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HMRC
ONS reveals £35bn in missing tax payments
Some wealth planners are expecting radical changes to the UK tax system in the next few years.
The Office for National Statistics has published a report, 'Measuring tax gaps', noting that the tax gap amounted to £35bn, or 5.3% in the…
HMRC handed new powers to Clampdown on promoters of tax avoidance schemes
UMBRELLA COMPANY CONTRACTORS
ICAEW warns that the current legislative phrasing provides HMRC with “a very wide-ranging power with extremely serious consequences.”
The government is giving the nation's tax authority, the HMRC, more…
NI tax hikes: Will umbrella contractors get the chop?
The UK's Federation of Small Business (FSB) has called the Conservative government's national insurance tax hike of 1.25% as “anti-small business” and could spark job losses of 50,000 or more. It will also lead to a 2.5% national…
Self-employed to be in higher demand thanks to health and social care levy says think tank. but at…
The NHS will be exempt from the new health and social care levy, government plans reveal, yet in a bizarre twist, care providers and their workers will pay for the levy, The Telegraph has reported.
There are also revelations that the…
“Short sighted attack”: Freelancers and small businesses hit with Dividend tax, NI hike…
SPECIAL REPORT
The government has announced a 1.25% Health and Social Care levy based on National Insurance contributions to tackle the social care crisis. "Another short-sighted attack from the government on the self-employed": Seb…
Social care tax hikes: Who will take care of our elderly if careworkers jump ship to work for…
Care workers are quitting to become Amazon warehouse pickers and for other better-paid jobs in a growing staffing crisis which operators now warn could leave 170,000 vacancies by the end of the year, the Guardian reported.
The shift of…
HMRC trawling “mind-boggling” amounts of financial data on freelancers and contractors
Tax experts have confirmed with the Financial Times that the UK tax authority is securing a mind-boggling amount of financial data on people, including personal online transactions.
The experts said that the HMRC secures data from…
DWP stung with £87.9m in “fruitless” IR35 liabilities
The Department for Work and Pensions, which administers the State Pension and a range of working age, disability and ill health benefits to around 20 million claimants and customers has reported £87.9m in national insurance liabilities…
Self-employed and contractors should prepare for National Insurance tax hikes
Anyone who is self-employed in the UK should be preparing for increased national insurance rates, possibly at the same rate as employed taxpayers, according to Mark Collins, Head of Tax at Handelsbanken Wealth Management.
According to a…
How to complete a tax return if you received a COVID self-employment grant
If you received a Self-Employment Income Support Scheme (SEISS) grant and are struggling to find where to add this information on your tax return you are not alone. The Low Incomes Tax Reform Group (LITRG) has provided a guide for that…