Tax

Latest news

Image for property developer loses ps153k tax case

Tax | Property developer loses £153k tax case

A developer has lost an appeal against tax amendments and penalties worth £153,084.23 as the court ruled that he failed to declare tax, and submitted inaccurate returns, over eight years

25 Mar 2022

Tax

Business Tax

Case Reports

Image for future income tax cut indefensible says ifs

Tax | Future income tax cut ‘indefensible’, says IFS

The tax burden is the highest since the 1950s with the rise in the national insurance threshold from July only providing a slim benefit for taxpayers, despite announcements at the Spring Statement

24 Mar 2022

Tax | Tax defaulters face £18.4m in penalties

The latest HMRC deliberate defaulters list shows that £18.4m in penalties are outstanding for tax evasion and related non-payment for the last quarter

24 Mar 2022

Tax

HMRC

Called to Account

Image for one week left pay self assessment tax bills

Tax | One week left to pay self assessment tax bills

Self assessment taxpayers have just one week left to pay their tax bill or set up a payment plan to avoid incurring a penalty, HMRC has warned

24 Mar 2022

Tax | Spring Statement: Public Fraud Authority announced

To combat the UK's ‘fraud epidemic’ the Spring Statement announced that the government will create a new public body called the Public Sector Fraud Authority

23 Mar 2022

Tax | Spring Statement: £161m funding for HMRC compliance work

HRMC is to receive a further £161m in funding over the next five years to increase its compliance and debt management capability

23 Mar 2022

Tax

HMRC

Budget

Image for spring statement zero rate vat solar panels

Tax | Spring Statement: zero rate VAT for solar panels

Addressing the energy crisis, the Chancellor set out plans to remove VAT from investment in solar panels and heat pumps, but stopped short of offering grants

23 Mar 2022

Tax | Spring Statement: fuel duty cut by 5p per litre

As petrol and diesel prices rise at unprecedented rates, the Chancellor cut fuel duty by 5p per litre across the UK from 6pm tonight

23 Mar 2022

Tax

Personal Tax

Budget

Image for spring statement employment allowance raised ps5k

Tax | Spring Statement: employment allowance raised to £5k

In a bid to support businesses, the Chancellor announced a 20% rise in the employment allowance from the new tax year

23 Mar 2022

Tax | Spring Statement: 1p income tax cut in 2024

In the Spring Statement, the Chancellor announced long-term plans to cut the basic rate of income tax from 20% to 19% in 2024

23 Mar 2022

Tax

Personal Tax

Budget

Image for spring statement ps27k hike national insurance threshold

Tax | Spring Statement: £2.7k hike in national insurance threshold

In a move to give taxpayers some respite from the cost of living crisis, Chancellor Rishi Sunak announced plans to raise the national insurance threshold by £2,690

23 Mar 2022

Tax | Shopkeepers lose £243k tax appeal

Court upholds VAT assessments, penalties, and income tax amendments totalling £234,516.22 ruling that the shopkeepers had deliberately filed incorrect returns to reduce their tax liability

23 Mar 2022

Tax | OECD consults on cryptoasset tax reporting rules

The OECD has released a consultation setting out plans to set up a new global tax transparency framework to provide for the reporting and exchange of information relating to cryptoassets

23 Mar 2022

Tax

Consultations

Image for salary sacrifice does it make tax sense

Tax | Salary sacrifice: does it make tax sense?

As national insurance rates rise, salary sacrifice and optional remuneration arrangements provide some valuable tax breaks, explains Kate Upcraft, director, Kate Upcraft Consultancy Ltd

23 Mar 2022

Tax | VAT take £61bn higher than last year

The revenue raised from VAT has hit its fifth highest consecutive month collecting over £50bn more than the previous year while the take for April 2021 to February 2022 was £61.3bn higher

22 Mar 2022