insurance contributions for employers and minimum wage increases. The Left-leaning think tank predicts that employers will have to fire staff, reduce hiring or trim hours to cope with higher costs. Nye...
Working families are projected to lose over £3,500 by the end of this parliament due to the increase in national insurance contributions for employers announced by Chancellor Rachel Reeves, which will rise by 1.2 percentage points to 15% from April 6. Kemi Badenoch, Conservative Party leader, label...
HMRC is set to enhance its powers to recover unpaid tax, including directly raiding bank accounts. This initiative aims to recover £1bn in lost revenue, particularly targeting unpaid tax on savings interest. Account holders who can pay but choose not to risk having their funds seized under the revi...
The ongoing dispute between Innovative Bites, a London-based seller of American sweets, and HMRC revolves around whether giant marshmallows are considered confectionery for VAT purposes. HMRC argues that the "mega marshmallows" are liable for a 20% VAT, potentially costing the company £472,928. Inn...
A freeze on tax thresholds will push 4.1m individuals into higher income tax brackets by 2027-28, the Office for Budget Responsibility has said, raising an extra £51bn each year. The freeze is due to come to an end in 2027-28 - but speculation is mounting that Chancellor Rachel Reeves could extend...
